This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA), LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriter provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriter described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriter and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION STATEMENT NO.: 333-131262 INFORMATION IN THESE MATERIALS MAY BE AMENDED OR COMPLETED PRIOR TO SALE, DATED JULY 29, 2006. STRUCTURAL AND COLLATERAL INFORMATION $2,833,517,000 (APPROXIMATE) WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC. DEPOSITOR WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES CLASSES A-1, A-2, A-PB, A-3, A-1A, X-P A-M, A-J, B, C, D AND E SERIES 2006-C27 JULY 29, 2006 Mortgage Loan Sellers and Sponsors WACHOVIA BANK, NATIONAL ASSOCIATION NOMURA CREDIT & CAPITAL, INC. Master Servicer WACHOVIA BANK, NATIONAL ASSOCIATION Special Servicer LNR PARTNERS, INC. [LOGO OF WACHOVIA SECURITIES] NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. TABLE OF CONTENTS Transaction Structure Transaction Terms ..................................................... 3 Structure Overview .................................................... 9 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics ............................................... 11 Property Types ........................................................ 12 Property Location ..................................................... 13 Cut-Off Date Balance .................................................. 14 Mortgage Rate ......................................................... 14 Underwritten Debt Service Coverage Ratio .............................. 14 Cut-Off Date Loan-to-Value Ratio ...................................... 14 Maturity Date or ARD Loan-to-Value Ratio .............................. 14 Original Term to Maturity ............................................. 15 Remaining Term to Maturity ............................................ 15 Original Amortization Term ............................................ 15 Remaining Stated Amortization Term .................................... 15 Original Interest-Only Term ........................................... 15 Prepayment Provisions Summary ......................................... 15 Seasoning ............................................................. 15 Twenty Largest Mortgage Loans ............................................ 16 One Financial Place ................................................... 17 Prime Outlets Pool II ................................................. 23 One Illinois Center ................................................... 33 BlueLinx Holdings Pool ................................................ 39 RLJ Hotel Pool ........................................................ 47 500-512 Seventh Avenue ................................................ 53 Glendale Center ....................................................... 59 Harden Ranch Plaza .................................................... 65 Bacara and Montelena at the Canyons ................................... 71 Yuma Palms Regional Center ............................................ 77 Pan Am Building ....................................................... 84 Embassy Suites -- South Lake Tahoe, CA ................................ 86 Sierra Health Services ................................................ 88 Beverly Hills Office Pool ............................................. 90 Michigan Multifamily Portfolio ........................................ 92 Montecito Plaza ....................................................... 96 AIM Investments Corporate Campus ...................................... 98 Shorepark at Riverlake ................................................ 100 National Bank Plaza ................................................... 102 Vista Pointe Apartment Homes .......................................... 104 Additional Mortgage Loan Information ..................................... 106 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION STRUCTURE - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT, DATED JULY 29, 2006. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class X-P, Class A-M, Class A-J, Class B, Class C, Class D and Class E Certificates (the "Offered Certificates") are offered publicly. All other Certificates will be privately placed to qualified institutional buyers, institutional accredited investors or purchasers in offshore transactions in reliance on Regulation S. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is August 1, 2006, with respect to 12 Mortgage Loans, August 6, 2006 with respect to 1 Mortgage Loan and August 11, 2006 with respect to 149 Mortgage Loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 162 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $3,079,909,568 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 270 properties (the "Mortgaged Properties") located throughout 42 states. The Mortgage Pool will be deemed to consist of 2 loan groups ("Loan Group 1" and "Loan Group 2" and, together, the "Loan Groups"). Loan Group 1 will consist of (i) all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily or mobile home park properties, (ii) 3 Mortgage Loans that are secured by multifamily properties and (iii) 4 Mortgage Loans that are secured by mobile home park properties. Loan Group 1 is expected to consist of 125 Mortgage Loans, with an aggregate principal balance as of the Cut-Off Date of $2,436,477,967 (the "Cut-Off Date Group 1 Balance"). Loan Group 2 will consist of (i) 32 Mortgage Loans that are secured by multifamily properties and (ii) 5 Mortgage Loans that are secured by mobile home park properties, with an aggregate principal balance as of the Cut-Off Date of $643,431,601 (the "Cut-Off Date Group 2 Balance" and, together with the Cut-Off Date Group 1 Balance, the "Cut-Off Date Pool Balance"). DEPOSITOR Wachovia Commercial Mortgage Securities, Inc. UNDERWRITERS Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. It is intended that Wachovia Securities International Limited will act as a member of the selling group on behalf of Wachovia Capital Markets, LLC and may sell Offered Certificates on behalf of Wachovia Capital Markets, LLC in certain jurisdictions. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 3 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLERS AND Wachovia Bank, National Association SPONSORS ("Wachovia") and Nomura Credit & Capital, Inc. ("Nomura"). NUMBER OF AGGREGATE PERCENTAGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE MORTGAGE LOAN SELLER LOANS BALANCE POOL BALANCE ----------------------------------- ---------- -------------- ------------- Wachovia Bank, National Association 116 $2,440,050,296 79.2% Nomura Credit & Capital, Inc. 46 639,859,272 20.8 --- -------------- ----- TOTAL 162 $3,079,909,568 100.0% === ============== ===== TRUSTEE Wells Fargo Bank, N.A. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER LNR Partners, Inc. RATING AGENCIES Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") DENOMINATIONS $10,000 minimum for the Offered Certificates other than the Class X-P Certificates. $1,000,000 minimum for the Class X-P Certificates. CLOSING DATE On or about August 23, 2006. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in September 2006. 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 September 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 4 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance or Notional Amount of such Class. Interest will be distributed on each Distribution Date in sequential order of Class designations with the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class X-C and Class X-P Certificates ranking pari passu in entitlement to interest. The Offered Certificates will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates is the calendar month preceding the month in which the Distribution Date occurs. PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution Date in accordance with the priorities set forth in "DESCRIPTION OF THE CERTIFICATES--Distributions" in the free writing prospectus, dated July 29, 2006 (the "Prospectus Supplement"). Generally, the Class A-1, Class A-2, Class A-PB and Class A-3 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-3 Certificates has been reduced to zero (or until the Certificate Balance of the Class A-PB Certificates has been reduced to zero, if still outstanding after the Class A-3 Certificate Balance has been reduced to zero). If, due to losses, the Certificate Balances of the Class A-M through Class Q Certificates are reduced to zero, but any two or more of the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A 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 its planned principal amount) to the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A Certificates will be made on a pro rata basis. The Class X-C and Class X-P Certificates will not be entitled to distributions of principal. LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the Class Q, Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B, Class A-J and Class A-M Certificates, in that order, and then, pro rata, to the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A Certificates. PREPAYMENT PREMIUMS Any Prepayment Premiums or Yield Maintenance AND YIELD MAINTENANCE Charges actually collected on a Mortgage Loan CHARGES during the related collection period in which the prepayment occurred will be distributed to Certificateholders on the related Distribution Date following the collection period in which the prepayment occurred. Generally, the Class A-1, Class A-2, Class A-PB and Class A- 3 Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-3 Certificates has been reduced to zero. On each Distribution Date, the holders of each Class of Offered Certificates and the Class F, Class G, Class H and Class J 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. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 5 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- 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 August 2013, 25% to the holders of the Class X-P Certificates and 75% to the holders of the Class X-C Certificates and (b) thereafter, 100% to the holders of the Class X-C Certificates. NON-SERVICED LOAN The Prime Outlets Pool II Loan will be serviced pursuant to the pooling and servicing agreement relating to another transaction. See "SERVICING OF THE MORTGAGE LOANS--Servicing of the Prime Outlets Pool II Loan" in the Prospectus Supplement. ADVANCES The Master Servicer, and if the Master Servicer fails to do so, the Trustee, will be obligated to make P&I Advances and Servicing Advances, including delinquent property taxes and insurance, on the Mortgage Loans (other than the Prime Outlets Pool II Loan), but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to any Appraisal Reductions that may occur. With respect to the Prime Outlets Pool II Loan, P&I Advances and Servicing Advances will generally be made by the 2006-C26 Master Servicer. If the 2006-C26 Master Servicer fails to make any P&I Advance that it is otherwise required to make, the Master Servicer under the Pooling and Servicing Agreement will make such P&I Advance. APPRAISAL REDUCTIONS An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a Required Appraisal Loan (plus other amounts overdue or advanced in connection with such loan) exceeds 90% of the appraised value of the related Mortgaged Property plus all escrows and reserves (including letters of credit) held with respect to the Mortgage Loan. As a result of calculating an Appraisal Reduction Amount for a given Mortgage Loan, the P&I Advance for such Mortgage Loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Subordinate Certificates in reverse order of priority of the Classes. An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed. OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust Fund in whole, but not in part, and purchase the remaining assets of the Trust Fund on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans then outstanding is less than 1% of the Cut-Off Date Pool Balance. Such purchase price will generally be at a price equal to the unpaid aggregate principal balance of the Mortgage Loans (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses. The Trust Fund may also be terminated under certain circumstances when the Offered Certificates have been paid in full and the remaining outstanding Certificates (other than the Class Z Certificates, Class R-I Certificates and Class R-II Certificates) are held by a single Certificateholder. CONTROLLING CLASS The Class of Sequential Pay Certificates (a) which bears the latest alphabetical Class designation and (b) the Certificate Balance of which is greater than 25% of its original Certificate Balance; provided, however, if no Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest alphabetical Class designation. CONTROLLING CLASS The representative appointed by the holder of REPRESENTATIVE the majority of the Class Principal Balance of the Controlling Class. In addition, the holders of the Companion Loans may have the ability to exercise some or all of the rights of the Controlling Class and the Controlling Class Representative. See "SERVICING OF THE MORTGAGE LOANS--The Controlling Class Representative" and "--Servicing of the Prime Outlets Pool II Loan" in the Prospectus Supplement for more information. ERISA The Offered Certificates are expected to be ERISA eligible. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 6 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- SMMEA The Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class A-M, Class A-J, Class B and Class C Certificates will be SMMEA eligible so long as they are rated in one of the two highest rating categories by any Rating Agency. TAX The Offered Certificates will be treated as regular interests in a REMIC. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 7 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- WACHOVIA CAPITAL MARKETS, LLC Charles Culbreth (704) 383-7716 (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. Paul Vanderslice (212) 723-6156 (Phone) (212) 723-8599 (Fax) Angela Vleck (212) 816-8087 (Phone) (212) 816-8307 (Fax) John Caputo (212) 723-6156 (Phone) (212) 723-8599 (Fax) GOLDMAN, SACHS & CO. Scott Wisenbaker (212) 902-2858 (Phone) (212) 902-1691 (Fax) Mitch Resnick +44-20-7774-3068 (Phone) +44-20-7552-0990 (Fax) Omar Chaudhary +81-3-6437-7198 (Phone) +81-3-6437-1200 (Fax) NOMURA SECURITIES INTERNATIONAL, INC. Mark Brown (212) 667-9087 (Phone) (646) 587-9087 (Fax) Joseph Allen (212) 667-2485 (Phone) (646) 587-1000 (Fax) Bruce Viergever (212) 667-9151 (Phone) (646) 587-9151 (Fax) Brandon England (212) 667-9252 (Phone) (646) 587-9252 (Fax) CREDIT SUISSE SECURITIES (USA) LLC Barry Polen (212) 325-3295 (Phone) (212) 325-8104 (Fax) Chris Anderson (212) 325-3295 (Phone) (212) 743-4790 (Fax) Andrew Winer (212) 325-3295 (Phone) (212) 743-4521 (Fax) Reese Mason (212) 538-8661 (Phone) (212) 743-5227 (Fax) LASALLE FINANCIAL SERVICES, INC. Kurt Kaline (212) 409-6206 (Phone) (212) 406-5256 (Fax) This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 8 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES EXPECTED APPROX. ASSUMED RATINGS % OF APPROX. WEIGHTED FINAL ------------ CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ----- --- ------- -------------- ------------ ------- ------------ ------------- ------------ ----------- A-1 AAA Aaa $ 47,877,000 1.554% 30.000% 2.92 09/06 - 05/11 05/15/11 Fixed A-2 AAA Aaa $ 265,965,000 8.635% 30.000% 4.96 05/11 - 08/11 08/15/11 Fixed A-PB AAA Aaa $ 111,411,000 3.617% 30.000% 7.24 08/11 - 01/16 01/15/16 Fixed A-3 AAA Aaa $1,087,252,000 35.301% 30.000% 9.82 01/16 - 07/16 07/15/16 Fixed(3) A-1A AAA Aaa $ 643,432,000 20.891% 30.000% 8.31 09/06 - 07/16 07/15/16 Fixed(3) X-P AAA Aaa $2,965,781,000(7) N/A N/A N/A N/A 08/15/13 Variable(7) A-M AAA Aaa $ 307,991,000 10.000% 20.000% 9.89 07/16 - 07/16 07/15/16 Fixed(3) A-J AAA Aaa $ 223,293,000 7.250% 12.750% 9.89 07/16 - 07/16 07/15/16 Fixed(3) B AA Aa2 $ 69,298,000 2.250% 10.500% 9.94 07/16 - 08/16 08/15/16 Fixed(3) C AA- Aa3 $ 30,799,000 1.000% 9.500% 9.98 08/16 - 08/16 08/15/16 Fixed(3) D A+ A1 $ 7,700,000 0.250% 9.250% 9.98 08/16 - 08/16 08/15/16 Fixed(3) E A A2 $ 38,499,000 1.250% 8.000% 9.98 08/16 - 08/16 08/15/16 Fixed(3) NON-OFFERED CERTIFICATES APPROX. ASSUMED EXPECTED RATINGS % OF APPROX. WEIGHTED FINAL ---------------- CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ----- ---- ------- -------------- ------------ ------- ------------ --------- ------------ --------- F (6) A- A3 $ 26,949,000 0.875% 7.125% (6) (6) (6) WAC(4) G (6) BBB+ Baa1 $ 38,499,000 1.250% 5.875% (6) (6) (6) WAC(5) H (6) BBB Baa2 $ 34,649,000 1.125% 4.750% (6) (6) (6) WAC(5) J (6) BBB- Baa3 $ 34,649,000 1.125% 3.625% (6) (6) (6) WAC(5) K (6) BB+ Ba1 $ 19,249,000 0.625% 3.000% (6) (6) (6) Fixed(3) L (6) BB Ba2 $ 7,700,000 0.250% 2.750% (6) (6) (6) Fixed(3) M (6) BB- Ba3 $ 15,400,000 0.500% 2.250% (6) (6) (6) Fixed(3) N (6) B+ B1 $ 3,850,000 0.125% 2.125% (6) (6) (6) Fixed(3) O (6) B B2 $ 11,550,000 0.375% 1.750% (6) (6) (6) Fixed(3) P (6) B- B3 $ 7,700,000 0.250% 1.500% (6) (6) (6) Fixed(3) Q (6) NR NR $ 46,197,568 1.500% 0.000% (6) (6) (6) Fixed(3) X-C (6) AAA Aaa $3,079,909,568(7) N/A N/A N/A N/A (6) WAC(7) (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 Prospectus Supplement. (3) The pass-through rate applicable to each of the Class A-3, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class K, Class L, Class M, Class N, Class O, Class P and Class Q 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 Prospectus Supplement) for such date. (4) The pass-through rate applicable to the Class F Certificates for any distribution date will be equal to the weighted average net mortgage rate (calculated as described in the Prospectus Supplement) minus % for such date. (5) The pass-through rate applicable to each of the Class G, Class H and Class J Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement) for such date. (6) Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (7) The Class X-C and Class X-P Certificates will not have certificate balances 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-C and Class X-P Certificates as described in the Prospectus Supplement. The interest rate applicable to each of the Class X-C and Class X-P Certificates for each distribution date will be as described in the Prospectus Supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 9 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- SHORT-TERM COLLATERAL SUMMARY* WEIGHTED WEIGHTED WEIGHTED AVERAGE MORTGAGE AVERAGE AVERAGE CUT-OFF WEIGHTED LOAN CUT-OFF DATE BALLOON PROPERTY REMAINING REMAINING DATE AVERAGE NUMBER PROPERTY NAME BALANCE BALANCE* TYPE TERM IO TERM LTV RATIO DSCR - ---------------------------------------------- ------------ ------------ ----------- --------- --------- --------- -------- CLASS A-1 154 CVS - Portsmouth, OH $ 1,424,000 $ 1,424,000 Retail 55 55 65.0% 1.86x 150 Office Depot - Warrensburg, MO $ 1,810,000 1,810,000 Retail 56 56 64.6% 1.94x ------------ 56 56 64.8% 1.90X CLASS A-1 TOTAL BALLOON PAYMENT $ 3,234,000 CLASS A-1 AMORTIZATION 44,643,000 TOTAL CLASS A-1 CERTIFICATE ------------ BALANCE $ 47,877,000 ============ CLASS A-2 145 Conn's - San Antonio, TX $ 2,461,000 $ 2,461,000 Retail 57 57 52.8% 2.01x 157 Family Dollar and Charter One Bank $ 1,348,000 1,348,000 Retail 57 57 56.2% 2.65x 155 Rite Aid - Cleveland, OH $ 1,413,000 1,413,000 Retail 57 57 49.6% 2.41x 156 Rite Aid - Fremont, OH $ 1,388,000 1,388,000 Retail 57 57 54.4% 2.25x 152 CVS - Columbia, TN I $ 1,715,000 1,715,000 Retail 58 58 67.3% 1.55x 151 CVS - Columbia, TN II $ 1,735,000 1,735,000 Retail 58 58 65.5% 1.61x 22 55 Francisco Street $ 27,750,000 27,750,000 Office 59 59 55.5% 1.31x 85 Gaige House Inn - Glen Ellen, CA $ 9,000,000 8,500,835 Hospitality 60 0 73.5% 1.33x 1 One Financial Place $163,600,000 163,600,000 Office 60 60 62.9% 1.82x 13 Sierra Health Services $ 50,750,000 50,750,000 Office 60 60 68.3% 1.74x ------------ 60 58 63.3% 1.74X CLASS A-2 TOTAL BALLOON PAYMENT $260,660,835 CLASS A-2 AMORTIZATION 5,304,165 TOTAL CLASS A-2 CERTIFICATE ------------ BALANCE $265,965,000 ============ CLASS A-PB 70 Cherry Creek Business Park $ 11,500,000 $ 10,953,544 Industrial 83 35 75.2% 1.30x ------------ CLASS A-PB TOTAL BALLOON PAYMENT $ 10,953,544 CLASS A-PB AMORTIZATION 100,457,456 TOTAL CLASS A-PB CERTIFICATE ------------ BALANCE $111,411,000 ============ * As of the Cut-Off Date, the balloon balances, total balloon payments and remaining class amortization were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the Prospectus Supplement. Totals may not sum due to rounding. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 10 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ALL GENERAL CHARACTERISTICS MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 - ----------------------------------------------------------------- -------------- -------------- ------------ Number of Mortgage Loans ........................................ 162 125 37 Number of Crossed Loan Pools .................................... 5 4 1 Number of Mortgaged Properties .................................. 270 232 38 Aggregate Balance of all Mortgage Loans ......................... $3,079,909,568 $2,436,477,967 $643,431,601 Number of Mortgage Loans with Balloon Payments(1) ............... 104 78 26 Aggregate Balance of Mortgage Loans with Balloon Payments(1) .................................................. $1,820,909,695 $1,488,246,844 $332,662,851 Number of Mortgage Loans with Anticipated Repayment Date(2) ...................................................... 5 5 0 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(2) ...................................................... $ 25,729,313 $ 25,729,313 $ 0 Number of Fully Amortizing Mortgage Loans ....................... 1 1 0 Aggregate Balance of Fully Amortizing Mortgage Loans ............ $ 15,583,811 $ 15,583,811 $ 0 Number of Interest Only Mortgage Loans(3) ....................... 52 41 11 Aggregate Balance of Interest Only Mortgage Loans(3) ............ $1,217,686,750 $ 906,918,000 $310,768,750 Average Balance of Mortgage Loans ............................... $ 19,011,787 $ 19,491,824 $ 17,390,043 Minimum Balance of Mortgage Loans ............................... $ 1,057,000 $ 1,057,000 $ 1,960,000 Maximum Balance of Mortgage Loans ............................... $ 163,600,000 $ 163,600,000 $ 63,000,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans ........................... $ 46,300,000(4) $ 21,285,000(5) $ 46,300,000(4) Weighted Average LTV ratio(6) ................................... 71.9% 71.5% 73.6% Minimum LTV ratio(6) ............................................ 21.4% 21.4% 51.3% Maximum LTV ratio(6) ............................................ 83.3% 83.3% 79.1% Weighted Average DSCR ........................................... 1.33x 1.36x 1.24x Minimum DSCR .................................................... 1.05x 1.07x 1.05x Maximum DSCR .................................................... 3.18x 3.18x 1.75x Weighted Average LTV at Maturity or Anticipated Repayment Date(6) 67.3% 66.3% 71.1% Weighted Average Mortgage Loan interest rate .................... 6.131% 6.117% 6.186% Range of Mortgage Loan interest rates ........................... 5.230% 5.230% 5.335% Range of Mortgage Loan interest rates ........................... 7.100% 7.100% 6.840% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ...................................... 111 113 101 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ...................................... 55 55 58 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ...................................... 299 299 120 Weighted Average Occupany Rate(7) ............................... 93.8% 94.0% 93.0% (1) Does not include Mortgage Loans with anticipated repayment dates or Mortgage Loans that are interest-only for their entire term. (2) Does not include Mortgage Loans that are interest-only for their entire term. (3) Includes Mortgage Loans with anticipated repayment dates that are interest-only for the entire period until the anticipated repayment date. (4) Consists of a group of 4 individual Mortgage Loans (loan numbers 50, 51, 92 and 111). (5) Consists of a group of 3 individual Mortgage Loans (loan numbers 78, 96 and 124). (6) For a description of how the LTV ratios for the Mortgage Loans are determined, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--The Mortgage Loans--Risks Related to Property Inspections and Certain Assumptions in Appraisals" in the Prospectus Supplement. (7) Does not include 60 hospitality properties, representing, by allocated loan amount, 10.3% of the Cut-Off Date Pool Balance (13.1% of the Cut-Off Date Group 1 Balance). In certain cases, occupancy includes space for which leases have been executed, but the tenant has not taken occupancy. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 11 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- [PIE CHART OMITTED] Mobile Marine Park 1.7% Industrial 5.3% Hospitality 10.3% Multifamily 20.7% Mixed Use 1.4% Self Storage 0.1% Office 35.5% Retail 25.2% PROPERTY TYPES % OF % OF NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 PROPERTY TYPE PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE - --------------------- ---------- -------------- ------------ ------------ ------------ Office 36 $1,092,456,607 35.5% 44.8% 0.0% Retail 65 774,739,990 25.2 31.8 0.0 Retail -- Anchored 24 455,928,806 14.8 18.7 0.0 Retail -- Outlet 3 150,000,000 4.9 6.2 0.0 Retail -- Single Tenant 24 88,705,345 2.9 3.6 0.0 Retail -- Shadow Anchored(2) 5 46,618,000 1.5 1.9 0.0 Retail -- Unanchored 9 33,487,838 1.1 1.4 0.0 Multifamily 35 636,421,664 20.7 1.2 94.5 Hospitality 60 317,963,961 10.3 13.1 0.0 Industrial 59 161,990,000 5.3 6.6 0.0 Mobile Home Park 10 51,338,722 1.7 0.7 5.5 Mixed Use 4 43,000,000 1.4 1.8 0.0 Self Storage 1 1,998,625 0.1 0.1 0.0 --- -------------- ----- ----- ----- 270 $3,079,909,568 100.0% 100.0% 100.0% === ============== ===== ===== ===== WEIGHTED WEIGHTED WEIGHTED AVERAGE MIN/MAX AVERAGE AVERAGE MIN/MAX CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR DSCR LTV RATIO LTV RATIO RATE - --------------------- -------- ---------- ------------ ------------ -------- Office 1.38x 1.15x/3.18x 71.3% 21.4%/ 80.0% 6.072% Retail 1.34x 1.07x/2.65x 71.5% 49.6%/ 83.3% 6.000% Retail -- Anchored 1.34x 1.20x/1.71x 69.8% 49.6%/ 80.0% 6.046% Retail -- Outlet 1.20x 1.20x/1.20x 77.3% 77.3%/ 77.3% 5.795% Retail -- Single Tenant 1.54x 1.07x/2.41x 68.8% 49.6%/ 83.3% 5.984% Retail -- Shadow Anchored(2) 1.34x 1.20x/1.63x 71.7% 64.9%/ 77.4% 6.176% Retail -- Unanchored 1.31x 1.20x/2.65x 73.8% 56.2%/ 79.6% 6.083% Multifamily 1.24x 1.05x/1.75x 73.5% 56.9%/ 79.1% 6.179% Hospitality 1.39x 1.23x/2.41x 68.3% 40.7%/ 79.5% 6.386% Industrial 1.24x 1.21x/1.30x 78.9% 75.2%/ 79.2% 6.339% Mobile Home Park 1.28x 1.20x/1.41x 69.3% 51.3%/ 78.4% 6.389% Mixed Use 1.24x 1.12x/1.32x 75.6% 68.4%/ 80.0% 6.281% Self Storage 1.32x 1.32x/1.32x 77.6% 77.6%/ 77.6% 6.680% ---- ---------- ---- ------------ ----- 1.33X 1.05X/3.18X 71.9% 21.4%/ 83.3% 6.131% ==== ========== ==== =========== ===== (1) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents). (2) A Mortgaged Property is classified as shadow anchored if it is located in close proximity to an anchored retail property. 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, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 12 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- [MAP OF THE UNITED STATES OMITTED] Northern 11.3% Southern 13.1% CA 24.5% AZ 6.3% TX 5.4% IL 12.6% MI 6.0% NY 7.6% PROPERTY LOCATION % OF % OF WEIGHTED WEIGHTED NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE AVERAGE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 AVERAGE CUT-OFF DATE MORTGAGE STATE PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE DSCR LTV RATIO RATE - -------------- ---------- -------------- ------------ ------------ ------------ -------- ------------ -------- CA 35 $ 753,583,339 24.5% 24.1% 25.8% 1.32x 71.2% 6.263% Southern(2) 23 404,540,112 13.1 12.4 15.9 1.34x 73.0% 6.279% Northern(2) 12 349,043,227 11.3 11.7 9.8 1.31x 69.1% 6.246% IL 14 386,797,297 12.6 15.9 0.0 1.48x 68.6% 6.115% NY 9 234,539,965 7.6 9.6 0.0 1.19x 72.7% 5.926% AZ 7 194,615,000 6.3 4.9 11.7 1.36x 71.7% 6.089% MI 20 183,986,087 6.0 5.1 9.2 1.26x 75.2% 6.044% TX 31 166,891,906 5.4 4.2 10.2 1.38x 71.6% 6.223% Other 154 1,159,495,974 37.6 36.2 43.1 1.32x 72.9% 6.099% --- -------------- ----- ----- ----- ---- ---- ----- 270 $3,079,909,568 100.0% 100.0% 100.0% 1.33X 71.9% 6.131% === ============== ===== ===== ===== ==== ==== ===== o THE MORTGAGED PROPERTIES ARE LOCATED IN 42 STATES. (1) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described 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 included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. 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, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 13 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 CUT-OFF DATE BALANCES ($) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 1,057,000 - 2,000,000 ........ 15 $ 22,214,440 0.7% 0.8% 0.3% 2,000,001 - 3,000,000 ........ 11 28,270,031 0.9 1.0 0.8 3,000,001 - 4,000,000 ........ 11 38,111,541 1.2 1.6 0.0 4,000,001 - 5,000,000 ........ 15 68,182,049 2.2 2.4 1.5 5,000,001 - 6,000,000 ........ 10 56,111,939 1.8 2.3 0.0 6,000,001 - 7,000,000 ........ 4 26,709,682 0.9 1.1 0.0 7,000,001 - 8,000,000 ........ 8 60,659,059 2.0 1.6 3.5 8,000,001 - 9,000,000 ........ 4 34,300,349 1.1 1.0 1.4 9,000,001 - 10,000,000 ....... 6 57,555,307 1.9 2.4 0.0 10,000,001 - 15,000,000 ...... 20 244,106,366 7.9 5.9 15.7 15,000,001 - 20,000,000 ...... 20 352,612,829 11.4 8.8 21.5 20,000,001 - 25,000,000 ...... 13 291,825,000 9.5 6.4 21.3 25,000,001 - 30,000,000 ...... 6 164,406,000 5.3 3.4 12.8 35,000,001 - 40,000,000 ...... 3 109,800,000 3.6 1.5 11.5 40,000,001 - 45,000,000 ...... 2 88,700,000 2.9 3.6 0.0 45,000,001 - 50,000,000 ...... 1 47,000,000 1.5 1.9 0.0 50,000,001 - 55,000,000 ...... 1 50,750,000 1.6 2.1 0.0 55,000,001 - 60,000,000 ...... 2 119,358,227 3.9 4.9 0.0 60,000,001 - 65,000,000 ...... 2 125,530,000 4.1 2.6 9.8 75,000,001 - 80,000,000 ...... 1 75,700,000 2.5 3.1 0.0 80,000,001 - 163,600,000...... 7 1,018,006,750 33.1 41.8 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: $1,057,000 MAX: $163,600,000 AVERAGE: $19,011,787 UNDERWRITTEN DEBT SERVICE COVERAGE RATIO % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 UNDERWRITTEN DSCRS (X) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 1.05 - 1.09 .................. 2 $ 42,175,000 1.4% 0.8% 3.5% 1.10 - 1.14 .................. 2 27,800,000 0.9 0.3 3.3 1.15 - 1.19 .................. 4 210,514,250 6.8 8.6 0.0 1.20 - 1.24 .................. 57 1,288,625,560 41.8 35.4 66.2 1.25 - 1.29 .................. 19 265,365,833 8.6 6.6 16.1 1.30 - 1.34 .................. 20 241,581,688 7.8 8.5 5.3 1.35 - 1.39 .................. 10 406,956,072 13.2 16.4 1.2 1.40 - 1.44 .................. 8 61,732,781 2.0 2.2 1.2 1.45 - 1.49 .................. 6 65,395,991 2.1 2.7 0.0 1.50 - 1.54 .................. 6 32,018,241 1.0 1.2 0.3 1.55 - 1.59 .................. 2 64,245,000 2.1 2.6 0.0 1.60 - 1.64 .................. 3 55,393,000 1.8 2.3 0.0 1.70 - 1.74 .................. 3 91,750,000 3.0 3.8 0.0 1.75 - 1.79 .................. 1 19,093,750 0.6 0.0 3.0 1.80 - 1.84 .................. 3 173,772,000 5.6 7.1 0.0 1.85 - 1.89 .................. 2 4,440,000 0.1 0.2 0.0 1.90 - 1.94 .................. 4 10,468,000 0.3 0.4 0.0 2.00 - 2.04 .................. 5 8,553,000 0.3 0.4 0.0 2.25 - 2.29 .................. 1 1,388,000 0.0 0.1 0.0 2.30 - 3.18 .................. 4 8,641,403 0.3 0.4 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 1.05X MAX: 3.18X WTD. AVERAGE: 1.33X MORTGAGE RATE % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MORTGAGE RATES(%) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 5.230 - 5.249 ................ 1 $ 2,720,000 0.1% 0.1% 0.0% 5.250 - 5.499 ................ 11 154,781,000 5.0 3.3 11.4 5.500 - 5.749 ................ 8 214,775,639 7.0 8.8 0.0 5.750 - 5.999 ................ 24 648,394,222 21.1 25.2 5.5 6.000 - 6.249 ................ 56 812,484,144 26.4 22.9 39.6 6.250 - 6.499 ................ 44 882,849,362 28.7 31.1 19.3 6.500 - 6.749 ................ 13 240,146,391 7.8 5.6 16.1 6.750 - 6.999 ................ 3 61,175,000 2.0 0.4 8.1 7.000 - 7.100 ................ 2 62,583,811 2.0 2.6 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 5.230% MAX: 7.100% WTD. AVERAGE: 6.131% CUT-OFF DATE LOAN-TO-VALUE RATIO % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 CUT-OFF DATE LTV RATIOS (%) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 21.43 - 25.00 ................ 1 $ 1,200,000 0.0% 0.0% 0.0% 40.01 - 50.00 ................ 4 31,840,180 1.0 1.3 0.0 50.01 - 55.00 ................ 7 48,893,059 1.6 1.7 1.2 55.01 - 60.00 ................ 10 76,014,824 2.5 2.3 3.0 60.01 - 65.00 ................ 17 448,376,734 14.6 17.6 3.0 65.01 - 70.00 ................ 26 580,363,678 18.8 21.1 10.1 70.01 - 75.00 ................ 34 572,253,213 18.6 16.8 25.4 75.01 - 80.00 ................ 62 1,301,467,882 42.3 38.3 57.3 80.01 - 83.33 ................ 1 19,500,000 0.6 0.8 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 21.4% MAX: 83.3% WTD. AVERAGE: 71.9% MATURITY DATE OR ARD LOAN-TO-VALUE RATIO % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF MATURITY DATE OR ARD MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 LTV RATIOS (%) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 3.61 - 5.00 .................. 1 $ 15,583,811 0.5% 0.6% 0.0% 20.01 - 30.00 ................ 1 1,200,000 0.0 0.0 0.0 30.01 - 40.00 ................ 2 5,927,180 0.2 0.2 0.0 40.01 - 50.00 ................ 10 88,585,077 2.9 2.8 3.0 50.01 - 55.00 ................ 8 171,149,234 5.6 6.7 1.2 55.01 - 60.00 ................ 16 174,186,884 5.7 7.0 0.4 60.01 - 65.00 ................ 27 649,456,470 21.1 25.2 5.6 65.01 - 70.00 ................ 51 850,385,625 27.6 26.2 33.0 70.01 - 75.00 ................ 30 572,612,288 18.6 18.5 18.9 75.01 - 80.00 ................ 15 531,323,000 17.3 11.8 37.9 80.01 - 83.33 ................ 1 19,500,000 0.6 0.8 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 3.6% MAX: 83.3% WTD. AVERAGE: 67.3% This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 14 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF ORIGINAL TERM TO MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MATURITY (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 0 -- 60 ...................... 21 $ 452,623,059 14.7% 10.9% 29.3% 61 -- 84 ..................... 1 11,500,000 0.4 0.5 0.0 109 -- 120 ................... 139 2,600,202,699 84.4 88.0 70.7 289 -- 300 ................... 1 15,583,811 0.5 0.6 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 60 MAX: 300 WTD. AVERAGE: 112 ORIGINAL AMORTIZATION TERM % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 240 -- 264 ................... 2 $ 5,687,232 0.2% 0.2% 0.0% 265 -- 300 ................... 12 213,739,100 6.9 8.8 0.0 349 -- 360 ................... 96 1,642,796,486 53.3 53.8 51.7 Non-Amortizing ............... 52 1,217,686,750 39.5 37.2 48.3 -- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 240* MAX: 360 WTD. AVERAGE: 353* * Excludes the non-amortizing loans. ORIGINAL INTEREST-ONLY TERM % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TYPE OF IO PERIOD LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- Amortizing -- No Partial Interest Only Period ...... 44 $ 446,846,030 14.5% 16.2% 8.1% Partial Interest Only -- Amortizing ................ 66 1,415,376,788 46.0 46.6 43.6 1 -- 12 ...................... 2 13,990,000 0.5 0.6 0.0 13 -- 24 ..................... 12 263,395,000 8.6 10.8 0.0 25 -- 36 ..................... 11 137,630,000 4.5 4.8 3.3 37 -- 48 ..................... 9 246,240,138 8.0 7.6 9.5 49 -- 60 ..................... 23 594,831,650 19.3 22.8 6.1 61 -- 72 ..................... 5 73,530,000 2.4 0.0 11.4 73 -- 84 ..................... 4 85,760,000 2.8 0.0 13.3 Non-Amortizing ............... 52 1,217,686,750 39.5 37.2 48.3 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 12 MAX: 84* WTD. AVERAGE: 50* * Partial Interest-Only period excludes non-amortizing loans and amortizing loans that do not benefit from a partial Interest-Only period. SEASONING % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 SEASONING (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 0 -- 12 ...................... 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 0 MAX:8 WTD. AVERAGE: 1 The sum of aggregate percentage calculations may not equal 100% due to rounding. REMAINING TERM TO MATURITY % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF REMAINING TERMS TO MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MATURITY OR ARD (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 55 -- 60 ..................... 21 $ 452,623,059 14.7% 10.9% 29.3% 61 -- 84 ..................... 1 11,500,000 0.4 0.5 0.0 109 -- 120 ................... 139 2,600,202,699 84.4 88.0 70.7 289 -- 299 ................... 1 15,583,811 0.5 0.6 0.0 --- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 55 MAX: 299 WTD. AVERAGE: 111 REMAINING STATED AMORTIZATION TERM % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF STATED AMORTIZATION MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- 252 -- 264 ................... 2 $ 5,687,232 0.2% 0.2% 0.0% 265 -- 300 ................... 12 213,739,100 6.9 8.8 0.0 349 -- 360 ................... 96 1,642,796,486 53.3 53.8 51.7 Non-Amortizing ............... 52 1,217,686,750 39.5 37.2 48.3 -- -------------- ----- ----- ----- 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- MIN: 239* MAX: 360* WTD. AVERAGE: 352* * Excludes the non-amortizing loans. PREPAYMENT PROVISIONS SUMMARY % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 PREPAYMENT PROVISIONS LOANS BALANCE BALANCE BALANCE BALANCE - ------------------------------ --------- -------------- ------- ------- ------- Lockout/Defeasance/Open ...... 130 $2,373,563,011 77.1% 80.5% 64.0% Lockout/Yield Maintenance/Open .......... 19 429,308,928 13.9 16.8 3.3 Yield Maintenance/Open ....... 10 219,250,000 7.1 0.4 32.7 Lockout/Defeasance/ Prepayment Penalty/Open .............. 2 36,987,630 1.2 1.5 0.0 Lockout/Defeasance or Yield Maintenance ............... 1 20,800,000 0.7 0.9 0.0 --- -------------- ----- ----- ----- TOTAL ........................ 162 $3,079,909,568 100.0% 100.0% 100.0% --- -------------- ----- ----- ----- This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 15 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT--OFF DATE - -------------------------------------------------------------------------------- TWENTY LARGEST MORTGAGE LOANS - -------------------------------------------------------------------------------- The following table and summaries describe the twenty largest Mortgage Loans or pools of Mortgage Loans in the Mortgage Pool by Cut-Off Date Balance: TWENTY LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE NUMBER OF MORTGAGE % OF % OF MORTGAGE LOANS / INITIAL INITIAL LOAN MORTGAGED LOAN CUT-OFF DATE POOL GROUP LOAN NAME SELLER PROPERTIES GROUP BALANCE BALANCE BALANCE - ------------------------------------ -------- ---------- ----- -------------- ------- ------- One Financial Place ................ Wachovia 1/1 1 $ 163,600,000 5.3% 6.7% Prime Outlets Pool II .............. Wachovia 1/3 1 150,000,000 4.9 6.2% One Illinois Center ................ Wachovia 1/1 1 148,500,000 4.8 6.1% BlueLinx Holdings Pool ............. Wachovia 1/58 1 147,500,000 4.8 6.1% RLJ Hotel Pool ..................... Wachovia 1/43 1 146,092,500 4.7 6.0% 500-512 Seventh Avenue ............. Wachovia 1/1 1 137,314,250 4.5 5.6% Glendale Center .................... Nomura 1/1 1 125,000,000 4.1 5.1% Harden Ranch Plaza ................. Wachovia 1/1 1 75,700,000 2.5 3.1% Bacara and Montelena at the Canyons ......................... Wachovia 1/1 2 63,000,000 2.0 9.8% Yuma Palms Regional Center ......... Nomura 1/1 1 62,530,000 2.0 2.6% -------- -------------- ---- 10 / 111 $1,219,236,750 39.6% ======== ============== ==== Pan Am Building .................... Nomura 1/1 1 $ 60,000,000 1.9% 2.5% Embassy Suites - South Lake Tahoe, CA ....................... Nomura 1/1 1 59,358,227 1.9 2.4% Sierra Health Services ............. Wachovia 1/1 1 50,750,000 1.6 2.1% Beverly Hills Office Pool .......... Wachovia 1/3 1 47,000,000 1.5 1.9% Michigan Multifamily Portfolio ..... Wachovia 4/4 2 46,300,000 1.5 7.2% Montecito Plaza .................... Wachovia 1/1 1 45,000,000 1.5 1.8% AIM Investments Corporate Campus .......................... Wachovia 1/1 1 43,700,000 1.4 1.8% Shorepark at Riverlake ............. Wachovia 1/1 2 38,800,000 1.3 6.0% National Bank Plaza ................ Wachovia 1/1 1 35,600,000 1.2 1.5% Vista Pointe Apartment Homes ....... Wachovia 1/1 2 35,400,000 1.1 5.5% -------- -------------- ---- 13 / 15 $ 461,908,227 15.0% ======== ============== ==== 23 / 126 $1,681,144,977 54.6% ======== ============== ==== WEIGHTED CUT-OFF DATE WEIGHTED AVERAGE WEIGHTED BALANCE WEIGHTED AVERAGE LTV RATIO AVERAGE PROPERTY PER SF/UNIT/ AVERAGE CUT-OFF DATE AT MATURITY MORTGAGE LOAN NAME TYPE ROOM* DSCR* LTV RATIO* OR ARD* RATE - ------------------------------------ ------------------ ------------ -------- ------------ ----------- -------- One Financial Place ................ Office - CBD $ 160 1.82x 62.9% 62.9% 5.914% Prime Outlets Pool II .............. Retail - Outlet $ 198 1.20x 77.3% 68.2% 5.795% One Illinois Center ................ Office - CBD $ 148 1.20x 72.6% 68.2% 6.290% BlueLinx Holdings Pool ............. Various - Various $ 33 1.24x 79.2% 74.5% 6.350% Hospitality - RLJ Hotel Pool ..................... Various $ 92,936 1.37x 68.9% 63.1% 6.294% 500-512 Seventh Avenue ............. Office - CBD $ 235 1.17x 68.7% 52.7% 5.706% Glendale Center .................... Office - CBD $ 327 1.38x 79.6% 79.6% 5.818% Harden Ranch Plaza ................. Retail - Anchored $ 171 1.21x 64.1% 59.9% 5.850% Bacara and Montelena at the Multifamily - Canyons ......................... Conventional $100,159 1.20x 77.8% 77.8% 6.500% Yuma Palms Regional Center ......... Retail - Anchored $ 156 1.59x 63.8% 63.8% 5.470% 1.34X 71.8% 66.8% 6.014% Pan Am Building .................... Office - CBD $ 285 1.15x 77.9% 77.9% 6.170% Embassy Suites - South Lake Hospitality - Full Tahoe, CA ......................... Service $148,396 1.39x 74.9% 64.6% 6.600% Sierra Health Services ............. Office - Suburban $ 249 1.74x 68.3% 68.3% 5.550% Beverly Hills Office Pool .......... Office - Suburban $ 225 1.23x 79.1% 79.1% 7.100% Multifamily - Michigan Multifamily Portfolio ..... Conventional $ 53,036 1.24x 72.0% 66.3% 6.070% Montecito Plaza .................... Retail - Anchored $ 343 1.29x 69.2% 69.2% 6.090% AIM Investments Corporate Campus .......................... Office - Suburban $ 166 1.63x 62.8% 62.8% 6.030% Multifamily - Shorepark at Riverlake ............. Conventional $ 98,728 1.24x 76.1% 76.1% 6.300% National Bank Plaza ................ Office - Suburban $ 134 1.30x 74.2% 74.2% 6.180% Multifamily - Vista Pointe Apartment Homes ....... Conventional $123,776 1.27x 66.4% 66.4% 6.240% 1.35X 72.4% 70.5% 6.238% 1.35X 72.0% 67.8% 6.075% - ---------- * Each of the Prime Outlets Pool II Loan, the BlueLinx Holdings Pool Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan is part of a split loan structure that includes one or more pari passu companion loans that are not included in the Trust Fund. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios, DSC ratios and Cut-Off Date Balance per square foot/room are based on the aggregate indebtedness of or debt service on, as applicable, each such Mortgage Loan and the related pari passu companion loan, but not any related subordinate companion loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 16 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE FINANCIAL PLACE - -------------------------------------------------------------------------------- [PICTURES OF ONE FINANCIAL PLACE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 17 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE FINANCIAL PLACE - -------------------------------------------------------------------------------- [MAP OF ONE FINANCIAL PLACE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 18 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE FINANCIAL PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $163,600,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners IV, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 5.913617% MATURITY DATE August 11, 2011 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 60 / IO LOCKBOX Yes UP-FRONT RESERVES REPLACEMENT $4,000,000 TI/LC $7,000,000 FREE RENT(1) $2,878,715 OUTSTANDING TI/LC OBLIGATIONS(2) $1,627,794 ONGOING ANNUAL RESERVES TAX/INSURANCE(3) Springing REPLACEMENT(4) Springing ADDITIONAL FINANCING(5) B-Note $ 25,000,000 WHOLE MORTGAGE TRUST ASSET LOAN ------------ -------------- CUT-OFF DATE BALANCE $163,600,000 $188,600,000 CUT-OFF DATE BALANCE/SF $ 160 $ 185 CUT-OFF DATE LTV 62.9% 72.5% MATURITY DATE LTV 62.9% 72.5% UW DSCR ON NCF 1.82x 1.52x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Chicago, IL PROPERTY TYPE Office -- CBD SIZE (SF) 1,019,325 OCCUPANCY AS OF MAY 31, 2006 88.3% YEAR BUILT / YEAR RENOVATED 1984 / NA APPRAISED VALUE $260,000,000 PROPERTY MANAGEMENT OFP Illinois Property Manager LLC UW ECONOMIC OCCUPANCY 86.9% UW REVENUES $ 33,409,483 UW TOTAL EXPENSES $ 14,811,709 UW NET OPERATING INCOME (NOI) $ 18,597,774 UW NET CASH FLOW (NCF) $ 17,576,432 - -------------------------------------------------------------------------------- (1) Escrowed for tenants with free rent periods. (2) Escrowed for existing landlord TI/LC obligations. (3) Monthly deposits to the tax and insurance reserves will be required upon an event of default described in the related Mortgage Loan documents. (4) Monthly deposits to the replacement reserves will be required upon an event of default described in the related Mortgage Loan documents. (5) Future mezzanine debt is permitted, subject to a maximum combined LTV ratio of 80.0% and a minimum combined DSC ratio of 1.20x, as described in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 19 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE FINANCIAL PLACE - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL NET % OF NET ANNUAL RATINGS(1) RENTABLE RENTABLE BASE RENT ANNUAL BASE BASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF RENT RENT LEASE EXPIRATION - ------------------------------------- ----------------- --------- -------- --------- ----------- ------ ------------------ MAJOR TENANTS Goldman Sachs Execution & Clearing, L.P. ................ Aa3/A+/AA- 164,674 16.2% $22.83 $ 3,759,928 20.7% April 2011 Chicago Stock Exchange Service ... NR/NR/NR 152,050 14.9 $23.46 3,566,676 19.7 Multiple Spaces(2) Merrill Lynch .................... Aa3/A+/AA- 125,267 12.3 $18.00 2,254,806 12.4 Multiple Spaces(3) Man Financial .................... Baa1/NR/A- 59,262 5.8 $16.29 965,451 5.3 Multiple Spaces(4) Morgan Stanley & Co. ............. Aa3/A+/AA- 57,575 5.6 $25.18 1,449,739 8.0 December 2007 --------- ----- ----------- ----- TOTAL MAJOR TENANTS .............. 558,828 54.8% $21.47 $11,996,600 66.1% NON-MAJOR TENANTS ................... 341,296 33.5 $18.03 6,152,547 33.9 --------- ----- ----------- ----- OCCUPIED TOTAL ...................... 900,124 88.3% $20.16 $18,149,146 100.0% VACANT SPACE ........................ 119,201 11.7 =========== ===== --------- ----- TOTAL ............................... 1,019,325 100.0% ========= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) While the majority of the square footage expires in June 2015, approximately 502 square feet expire in April 2015. (3) Under the terms of multiple leases, approximately 5,436 square feet expire in July 2007, approximately 26,153 square feet expire in August 2007 and approximately 93,678 square feet expire in January 2014. (4) Under the terms of multiple leases, approximately 9,378 square feet expire on a month-to-month basis and approximately 49,884 square feet expire in December 2016. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING* RENT ROLLING* - ---------- ----------- --------------- -------- ------------- ------------------ -------------- -------------------- 2006 9 $16.68 25,637 2.5% 2.5% 2.4% 2.4% 2007 12 $20.92 167,716 16.5% 19.0% 19.3% 21.7% 2008 1 $26.00 9,309 0.9% 19.9% 1.3% 23.0% 2009 15 $12.25 108,973 10.7% 30.6% 7.4% 30.4% 2010 6 $19.74 39,922 3.9% 34.5% 4.3% 34.7% 2011 7 $22.79 175,704 17.2% 51.7% 22.1% 56.8% 2012 1 $39.60 989 0.1% 51.8% 0.2% 57.0% 2013 1 $31.69 3,811 0.4% 52.2% 0.7% 57.7% 2014 3 $19.07 135,075 13.3% 65.4% 14.2% 71.9% 2015 12 $23.01 170,718 16.7% 82.2% 21.6% 93.5% 2016 5 $18.95 62,270 6.1% 88.3% 6.5% 100.0% Thereafter 2 $ 0.00 0 0.0% 88.3% 0.0% 100.0% Vacant 0 NA 119,201 11.7% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 20 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE FINANCIAL PLACE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "One Financial Place Loan") is secured by a first deed of trust encumbering an office building located in Chicago, Illinois. The One Financial Place Loan represents approximately 5.3% of the Cut-Off Date Pool Balance. The One Financial Place Loan was originated on July 13, 2006 and has a principal balance as of the Cut-Off Date of $163,600,000. The One Financial Place Loan is a portion of a whole loan with an original principal balance of $188,600,000. The other loan related to the One Financial Place Loan is evidenced by a separate subordinate note, dated July 13, 2006 (the "One Financial Place Subordinate Companion Loan"), with an original principal balance of $25,000,000. The One Financial Place Subordinate Companion Loan will not be an asset of the Trust Fund. The One Financial Place Loan and the One Financial Place Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL -- Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The One Financial Place Loan provides for interest-only payments for the entire loan term. The One Financial Place Loan has a remaining term of 60 months and matures on August 11, 2011. The One Financial Place Loan may be prepaid with the payment of a yield maintenance premium on or after September 11, 2008, and may be prepaid without payment of a yield maintenance premium on or after February 11, 2011. o THE BORROWER. The borrower is One Financial Place Property LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the One Financial Place Loan. The sponsor of the borrower is Beacon Capital Strategic Partners IV, L.P., an affiliate of Beacon Capital Partners, LLC ("Beacon"). Beacon is a Boston-based real estate investment firm experienced in acquisitions, dispositions, asset management, development and financing of office properties throughout the United States and western Europe. Since its inception in 1998, Beacon has raised $4.5 billion of capital. o THE PROPERTY. The Mortgaged Property is an approximately 1,019,325 square foot office building situated on approximately 2.5 acres. The Mortgaged Property was constructed in 1984. The Mortgaged Property is located in Chicago, Illinois. As of May 31, 2006, the occupancy rate for the Mortgaged Property securing the One Financial Place Loan was approximately 88.3%. The largest tenant is Goldman Sachs Execution & Clearing, L.P. ("GSEC"), previously First Options of Chicago, Inc., occupying approximately 164,674 square feet, or approximately 16.2% of the net rentable area. A wholly-owned subsidiary of Goldman, Sachs & Co.'s ("GS&Co") Trading and Principal Investments business line, GSEC facilitates electronic transactions and provides clearing and prime brokerage services to the institutional and broker-dealer community. As of July 25, 2006, GS&Co was rated "A+" (S&P), "Aa3" (Moody's) and "AA-" (Fitch). The GSEC lease expires in April 2011. The second largest tenant is the Chicago Stock Exchange Service ("CHX"), occupying approximately 152,050 square feet, or approximately 14.9% of the net rentable area. Founded in 1882, CHX is a self-regulatory organization under the oversight of the SEC, which provides an auction market for the purchase and sale of equity securities. CHX consists of approximately 200 member organizations and has more than 200 employees. CHX trades more than 3,500 NYSE, Amex, NASDAQ and CHX-exclusive issues. The CHX lease expires in June 2015, with 502 square feet expiring in April 2015. The third largest tenant is Merrill Lynch, occupying approximately 125,267 square feet, or approximately 12.3% of the net rentable area. Merrill Lynch offers financial services for private, institutional and government clients, including mutual fund, insurance, annuity, trust and clearing services, in addition to traditional investment banking and brokerage. As of July 25, 2006, Merrill Lynch was rated "A+" (S&P), "Aa3" (Moody's) and "AA-" (Fitch). The Merrill Lynch lease expires in various years, with 5,436 square feet expiring in July 2007, 26,153 square feet expiring in August 2007 and 93,678 square feet expiring in January 2014. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. OFP Illinois Property Manager LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the One Financial Place Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 21 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 22 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- [PICTURES OF PRIME OUTLETS POOL II OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 23 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- [MAP OF PRIME OUTLETS POOL II OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 24 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $150,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR David Lichstenstein TYPE OF SECURITY Fee MORTGAGE RATE 5.7953% MATURITY DATE April 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 24 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 116 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING(1) $1,303,125 OUTSTANDING TI/LC(2) $ 602,560 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $ 242,040 TI/LC $1,896,735 ADDITIONAL FINANCING Pari Passu Debt $150,000,000 B-Note $ 17,000,000 WHOLE PARI PASSU MORTGAGE NOTES(3) LOAN ------------ ------------ CUT-OFF DATE BALANCE $300,000,000 $317,000,000 CUT-OFF DATE BALANCE/SF $ 198 $ 209 CUT-OFF DATE LTV 77.3% 81.7% MATURITY DATE LTV 68.2% 72.3% UW DSCR ON NCF 1.20x 1.12x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 3 LOCATION Birch Run, MI; Williamsburg, VA; Hagerstown, MD PROPERTY TYPE Retail -- Outlet SIZE (SF) 1,517,440 OCCUPANCY AS OF JULY 17, 2006 92.1% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $388,000,000 PROPERTY MANAGEMENT Prime Retail Property Management, LLC UW ECONOMIC OCCUPANCY 91.0% UW REVENUES $39,562,074 UW TOTAL EXPENSES $12,938,060 UW NET OPERATING INCOME (NOI) $26,624,013 UW NET CASH FLOW (NCF) $25,341,124 (1) The up-front engineering reserve of $1,303,125 is 125.0% of the anticipated cost of repairs to the Williamsburg Mortgaged Property ($521,875) and the Birch Run Mortgaged Property ($781,250). (2) The up-front TI/LC reserve of $602,560 is identified for: Ann Taylor at the Birch Run Mortgaged Property - $455,000; GAP Kids at Hagerstown Mortgaged Property - $135,060 and Michael Kors at the Williamsburg Mortgaged Property - $12,500. (3) LTV ratios, DSC ratios and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness of or debt service on, as applicable, the Prime Outlets Pool II Loan and the Prime Outlets Pool II Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 25 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II ALLOCATED CUT-OFF ALLOCATED YEAR NET DATE PROPERTY CUT-OFF DATE BUILT / RENTABLE BALANCE PROPERTY NAME LOCATION BALANCE RENOVATED AREA (SF) PER SF - -------------------- ---------------- ------------ ----------- --------- --------- Prime Outlets at Birch Run ....... Birch Run, MI $106,725,900 1986 / 2005 682,312 $156 Prime Outlets at Williamsburg .... Williamsburg, VA 103,599,615 1988 / 2005 349,787 $296 Prime Outlets at Hagerstown ...... Hagerstown, MD 89,674,485 1998 / 2004 485,341 $185 ------------ --------- $300,000,000 1,517,440 $198 ============ ========= UNDERWRITTEN APPRAISED UW NET APPRAISED VALUE PROPERTY NAME OCCUPANCY* OCCUPANCY CASH FLOW VALUE PER SF - -------------------- ---------- --------- ------------ ------------ --------- Prime Outlets at Birch Run ....... 84.1% 85.0% $ 9,065,473 $140,000,000 $205 Prime Outlets at Williamsburg .... 99.9% 95.0% 8,723,934 132,000,000 $377 Prime Outlets at Hagerstown ...... 97.7% 95.0% 7,551,717 116,000,000 $239 ----------- ------------ 92.1% 91.0% $25,341,124 $388,000,000 $256 =========== ============ * Occupancy date as of July 17, 2006 for all Mortgaged Properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 26 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL % OF NET ANNUAL RATINGS(1) NUMBER OF NET RENTABLE RENTABLE BASE RENT ANNUAL BASE TENANT MOODY'S/S&P/FITCH POOL PROPERTIES AREA (SF) AREA PSF BASE RENT RENT - ------------------------------- ----------------- ----------------- ------------ --------- --------- ----------- ------ TOP 10 TENANTS Wolf Furniture(2) .......... NR/NR/NR 1 66,829 4.4% $ 0.00 $ 0 0.0% Nike ....................... A2/A+/NR 3 39,777 2.6 $ 15.53 617,566 2.4 Gap ........................ Baa3/BBB-/BBB- 3 35,139 2.3 $ 14.75 518,251 2.0 L.L. Bean .................. NR/NR/NR 2 33,064 2.2 $ 14.45 477,742 1.9 Reebok ..................... Baa2/NR/NR 3 30,227 2.0 $ 17.01 514,086 2.0 Pottery Barn ............... NR/NR/NR 1 30,000 2.0 $ 8.14 244,200 0.9 Liz Claiborne .............. Baa2/BBB/NR 3 29,016 1.9 $ 13.59 394,424 1.5 Bass ....................... NR/NR/NR 3 28,576 1.9 $ 13.36 381,856 1.5 Polo Ralph Lauren .......... Baa2/BBB+/NR 3 27,583 1.8 $ 10.14 279,822 1.1 Banana Republic ............ Baa3/BBB-/BBB- 3 24,702 1.6 $ 16.71 412,650 1.6 TOTAL TOP 10 TENANTS ....... --------- ----- ----------- ------ 344,913 22.7% $ 11.13 $ 3,840,597 14.9% NON-MAJOR TENANTS ............. 1,052,029 69.3 $ 20.80 21,877,293 85.1 --------- ----- ----------- ------ OCCUPIED TOTAL ................ 1,396,942 92.1% $ 18.41 $25,717,890 100.0% =========== ====== VACANT SPACE .................. 120,498 7.9 --------- ----- TOTAL ......................... 1,517,440 100.0% ========= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) The tenant pays percentage rent only in lieu of base rent. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ---------- ----------- ------- -------- ------------- ------------------ -------------- ------------ 2006 40 $17.86 170,813 11.3% 11.3% 11.9% 11.9% 2007 42 $18.86 177,620 11.7% 23.0% 13.0% 24.9% 2008 69 $17.44 297,414 19.6% 42.6% 20.2% 45.0% 2009 41 $14.65 222,208 14.6% 57.2% 12.7% 57.7% 2010 51 $19.70 197,327 13.0% 70.2% 15.1% 72.8% 2011 18 $16.23 122,504 8.1% 78.3% 7.7% 80.5% 2012 12 $22.76 56,108 3.7% 82.0% 5.0% 85.5% 2013 5 $22.85 17,858 1.2% 83.2% 1.6% 87.1% 2014 13 $26.79 39,977 2.6% 85.8% 4.2% 91.3% 2015 9 $25.99 27,019 1.8% 87.6% 2.7% 94.0% 2016 14 $21.12 62,283 4.1% 91.7% 5.1% 99.1% Thereafter 3 $39.24 5,811 0.4% 92.1% 0.9% 100.0% Vacant 0 NA 120,498 7.9% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 27 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- PRIME OUTLETS AT BIRCH RUN - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET % OF TOTAL RATINGS(1) NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - --------------------------- ----------------- ------------ -------- --------- ---------- ---------- ----------------- MAJOR TENANTS Pottery Barn ........... NR/NR/NR 30,000 4.4% $ 8.14 $ 244,200 2.6% January 2011 Vanity Fair ............ A3/A-/NR 23,975 3.5 $ 6.71 160,872 1.7 December 2008 Gap .................... Baa3/BBB-/BBB- 17,160 2.5 $ 10.99 188,594 2.0 Multiple Spaces(2) Bass ................... NR/NR/NR 12,500 1.8 $ 7.58 94,778 1.0 Multiple Spaces(3) Nike ................... A2/A+/NR 12,500 1.8 $ 17.00 212,500 2.2 September 2009 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ...... 96,135 14.1% $ 9.37 $ 900,944 9.5% NON-MAJOR TENANTS ......... 477,373 70.0 $ 17.97 8,578,889 90.5 ------- ----- ---------- ----- OCCUPIED TOTAL ............ 573,508 84.1% $ 16.53 $9,479,833 100.0% VACANT SPACE .............. 108,804 15.9 ========== ===== ------- ----- TOTAL ..................... 682,312 100.0% ======= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 8,160 square feet expire in December 2007 and approximately 9,000 square feet expire in May 2009. (3) Under the terms of multiple leases, approximately 8,500 square feet expire in June 2009 and approximately 4,000 square feet expire in June 2010. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ---------- ----------- ------- -------- ------------- ------------------ -------------- ------------ 2006 20 $ 17.52 90,502 13.3% 13.3% 16.7% 16.7% 2007 19 $ 15.92 82,098 12.0% 25.3% 13.8% 30.5% 2008 14 $ 15.74 91,487 13.4% 38.7% 15.2% 45.7% 2009 19 $ 17.36 83,102 12.2% 50.9% 15.2% 60.9% 2010 20 $ 14.85 89,721 13.1% 64.0% 14.1% 75.0% 2011 7 $ 12.22 55,519 8.1% 72.2% 7.2% 82.1% 2012 5 $ 23.17 15,088 2.2% 74.4% 3.7% 85.8% 2013 2 $ 19.51 10,100 1.5% 75.9% 2.1% 87.9% 2014 4 $ 20.76 12,806 1.9% 77.7% 2.8% 90.7% 2015 4 $ 19.94 17,853 2.6% 80.4% 3.8% 94.5% 2016 5 $ 20.78 25,232 3.7% 84.1% 5.5% 100.0% Thereafter 0 $ 0.00 0 0.0% 84.1% 0.0% 100.0% Vacant 0 NA 108,804 15.9% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 28 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- PRIME OUTLETS AT WILLIAMSBURG TENANT SUMMARY % OF NET % OF TOTAL RATING* NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - -------------------------- ----------------- ------------ -------- --------- ---------- ---------- -------------- MAJOR TENANTS L.L. Bean ............. NR/NR/NR 15,970 4.6% $16.00 $ 255,520 2.9% August 2012 Nike .................. A2/A+/NR 13,852 4.0 $18.00 249,336 2.8 September 2010 Polo Ralph Lauren ..... Baa2/BBB+/NR 10,045 2.9 $ 9.90 99,445 1.1 October 2011 Reebok ................ Baa2/NR/NR 10,000 2.9 $15.00 150,000 1.7 November 2007 Gap ................... Baa3/BBB-/BBB- 9,007 2.6 $24.15 217,507 2.4 October 2009 ------ ----- ---------- ----- TOTAL MAJOR TENANTS ... 58,874 16.8% $16.51 $ 971,808 10.9% NON-MAJOR TENANTS ........ 290,613 83.1 $27.47 7,983,296 89.1 ------- ----- ---------- ----- OCCUPIED TOTAL ........... 349,487 99.9% $25.62 $8,955,104 100.0% ========== ===== VACANT SPACE ............. 300 0.1 ------- ----- TOTAL .................... 349,787 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ---------- ----------- ------- -------- ------------- ------------------ -------------- ------------ 2006 9 $24.44 26,326 7.5% 7.5% 7.2% 7.2% 2007 14 $23.34 62,647 17.9% 25.4% 16.3% 23.5% 2008 13 $23.14 43,869 12.5% 38.0% 11.3% 34.8% 2009 11 $27.44 43,685 12.5% 50.5% 13.4% 48.2% 2010 14 $29.41 50,284 14.4% 64.8% 16.5% 64.7% 2011 8 $21.71 40,961 11.7% 76.6% 9.9% 74.7% 2012 5 $23.38 33,290 9.5% 86.1% 8.7% 83.4% 2013 2 $30.66 5,358 1.5% 87.6% 1.8% 85.2% 2014 6 $33.11 17,368 5.0% 92.6% 6.4% 91.6% 2015 4 $42.68 7,189 2.1% 94.6% 3.4% 95.0% 2016 4 $22.50 16,760 4.8% 99.4% 4.2% 99.3% Thereafter 1 $38.00 1,750 0.5% 99.9% 0.7% 100.0% Vacant 0 NA 300 0.1% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 29 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- PRIME OUTLETS AT HAGERSTOWN TENANT SUMMARY % OF NET % OF TOTAL RATINGS(1) NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - ------------------------------ ----------------- ------------ -------- --------- ---------- ---------- ---------- MAJOR TENANTS Wolf Furniture(2) ......... NR/NR/NR 66,829 13.8% $ 0.00 $ 0 0.0% May 2009 L.L. Bean ................. NR/NR/NR 17,094 3.5 $13.00 222,222 3.1 April 2011 Nike ...................... A2/A+/NR 13,425 2.8 $11.60 155,730 2.1 July 2008 Liz Claiborne ............. Baa2/BBB/NR 12,016 2.5 $14.00 168,224 2.3 April 2010 Reebok/Rockport ........... Baa2/NR/NR 9,911 2.0 $18.00 178,398 2.4 July 2008 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ....... 119,275 24.6% $ 6.07 $ 724,574 9.9% NON-MAJOR TENANTS ............ 354,672 73.1 $18.49 6,558,379 90.1 ------- ----- ---------- ----- OCCUPIED TOTAL ............... 473,947 97.7% $15.37 $7,282,953 100.0% ========== ===== VACANT SPACE ................. 11,394 2.3 ------- ----- TOTAL ........................ 485,341 100.0% ======= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) The tenant pays percentage rent only in lieu of base rent. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ------------------------ ------------------ -------------- ------------------- --------------- ------------ 2006 11 $ 15.21 53,985 11.1% 11.1% 11.3% 11.3% 2007 9 $ 17.66 32,875 6.8% 17.9% 8.0% 19.2% 2008 42 $ 16.85 162,058 33.4% 51.3% 37.5% 56.7% 2009 11 $ 6.42 95,421 19.7% 70.9% 8.4% 65.2% 2010 17 $ 18.77 57,322 11.8% 82.8% 14.8% 79.9% 2011 3 $ 16.13 26,024 5.4% 88.1% 5.8% 85.7% 2012 2 $ 19.32 7,730 1.6% 89.7% 2.1% 87.7% 2013 1 $ 19.50 2,400 0.5% 90.2% 0.6% 88.4% 2014 3 $ 23.49 9,803 2.0% 92.2% 3.2% 91.6% 2015 1 $ 20.00 1,977 0.4% 92.6% 0.5% 92.1% 2016 5 $ 20.41 20,291 4.2% 96.8% 5.7% 97.8% Thereafter 2 $ 39.77 4,061 0.8% 97.7% 2.2% 100.0% Vacant 0 NA 11,394 2.3% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 30 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PRIME OUTLETS POOL II - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Prime Outlets Pool II Loan") is secured by first mortgages or deeds of trust encumbering three retail outlet centers located throughout the United States. The Prime Outlets Pool II Loan represents approximately 4.9% of the Cut-Off Date Pool Balance. The Prime Outlets Pool II Loan was originated on March 31, 2006 and has a principal balance as of the Cut-Off Date of $150,000,000. The Prime Outlets Pool II Loan, which is evidenced by a pari passu note, dated March 31, 2006, is a portion of a whole loan with an original principal balance of $317,000,000. The other loans related to the Prime Outlets Pool II Loan are evidenced by two separate notes, each dated March 31, 2006 (the "Prime Outlets Pool II Pari Passu Companion Loan" and the "Prime Outlets Pool II Subordinate Companion Loan" and, collectively with the Prime Outlets Pool II Loan, the "Prime Outlets Pool II Whole Loan"), with original principal balances of $150,000,000 and $17,000,000, respectively. The Prime Outlets Pool II Loan, the Prime Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan are governed by two intercreditor and servicing agreements and will be serviced pursuant to the terms of the pooling and servicing agreement relating to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C26 transaction, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and "--Servicing of the Prime Outlets Pool II Loan". The Prime Outlets Pool II Loan provides for interest-only payments for the first 24 months of its term, and thereafter, fixed monthly payments of principal and interest. The Prime Outlets Pool II Loan has a remaining term of 116 months and matures on April 11, 2016. The Prime Outlets Pool II Loan may be prepaid on or after January 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Birch Run Outlets, II, L.L.C., Williamsburg Outlets, L.L.C. and Prime Retail Finance VI, L.L.C., each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Prime Outlets Pool II Whole Loan. The sponsor of the borrowers is David Lichtenstein. Mr. Lichtenstein has built a portfolio of approximately 12,000 apartment units and approximately 29 million square feet of commercial and retail space in 26 states, the District of Columbia and Puerto Rico over the past 17 years as President and Founder of The Lightstone Group. o THE PROPERTIES. The Mortgaged Properties consist of three Prime Retail Outlet Centers located in Birch Run, Michigan, Williamsburg, Virginia and Hagerstown, Maryland. As of July 17, 2006, the weighted average occupancy rate for the Mortgaged Properties securing the Prime Outlets Pool II Loan was approximately 92.1%. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o RECOURSE. The Prime Outlets Pool II Loan is recourse to the borrower with respect to $45,000,000 of the aggregate debt. o PARTIAL RELEASE. The Prime Outlets Pool II Loan prohibits the release of any of the three Mortgaged Properties during the term of the Prime Outlets Pool II Loan. o MANAGEMENT. Prime Retail Property Management, LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Properties securing the Prime Outlets Pool II Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 31 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 32 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE ILLINOIS CENTER - -------------------------------------------------------------------------------- [PICTURES OF ONE ILLINOIS CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 33 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE ILLINOIS CENTER - -------------------------------------------------------------------------------- [MAP OF ONE ILLINOIS CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 34 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE ILLINOIS CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $148,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Parkway Properties LP TYPE OF SECURITY Fee MORTGAGE RATE 6.290% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX Yes TI/LC(1) $12,748,562 TI/LC LOC(1) $ 7,200,000 RENT ABATEMENT(2) $ 2,796,354 RENT ABATEMENT LOC(2) $ 1,000,000 OCCUPANCY(3) $ 1,365,000 DEBT SERVICE LEASING LOC(4) $ 3,100,000 ONGOING ANNUAL RESERVES TAX Yes REPLACEMENT(5) $160,472 ADDITIONAL FINANCING(6) Mezzanine Debt $ 33,700,000 CUT-OFF DATE BALANCE $148,500,000 CUT-OFF DATE BALANCE/SF $ 148 CUT-OFF DATE LTV 72.6% MATURITY DATE LTV 68.2% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Chicago, IL PROPERTY TYPE Office -- CBD SIZE (SF) 1,002,950 OCCUPANCY AS OF MAY 4, 2006 85.5% YEAR BUILT / YEAR RENOVATED 1970 / 1998 APPRAISED VALUE $204,500,000 PROPERTY MANAGEMENT Parkway Realty Services, LLC UW ECONOMIC OCCUPANCY 90.0% UW REVENUES $26,630,442 UW TOTAL EXPENSES $13,295,717 UW NET OPERATING INCOME (NOI) $13,334,725 UW NET CASH FLOW (NCF) $13,174,253 - -------------------------------------------------------------------------------- (1) The current outstanding and future TI/LC reserves were taken as a single reserve that was comprised of $12,748,562 in cash held back from loan proceeds at the closing of the related Mortgage Loan and two letters of credit totaling $7,200,000. (2) The difference between the scheduled rent shown on the underwriting and the actual rent being paid by the tenant pursuant to free rent periods or leasing incentives was collected at the closing of the related Mortgage Loan in the form of $2,796,354 cash held back from loan proceeds and a $1,000,000 letter of credit. These funds will be released on a monthly basis based upon the amount of expiring free rent. (3) These funds will be released in equal installments throughout the first year of the One Illinois Center Loan to offset the difference between actual occupancy and underwritten occupancy. (4) A letter of credit was taken at the closing of the related Mortgage Loan as additional security for the Mortgage until the new owner leases the building up to a stabilized occupancy. This letter of credit will be held until June 30, 2007 or until such time as the Mortgaged Property reaches 93.0% occupancy. If on June 30, 2007 the Mortgaged Property has not reached the 93.0% occupancy, the borrower will replace the letter of credit with a cash escrow which will flow through the waterfall monthly for the next two years. (5) Ongoing annual replacement reserve is capped at $2,000,000. (6) Future mezzanine debt is permitted subject to (i) the existing mezzanine loan being fully repaid, (ii) a combined maximum LTV ratio of 85.0% and (iii) a combined minimum DSC ratio of 1.10x as described in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 35 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE ILLINOIS CENTER - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET ANNUAL % OF RATINGS* NET RENTABLE RENTABLE BASE BASE TOTAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF RENT BASE RENT EXPIRATION - ------------------------------------- ----------------- ------------ -------- -------- ----------- ------------ ------------- MAJOR TENANTS Blue Cross ....................... A2/A+/A 202,086 20.1% $12.17 $ 2,458,713 19.0% March 2017 Federal Home Loan Bank ........... NR/AA+/NR 132,273 13.2 $17.90 2,367,874 18.3 July 2011 Shefsky & Froelich ............... NR/NR/NR 68,378 6.8 $12.00 820,536 6.3 May 2015 Golin Harris Communications ...... NR/NR/NR 65,804 6.6 $16.88 1,110,772 8.6 July 2012 Service Employees International Union ......................... NR/NR/NR 34,103 3.4 $15.75 537,122 4.2 December 2016 --------- ----- ----------- ----- TOTAL MAJOR TENANTS .............. 502,644 50.1% $14.51 $ 7,295,016 56.4% NON-MAJOR TENANTS ................... 354,703 35.4 $15.89 5,635,531 43.6 --------- ----- ----------- ----- OCCUPIED TOTAL ...................... 857,347 85.5% $15.08 $12,930,547 100.0% VACANT SPACE ........................ 145,603 14.5 =========== ===== --------- ----- TOTAL ............................... 1,002,950 100.0% ========= ===== * Certain ratings are those of the parent company whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING* ROLLING* - ---------- ----------- --------------- -------- ------------- ------------------ -------------- --------------- 2006 4 $21.03 24,139 2.4% 2.4% 3.9% 3.9% 2007 8 $14.32 35,368 3.5% 5.9% 3.9% 7.8% 2008 9 $21.46 22,690 2.3% 8.2% 3.8% 11.6% 2009 2 $14.21 17,148 1.7% 9.9% 1.9% 13.5% 2010 5 $15.38 10,916 1.1% 11.0% 1.3% 14.8% 2011 13 $17.28 167,130 16.7% 27.7% 22.3% 37.1% 2012 9 $17.40 113,268 11.3% 39.0% 15.2% 52.4% 2013 6 $15.97 71,755 7.2% 46.1% 8.9% 61.2% 2014 2 $15.47 5,197 0.5% 46.6% 0.6% 61.9% 2015 6 $12.59 116,536 11.6% 58.2% 11.3% 73.2% 2016 4 $13.78 62,158 6.2% 64.4% 6.6% 79.8% THEREAFTER 5 $12.36 211,042 21.0% 85.5% 20.2% 100.0% VACANT 0 NA 145,603 14.5% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 36 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ONE ILLINOIS CENTER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "One Illinois Center Loan") is secured by a first deed of trust encumbering an office building located in Chicago, Illinois. The One Illinois Center Loan represents approximately 4.8% of the Cut-Off Date Pool Balance. The One Illinois Center Loan was originated on July 11, 2006 and has a principal balance as of the Cut-Off Date of $148,500,000. The One Illinois Center Loan provides for interest-only payments for the first 60 months of its term, and thereafter, fixed monthly payments of principal and interest. The One Illinois Center Loan has a remaining term of 119 months and matures on July 11, 2016. The One Illinois Center Loan may be prepaid on or after April 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 111 East Wacker, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the One Illinois Center Loan. The sponsor of the borrower is Parkway Properties LP ("Parkway"). Parkway is a real estate investment trust specializing in the operation, acquisition, ownership, management and leasing of office properties. Parkway has been publicly engaged in the real estate business since 1971 and owns or has an interest in 66 office properties located in 11 states with an aggregate of approximately 12 million square feet of leasable space. o THE PROPERTY. The Mortgaged Property is an approximately 1,002,950 square foot office building situated on approximately 1.5 acres. The Mortgaged Property was constructed in 1970 and renovated in 1998. The Mortgaged Property is located in Chicago, Illinois. As of May 4, 2006, the occupancy rate for the Mortgaged Property securing the One Illinois Center Loan was approximately 85.5%. The largest tenant is Blue Cross, occupying approximately 202,086 square feet, or approximately 20.1% of the net rentable area. Blue Cross is a subsidiary of Health Care Service Corporation ("HCSC"). HCSC is a non-investor-owned mutual insurance company that operates through its Blue Cross and Blue Shield divisions in Illinois, Texas, New Mexico and Oklahoma, and several subsidiaries, to offer a variety of health and life insurance products and related services to employers and individuals. The Blue Cross lease expires in March 2017. The second largest tenant is Federal Home Loan Bank ("FHLB"), occupying approximately 132,273 square feet, or approximately 13.2% of the net rentable area. FHLB funds residential mortgages and community development loans for approximately 900 commercial banks (which make up more than 90% of its membership), credit unions, insurance companies and thrifts throughout Illinois and Wisconsin. The FHLB lease expires in July 2011. The third largest tenant is Shefsky & Froelich ("S&F"), occupying approximately 68,378 square feet, or approximately 6.8% of the net rentable area. S&F is a law firm specializing in complex commercial transactions including banking, bankruptcy, corporate finance, employment law, government regulation, international law, mergers & acquisition and real estate. S&F was founded in 1970 and employs nearly 75 attorneys. The S&F lease expires in May 2015. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MEZZANINE DEBT. A mezzanine loan in the amount of $33,700,000 was provided by Wachovia Bank, National Association on July 11, 2006. The mezzanine loan is not an asset of the Trust Fund and is secured by a pledge in the equity interests in the borrower for the One Illinois Center Loan. The mezzanine loan carries a floating interest rate of one-month LIBOR plus 1.30% per annum and matures on January 11, 2007. o MANAGEMENT. Parkway Realty Services, LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Property. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 37 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 38 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- [PICTURES OF BLUELINX HOLDINGS POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 39 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- [MAP OF BLUELINX HOLDINGS POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 40 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $147,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Bluelinx Holdings Inc. TYPE OF SECURITY Fee PARTIAL DEFEASANCE(1) Yes MORTGAGE RATE 6.350% MATURITY DATE July 1, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $404,310 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(2) Springing ADDITIONAL FINANCING Pari Passu Debt $147,500,000 PARI PASSU NOTES(3) ------------ CUT-OFF DATE BALANCE $295,000,000 CUT-OFF DATE BALANCE/SF $ 33 CUT-OFF DATE LTV 79.2% MATURITY DATE LTV 74.5% UW DSCR ON NCF 1.24x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 58 LOCATION Various PROPERTY TYPE Various SIZE (SF) 9,003,865 OCCUPANCY AS OF JUNE 9, 2006 100.0% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $372,390,000 PROPERTY MANAGEMENT Bluelinx Holdings Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $ 30,187,953 UW TOTAL EXPENSES $ 857,066 UW NET OPERATING INCOME (NOI) $ 29,330,887 UW NET CASH FLOW (NCF) $ 27,282,526 - -------------------------------------------------------------------------------- (1) The BlueLinx Holdings Pool Loan allows for partial defeasance with defeasance premiums and other fees, subject to certain tests as specified in the related Mortgage Loan documents. A premium of 125.0% of the allocated loan amount is required for the release of the BlueLinx - Englewood, CO Mortgaged Property or any individual property containing more than 200,000 square feet. One hundred percent (100%) of the allocated loan amount is required for the release of any other property if the principal amount outstanding after release is greater than or equal to $265,500,000, or 110.0% of the allocated loan amount if the principal amount outstanding after release is less than $265,500,000. (2) A replacement reserve will be required in the event that more than 10.0% of the space has been sublet. (3) LTV ratios, DSC ratios and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness of or debt service on, as applicable, the Bluelinx Holdings Pool Loan and the Bluelinx Holdings Pool Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 41 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL PROPERTY TOTAL TOTAL GROSS ALLOCATED WAREHOUSE SHED CUT-OFF APPRAISED INCOME CUT-OFF SPACE SPACE TOTAL DATE BALANCE VALUE PROPERTY PER DATE YEAR BUILT / SQUARE SQUARE SQUARE PER SQUARE PER SQUARE GROSS SQUARE PROPERTY NAME BALANCE RENOVATED FEET FEET FEET FOOT FOOT INCOME FOOT - ---------------------------- ----------- ------------ --------- ------- ------- ------------ ---------- ---------- -------- Blue Linx - Frederick, MD .. $29,536,153 1996/NA 850,000 0 850,000 $34.75 $ 44.71 $2,847,500 $ 3.35 Blue Linx - Bellingham, MA ...................... 21,744,000 1988/NA 448,500 0 448,500 $48.48 $ 60.60 2,242,500 $ 5.00 Blue Linx - University Park, IL ................ 15,936,000 1996/NA 670,000 0 670,000 $23.79 $ 29.73 1,909,500 $ 2.85 Blue Linx - Lawrenceville, GA ...................... 15,731,870 1995/NA 447,500 112,500 560,000 $28.09 $ 34.46 1,400,000 $ 2.50 Blue Linx - Yulee, FL ...... 13,440,000 1996 /NA 353,480 109,320 462,800 $29.04 $ 36.30 1,388,400 $ 3.00 Blue Linx - Newark, CA ..... 10,270,000 1960 /NA 234,090 0 234,090 $43.87 $ 55.53 1,039,360 $ 4.44 Blue Linx - Butner, NC ..... 10,230,500 1997 /NA 315,248 86,400 401,648 $25.47 $ 32.24 1,004,120 $ 2.50 Blue Linx - Ft. Worth, TX .. 9,184,569 1974 /1998 181,361 91,088 272,449 $33.71 $ 40.23 817,347 $ 3.00 Blue Linx - City of Industry, CA ............ 8,241,623 1969 /NA 115,821 20,000 135,821 $60.68 $ 77.31 733,433 $ 5.40 Blue Linx - Ypsilanti, MI .. 7,990,179 1996 /NA 136,571 32,400 168,971 $47.29 $ 57.88 740,684 $ 4.38 Blue Linx - National City, CA ...................... 7,524,329 1972 /NA 93,000 0 93,000 $80.91 $ 98.92 669,600 $ 7.20 Blue Linx - Englewood, CO .. 6,720,000 1995 /NA 68,721 0 68,721 $97.79 $122.23 687,210 $10.00 Blue Linx - Independence, KY ...................... 6,560,000 1996 /NA 136,893 65,128 202,021 $32.47 $ 40.59 656,568 $ 3.25 Blue Linx - Bridgeton, MO .. 6,489,396 1996 /NA 149,300 43,200 192,500 $33.71 $ 47.48 577,500 $ 3.00 Blue Linx - Beaverton, OR .. 5,800,000 1975 /NA 81,168 24,000 105,168 $55.15 $ 68.94 578,424 $ 5.50 Blue Linx - N. Kansas City, MO ................ 5,704,000 1980 /1998 164,266 70,417 234,683 $24.31 $ 30.38 586,708 $ 2.50 Blue Linx - Tampa, FL ...... 5,440,000 1986 /NA 67,452 41,400 108,852 $49.98 $ 62.47 571,473 $ 5.25 Blue Linx - Denville, NJ ... 4,800,000 1975 /NA 100,267 42,692 142,959 $33.58 $ 41.97 551,469 $ 3.86 Blue Linx - Woodinville, WA ...................... 4,542,500 1970 /NA 77,360 0 77,360 $58.72 $ 74.33 444,820 $ 5.75 Blue Linx - Denver, CO ..... 4,445,826 1973 /1979 82,040 31,000 113,040 $39.33 $ 53.08 395,640 $ 3.50 Blue Linx - Miami, FL ...... 4,345,000 1965 /1978 102,868 0 102,868 $42.24 $ 53.47 437,189 $ 4.25 Blue Linx - Riverside, CA .. 4,116,143 1968 /NA 38,683 56,708 95,391 $43.15 $ 70.24 366,301 $ 3.84 Blue Linx - Houston, TX .... 4,041,900 1958 /1975 128,125 29,700 157,825 $25.61 $ 31.62 473,475 $ 3.00 Blue Linx - Erwin, TN ...... 3,720,000 1996 /NA 125,912 27,157 153,069 $24.30 $ 30.38 382,673 $ 2.50 Blue Linx - Maple Grove, MN ...................... 3,600,000 1974 /NA 49,194 54,674 103,868 $34.66 $ 43.32 431,052 $ 4.15 Blue Linx - Pensacola, FL .. 3,490,123 1972 /1978 57,852 49,992 107,844 $32.36 $ 38.95 323,532 $ 3.00 Blue Linx - Elkhart, IN .... 3,460,400 1973 /NA 183,000 0 183,000 $18.91 $ 23.06 411,750 $ 2.25 Blue Linx - Tulsa, OK ...... 3,104,000 1974 /NA 95,200 48,300 143,500 $21.63 $ 27.04 358,750 $ 2.50 Blue Linx - Midfield, AL ... 3,080,000 1996 /NA 100,850 22,900 123,750 $24.89 $ 31.11 371,250 $ 3.00 Blue Linx - Newtown, CT .... 3,040,000 1978 /NA 73,860 39,500 113,360 $26.82 $ 33.52 322,500 $ 2.84 Blue Linx - Nashville, TN .. 2,996,247 1966 /NA 41,000 60,000 101,000 $29.67 $ 36.63 277,750 $ 2.75 Blue Linx - Charlotte, NC .. 2,950,512 1968 /NA 87,971 7,509 95,480 $30.90 $ 48.18 262,570 $ 2.75 Blue Linx - Allentown, PA .. 2,900,000 1979 /NA 64,000 19,000 83,000 $34.94 $ 43.67 311,250 $ 3.75 Blue Linx - San Antonio, TX ...................... 2,784,000 1966/NA 59,800 35,431 95,231 $29.23 $ 36.54 285,693 $ 3.00 Blue Linx - Richmond, VA ... 2,644,792 1965/NA 13,990 70,000 83,990 $31.49 $ 38.10 335,960 $ 4.00 Blue Linx - New Stanton Township, PA ............ 2,640,000 1961/1972 62,010 14,280 76,290 $34.60 $ 43.26 267,015 $ 3.50 Blue Linx - Albuquerque, NM ...................... 2,607,000 1972/NA 46,680 18,750 65,430 $39.84 $ 50.44 261,720 $ 4.00 Blue Linx - Yaphank, NY .... 2,560,000 1974/NA 81,972 0 81,972 $31.23 $ 39.04 266,409 $ 3.25 Blue Linx - Portland, ME ... 2,424,000 1968/NA 19,418 32,500 51,918 $46.69 $ 58.36 246,611 $ 4.75 Blue Linx - Memphis, TN .... 2,383,438 1973/NA 71,497 26,700 98,197 $24.27 $ 29.53 220,943 $ 2.25 Blue Linx - Shelburne, VT .. 2,361,600 1972/NA 42,250 20,000 62,250 $37.94 $ 46.27 280,125 $ 4.50 This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 42 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL TOTAL TOTAL ALLOCATED WAREHOUSE SHED CUT-OFF SPACE SPACE DATE YEAR BUILT / SQUARE SQUARE PROPERTY NAME BALANCE RENOVATED FEET FEET - ---------------------------- ------------ ------------ --------- --------- Blue Linx - Fargo, ND ...... 2,280,000 1977/NA 63,598 18,000 Blue Linx - Shreveport, LA ...................... 2,251,800 1970/NA 85,300 46,800 Blue Linx - Lake City, FL .. 2,240,000 1968/NA 106,027 0 Blue Linx - Little Rock, AR ...................... 2,176,000 1962/1976 39,865 52,435 Blue Linx - Virginia Beach, VA ............... 2,128,000 1972/NA 34,024 30,000 Blue Linx - Tallmadge, OH .. 2,060,000 1975/NA 53,560 23,440 Blue Linx - Eagan, MN ...... 1,944,000 1970/NA 64,080 0 Blue Linx - Springfield, MO ...................... 1,861,400 1972/NA 31,702 66,700 Blue Linx - Sioux Falls, SD ...................... 1,720,000 1973/NA 49,714 14,000 Blue Linx - El Paso, TX .... 1,530,900 1970/NA 26,250 39,250 Blue Linx - Des Moines, IA ...................... 1,524,700 1969/NA 33,270 25,650 Blue Linx - Harlingen, TX .. 1,482,300 1977/NA 54,600 32,500 Blue Linx - Grand Rapids, MI ...................... 1,360,800 1976/NA 46,931 44,800 Blue Linx - North Charleston, SC .......... 1,360,000 1975/NA 652 39,600 Blue Linx - Wausau, WI ..... 1,312,000 1973/NA 30,085 20,445 Blue Linx - Lubbock, TX .... 1,240,000 1964/NA 56,236 15,485 Blue Linx - Pearl, MS ...... 948,000 1967/NA 37,050 0 ------------ --------- --------- TOTAL/AVERAGE .............. $295,000,000 7,132,114 1,871,751 ============ ========= ========= PROPERTY CUT-OFF APPRAISED GROSS TOTAL DATE BALANCE VALUE PROPERTY INCOME PER SQUARE PER SQUARE PER SQUARE GROSS SQUARE PROPERTY NAME FEET FOOT FOOT INCOME FOOT - ---------------------------- --------- ------------ ---------- ----------- ---------- Blue Linx - Fargo, ND ...... 81,598 $27.94 $34.93 272,619 $3.34 Blue Linx - Shreveport, LA ...................... 132,100 $17.05 $21.04 264,200 $2.00 Blue Linx - Lake City, FL .. 106,027 $21.13 $26.41 238,561 $2.25 Blue Linx - Little Rock, AR ...................... 92,300 $23.58 $29.47 230,750 $2.50 Blue Linx - Virginia Beach, VA ............... 64,024 $33.24 $41.55 240,090 $3.75 Blue Linx - Tallmadge, OH .. 77,000 $26.75 $33.44 231,000 $3.00 Blue Linx - Eagan, MN ...... 64,080 $30.34 $37.45 237,096 $3.70 Blue Linx - Springfield, MO ...................... 98,402 $18.92 $23.07 221,405 $2.25 Blue Linx - Sioux Falls, SD ...................... 63,714 $27.00 $33.74 201,015 $3.15 Blue Linx - El Paso, TX .... 65,500 $23.37 $28.85 180,125 $2.75 Blue Linx - Des Moines, IA ...................... 58,920 $25.88 $32.76 153,192 $2.60 Blue Linx - Harlingen, TX .. 87,100 $17.02 $21.01 174,200 $2.00 Blue Linx - Grand Rapids, MI ...................... 91,731 $14.83 $18.31 160,529 $1.75 Blue Linx - North Charleston, SC .......... 40,252 $33.79 $42.23 143,297 $3.56 Blue Linx - Wausau, WI ..... 50,530 $25.96 $32.46 151,590 $3.00 Blue Linx - Lubbock, TX .... 71,721 $17.29 $21.61 143,442 $2.00 Blue Linx - Pearl, MS ...... 37,050 $25.59 $32.39 92,625 $2.50 --------- ----------- TOTAL/AVERAGE .............. 9,003,865 $32.76 $41.36 $30,072,510 $3.34 ========= =========== This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 43 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL RATINGS NET RENTABLE % OF NET BASE RENT ANNUAL BASE ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) RENTABLE AREA PSF RENT BASE RENT EXPIRATION - -------------------- ------------------ ------------ ------------- --------- ----------- ---------- ---------- BlueLinx Corporation NR/NR/NR 9,003,865 100.0% $3.34 $30,072,510 100.0% June 2021 --------- ----- ----------- ----- TOTAL .............. 9,003,865 100.0% $3.34 $30,072,510 100.0% ========= ===== =========== ===== LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ------ ----------- --------------- --------- ------------- ------------------ -------------- --------------- 2021 1 $3.34 9,003,865 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 44 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BLUELINX HOLDINGS POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "BlueLinx Holdings Pool Loan") is secured by first mortgages or deeds of trust encumbering 57 industrial-distribution properties and one office property located throughout the United States. The BlueLinx Holdings Pool Loan represents approximately 4.8% of the Cut-Off Date Pool Balance. The BlueLinx Holdings Pool Loan was originated on June 9, 2006 and has an aggregate principal balance as of the Cut-Off Date of $147,500,000. The BlueLinx Holdings Pool Loan, which is evidenced by a pari passu note, dated June 9, 2006, is a portion of a whole loan with an original principal balance of $295,000,000. The other loan related to the BlueLinx Holdings Pool Loan is evidenced by a separate note, dated June 9, 2006 (the "BlueLinx Holdings Pool Pari Passu Companion Loan"), with an original principal balance of $147,500,000. The BlueLinx Holdings Pool Pari Passu Companion Loan will not be an asset of the Trust Fund. The BlueLinx Holdings Pool Pari Passu Companion Loan and the BlueLinx Holdings Pool Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement as described under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" in the Prospectus Supplement. The BlueLinx Holdings Pool Loan provides for interest-only payments for the first 60 months of its term, and thereafter, fixed monthly payments of principal and interest. The BlueLinx Holdings Pool Loan has a remaining term of 119 months and matures on July 1, 2016. The BlueLinx Holdings Pool Loan may be prepaid on or after January 1, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrowers consist of 58 separate special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the BlueLinx Holdings Pool Loan. The sponsor of the borrowers is BlueLinx Holdings Inc. ("BlueLinx Holdings"). BlueLinx Holdings, operating through its wholly-owned subsidiary, Bluelinx Corporation, is a distributor of building products in the United States. The company operates in most major metropolitan areas. It currently distributes over 10,000 products for both residential and commercial construction to more than 11,700 customers through its network of nearly 70 warehouses and additional third-party operated warehouses. o THE PROPERTIES. The Mortgaged Properties consist of 57 industrial centers and one office building located throughout the United States. As of June 9, 2006, the occupancy rate for the Mortgaged Properties securing the BlueLinx Holdings Pool Loan was 100.0%, since the Mortgaged Properties securing the BlueLinx Holdings Pool Loan are wholly master leased to BlueLinx Corporation. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. BlueLinx Holdings, the sponsor, is the property manager for the Mortgaged Properties securing the BlueLinx Holdings Pool Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 45 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 46 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- RLJ HOTEL POOL - -------------------------------------------------------------------------------- [PICTURES OF RLJ HOTEL POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 47 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- RLJ HOTEL POOL - -------------------------------------------------------------------------------- [MAP OF RLJ HOTEL POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 48 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- RLJ HOTEL POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $146,092,500 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Robert L. Johnson TYPE OF SECURITY Fee PARTIAL DEFEASANCE(1) Yes MORTGAGE RATE 6.294% MATURITY DATE July 1, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 42 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT Springing ADDITIONAL FINANCING(2) Pari Passu Debt $358,456,370 PARI PASSU NOTES(3) ------------ CUT-OFF DATE BALANCE $504,548,870 CUT-OFF DATE BALANCE/ROOM $ 92,936 CUT-OFF DATE LTV 68.9% MATURITY DATE LTV 63.1% UW DSCR ON NCF 1.37x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 43 LOCATION Various PROPERTY TYPE Hospitality -- Various SIZE (ROOMS) 5,429 OCCUPANCY AS OF APRIL 30, 2006(4) 72.5% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE $732,600,000 PROPERTY MANAGEMENT White Lodging Services Corporation UW ECONOMIC OCCUPANCY 72.9% UW REVENUES $183,819,220 UW TOTAL EXPENSES $124,884,215 UW NET OPERATING INCOME (NOI) $ 58,935,005 UW NET CASH FLOW (NCF) $ 51,147,635 - -------------------------------------------------------------------------------- (1) Release of individual properties is permitted subject to partial defeasance as detailed further within the release paragraph found at the end of this RLJ Hotel Pool section. (2) Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 80.0% and a combined minimum DSC ratio of 1.30x as described in the related Mortgage Loan documents. (3) LTV ratios, DSC ratio and Cut-Off Date Balance/Room were derived based upon the aggregate indebtedness of or debt service on, as applicable, the RLJ Hotel Pool Loan and the RLJ Hotel Pool Pari Passu Companion Loans. (4) Trailing 12-month occupancy. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 49 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 RLJ HOTEL POOL RLJ HOTEL POOL SUMMARY ALLOCATED CUT-OFF SPECIFIC YEAR PROPERTY NAME DATE BALANCE PROPERTY TYPE BUILT ROOMS - -------------------------------------------- ----------------- --------------- ----- ----- Residence Inn - Plantation, FL ............. $ 20,159,451 Extended Stay 1996 138 Residence Inn - Houston, TX ................ 17,797,340 Extended Stay 1994 146 Residence Inn - Round Rock, TX ............. 11,692,000 Extended Stay 1999 96 Residence Inn - Austin, TX ................. 11,601,339 Extended Stay 1996 84 Residence Inn - Pontiac, MI ................ 10,615,884 Extended Stay 1998 114 Residence Inn - Schaumberg, IL ............. 10,469,820 Extended Stay 2001 125 Residence Inn - Louisville, CO ............. 8,522,783 Extended Stay 2000 88 Residence Inn - Fishers, IN ................ 8,425,932 Extended Stay 1996 78 Residence Inn - Sugarland, TX .............. 7,581,416 Extended Stay 1997 78 Residence Inn - Merrillville, IN ........... 7,189,000 Extended Stay 1996 78 Residence Inn - Austin, TX II .............. 6,927,722 Extended Stay 1996 66 Residence Inn - South Bend, IN ............. 3,427,553 Extended Stay 1988 80 ------------ ----- $124,410,240 1,171 ============ ===== Courtyard - Salt Lake City, UT ............. $ 18,369,211 Full Service 1999 154 Courtyard - Austin, TX ..................... 12,682,922 Full Service 1996 102 Courtyard - Tampa, FL ...................... 10,732,500 Full Service 1997 90 Courtyard - Fort Wayne, IN ................. 9,817,938 Full Service 1989 142 Courtyard - Louisville, KY ................. 9,550,752 Full Service 2004 114 Courtyard - Merrillville, IN ............... 9,243,000 Full Service 1987 112 Courtyard - Sugarland, TX .................. 8,341,000 Limited Service 1997 112 Courtyard - Mesquite, TX ................... 7,314,000 Full Service 1998 101 Courtyard - Mishawaka, IN .................. 7,100,000 Full Service 1995 78 Courtyard - Pontiac, MI .................... 6,985,155 Full Service 1998 110 Courtyard - Valparaiso, IN ................. 4,740,705 Full Service 1985 111 Courtyard - Benton Harbor, MI .............. 2,623,661 Full Service 1988 98 ------------ ----- $107,500,844 1,324 ============ ===== Marriott - Denver, CO ...................... $ 39,579,000 Full Service 2003 279 Marriott - Bedford Park, IL ................ 28,331,012 Full Service 2002 200 Marriott - Austin, TX ...................... 22,282,423 Full Service 2001 211 Marriott - Pontiac, MI ..................... 13,955,762 Full Service 2000 290 ------------ ----- $104,148,197 980 ============ ===== Renaissance - Plantantion, FL .............. $ 25,635,937 Full Service 2002 250 Renaissance - Broomfield, CO ............... 19,036,914 Full Service 2002 232 ------------ ----- $ 44,672,851 482 ============ ===== Fairfield Inn & Suites - Brandon, FL ....... $ 10,181,353 Limited Service 1997 107 Fairfield Inn & Suites - Merrillville, IN .. 7,560,000 Limited Service 1990 113 Fairfield Inn & Suites - Austin, TX ........ 4,345,000 Limited Service 1989 63 Fairfield Inn & Suites - Valparaiso, IN .... 2,291,000 Limited Service 1996 63 ------------ ----- $ 24,377,353 346 ============ ===== Hampton Inn - Bedford Park, IL ............. $ 16,734,819 Limited Service 1990 170 Hampton Inn - Merrillville, IN ............. 5,846,000 Limited Service 1995 64 ------------ ----- $ 22,580,819 234 ============ ===== Springhill Suites - Austin, TX ............. $ 12,191,688 Extended Stay 2000 152 Springhill Suites - Schaumberg, IL ......... 10,233,874 Extended Stay 2001 132 ------------ ----- $ 22,425,562 284 ============ ===== Holiday Inn Express - Bedford Park, IL ..... $ 13,032,183 Limited Service 1999 104 Holiday Inn Express - Merrillville, IN ..... 5,214,000 Limited Service 1995 62 Holiday Inn Select - Grand Rapids, MI ...... 4,098,499 Full Service 2003 148 ------------ ----- $ 22,344,682 314 ============ ===== Hilton Garden Inn - Bedford Park, IL ....... $ 21,650,627 Limited Service 2005 174 ============ ===== Sleep Inn - Bedford Park, IL ............... $ 10,437,695 Limited Service 1995 120 ============ ===== ------------ ----- TOTAL/WEIGHTED AVERAGE ..................... $504,548,870 5,429 ============ ===== ALLOCATED CUT-OFF DATE BALANCE VALUE PER ADR OCCUPANCY REV PAR PROPERTY NAME PER ROOM ROOM INDEX* INDEX* INDEX* - -------------------------------------------- ----------------- --------- ------ --------- ------- Residence Inn - Plantation, FL ............. $146,083 $189,130 111.8% 115.8% 129.4% Residence Inn - Houston, TX ................ $121,900 $154,110 99.1% 110.8% 109.8% Residence Inn - Round Rock, TX ............. $121,792 $151,042 129.9% 123.3% 160.2% Residence Inn - Austin, TX ................. $138,111 $189,286 121.2% 106.7% 129.4% Residence Inn - Pontiac, MI ................ $ 93,122 $124,561 102.1% 121.2% 123.8% Residence Inn - Schaumberg, IL ............. $ 83,759 $125,600 114.2% 117.4% 134.0% Residence Inn - Louisville, CO ............. $ 96,850 $140,909 119.4% 96.4% 115.2% Residence Inn - Fishers, IN ................ $108,025 $144,872 110.7% 125.7% 139.1% Residence Inn - Sugarland, TX .............. $ 97,198 $124,359 123.3% 134.1% 165.3% Residence Inn - Merrillville, IN ........... $ 92,167 $120,513 104.9% 121.9% 127.8% Residence Inn - Austin, TX II .............. $104,965 $139,394 136.7% 122.2% 167.1% Residence Inn - South Bend, IN ............. $ 42,844 $ 71,250 91.2% 130.2% 118.8% $106,243 $142,272 113.5% 117.1% 133.0% Courtyard - Salt Lake City, UT ............. $119,281 $150,000 117.5% 113.7% 133.6% Courtyard - Austin, TX ..................... $124,342 $157,843 131.1% 116.3% 152.4% Courtyard - Tampa, FL ...................... $119,250 $148,889 125.4% 98.5% 123.4% Courtyard - Fort Wayne, IN ................. $ 69,140 $ 96,479 122.7% 142.3% 174.5% Courtyard - Louisville, KY ................. $ 83,779 $135,088 104.6% 95.1% 99.5% Courtyard - Merrillville, IN ............... $ 82,527 $107,143 117.6% 110.9% 130.5% Courtyard - Sugarland, TX .................. $ 74,473 $ 87,500 123.4% 99.5% 122.8% Courtyard - Mesquite, TX ................... $ 72,416 $ 94,059 132.0% 114.7% 151.4% Courtyard - Mishawaka, IN .................. $ 91,026 $121,795 112.1% 113.8% 127.6% Courtyard - Pontiac, MI .................... $ 63,501 $ 91,818 104.7% 91.8% 96.1% Courtyard - Valparaiso, IN ................. $ 42,709 $ 69,369 109.4% 104.6% 114.4% Courtyard - Benton Harbor, MI .............. $ 26,772 $ 67,347 89.2% 93.8% 83.7% $ 81,194 $110,952 117.1% 107.1% 126.0% Marriott - Denver, CO ...................... $141,860 $180,645 113.0% 123.3% 139.3% Marriott - Bedford Park, IL ................ $141,655 $192,500 119.5% 102.0% 121.9% Marriott - Austin, TX ...................... $105,604 $160,664 115.2% 108.6% 125.0% Marriott - Pontiac, MI ..................... $ 48,123 $128,966 97.3% 93.7% 91.2% $106,274 $163,469 113.1% 110.4% 125.1% Renaissance - Plantantion, FL .............. $102,544 $169,200 120.6% 107.5% 129.7% Renaissance - Broomfield, CO ............... $ 82,056 $187,931 106.1% 102.5% 108.8% $ 92,682 $178,216 114.4% 105.4% 120.8% Fairfield Inn & Suites - Brandon, FL ....... $ 95,153 $114,953 116.7% 100.1% 116.8% Fairfield Inn & Suites - Merrillville, IN .. $ 66,903 $ 82,301 109.4% 104.6% 114.4% Fairfield Inn & Suites - Austin, TX ........ $ 68,968 $ 87,302 132.6% 100.0% 132.7% Fairfield Inn & Suites - Valparaiso, IN .... $ 36,365 $ 50,794 94.4% 93.7% 88.4% $ 70,455 $ 87,572 117.7% 102.8% 121.2% Hampton Inn - Bedford Park, IL ............. $ 98,440 $152,941 110.0% 103.3% 113.6% Hampton Inn - Merrillville, IN ............. $ 91,344 $117,188 124.9% 127.7% 159.5% $ 96,499 $143,162 113.8% 109.6% 125.5% Springhill Suites - Austin, TX ............. $ 80,208 $110,526 111.4% 121.6% 135.4% Springhill Suites - Schaumberg, IL ......... $ 77,529 $124,242 121.2% 108.1% 131.1% $ 78,963 $116,901 115.8% 115.5% 133.4% Holiday Inn Express - Bedford Park, IL ..... $125,309 $157,692 114.5% 117.0% 134.0% Holiday Inn Express - Merrillville, IN ..... $ 84,097 $109,677 120.8% 118.2% 142.8% Holiday Inn Select - Grand Rapids, MI ...... $ 27,693 $ 61,486 95.8% 116.9% 112.0% $ 71,161 $102,866 112.6% 117.3% 132.0% Hilton Garden Inn - Bedford Park, IL ....... $124,429 $172,989 101.1% 99.8% 100.8% Sleep Inn - Bedford Park, IL ............... $ 86,981 $113,333 132.6% 100.0% 132.7% TOTAL/WEIGHTED AVERAGE ..................... $ 92,936 $134,942 113.5% 110.9% 126.1% * RLJ Hotel Pool Properties ADR, Occupancy and RevPAR information obtained from Smith Travel Research ("STR") Reports as of April 2006 with the exception of Holiday Inn Select Grand Rapids for which the STR Report is dated March 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 50 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 RLJ HOTEL POOL RLJ HOTEL POOL FINANCIAL PERFORMANCE SUMMARY 2003 2004 2005 --------------------------- --------------------------- --------------------------- PROPERTY NAME ADR OCCUPANCY REV PAR ADR OCCUPANCY REV PAR ADR OCCUPANCY REV PAR - --------------------------------------------- ------- --------- ------- ------- --------- ------- ------- --------- ------- Marriott -- Denver, CO ...................... $ 94.80 54.8% $51.91 $105.09 67.5% $70.98 $113.84 71.7% $81.60 Marriott -- Bedford Park, IL ................ $107.55 67.7% $72.79 $113.14 73.4% $83.08 $122.54 69.3% $84.91 Renaissance -- Plantantion, FL .............. $ 87.88 72.9% $64.03 $100.91 79.9% $80.59 $118.78 77.9% $92.52 Marriott -- Austin, TX ...................... $ 89.41 59.9% $53.53 $ 89.46 64.0% $57.26 $100.98 67.6% $68.22 Hilton Garden Inn -- Bedford Park, IL ....... N/A N/A N/A N/A N/A N/A $108.10 64.5% $69.67 Residence Inn -- Plantation, FL ............. $ 87.08 82.3% $71.69 $ 97.87 86.5% $84.63 $113.28 83.7% $94.86 Renaissance -- Broomfield, CO ............... $108.75 51.6% $56.15 $111.37 64.7% $72.08 $124.69 66.5% $82.89 Courtyard -- Salt Lake City, UT ............. $ 82.72 66.7% $55.17 $ 89.76 66.6% $59.79 $ 88.73 75.1% $66.63 Residence Inn Galleria -- Houston, TX ....... $107.86 67.4% $72.67 $103.18 56.7% $58.51 $103.19 76.8% $79.25 Hampton Inn -- Bedford Park, IL ............. $101.64 75.5% $76.70 $107.95 73.3% $79.11 $114.43 74.2% $84.94 Marriott -- Pontiac, MI ..................... $101.22 65.9% $66.71 $107.60 60.4% $64.95 $111.69 63.3% $70.70 Holiday Inn Express -- Bedford Park, IL ..... $108.37 78.7% $85.25 $112.92 78.6% $88.73 $123.32 78.1% $96.37 Courtyard -- Austin, TX ..................... $105.98 63.7% $67.51 $ 99.31 67.8% $67.37 $110.30 70.3% $77.52 Springhill Suites -- Austin, TX ............. $ 65.72 53.0% $34.83 $ 65.87 55.1% $36.32 $ 81.14 68.8% $55.82 Residence Inn -- Round Rock, TX ............. $ 88.31 65.6% $57.96 $ 90.19 71.7% $64.69 $ 97.75 80.8% $78.97 Residence Inn -- Austin, TX ................. $ 93.30 77.4% $72.25 $ 91.29 83.7% $76.37 $104.61 80.3% $84.01 Courtyard -- Tampa, FL ...................... $ 94.31 73.3% $69.13 $101.34 78.8% $79.89 $110.45 76.7% $84.66 Residence Inn -- Pontiac, MI ................ $ 84.73 78.1% $66.14 $ 85.97 78.2% $67.26 $ 87.64 81.3% $71.27 Residence Inn -- Schaumberg, IL ............. $ 98.82 73.5% $72.68 $ 96.18 75.6% $72.74 $ 99.25 83.3% $82.66 Sleep Inn -- Bedford Park, IL ............... $ 82.40 77.4% $63.75 $ 79.76 84.5% $67.40 $ 81.16 89.8% $72.87 Springhill Suites -- Schaumberg, IL ......... $ 82.78 63.6% $52.64 $ 83.46 67.2% $56.07 $ 91.79 73.2% $67.19 Fairfield Inn & Suites -- Brandon, FL ....... $ 70.90 69.8% $49.47 $ 74.75 73.8% $55.16 $ 83.67 77.0% $64.43 Courtyard -- Fort Wayne, IN ................. $ 77.49 61.2% $47.39 $ 82.09 60.6% $49.75 $ 86.72 60.9% $52.85 Courtyard -- Louisville, KY ................. N/A N/A N/A $ 94.55 27.2% $25.71 $ 91.12 54.3% $49.47 Courtyard -- Merrillville, IN ............... $ 89.52 52.7% $47.21 $ 96.09 57.0% $54.82 $ 98.39 63.1% $62.06 Residence Inn -- Louisville, CO ............. $ 94.06 64.3% $60.53 $ 91.53 73.6% $67.41 $ 97.97 68.3% $66.95 Residence Inn -- Fishers, IN ................ $ 79.97 84.2% $67.35 $ 96.52 73.1% $70.58 $ 94.46 81.8% $77.25 Courtyard -- Sugarland, TX .................. $ 85.24 72.3% $61.60 $ 84.04 65.6% $55.09 $ 87.66 70.7% $61.94 Residence Inn -- Sugarland, TX .............. $ 96.04 76.8% $73.77 $ 89.99 77.3% $69.53 $ 94.74 84.0% $79.61 Fairfield Inn & Suites -- Merrillville, IN .. $ 63.87 59.0% $37.68 $ 66.71 58.3% $38.91 $ 71.49 63.3% $45.27 Courtyard -- Mesquite, TX ................... $ 80.75 61.4% $49.62 $ 82.76 67.5% $55.86 $ 88.58 68.7% $60.83 Residence Inn -- Merrillville, IN ........... $ 93.41 76.3% $71.23 $ 99.55 78.1% $77.71 $102.03 75.8% $77.35 Courtyard -- Mishawaka, IN .................. $ 93.28 69.3% $64.62 $ 99.55 68.1% $67.82 $104.04 72.6% $75.56 Courtyard -- Pontiac, MI .................... $ 98.03 57.9% $56.79 $ 94.38 59.4% $56.06 $ 93.71 59.0% $55.30 Residence Inn II -- Austin, TX .............. $ 88.68 63.7% $56.46 $ 86.97 73.7% $64.13 $ 97.64 80.8% $78.91 Hampton Inn -- Merrillville, IN ............. $ 81.62 64.8% $52.88 $ 86.70 64.9% $56.25 $ 91.75 73.8% $67.68 Holiday Inn Express -- Merrillville, IN ..... $ 84.32 71.2% $60.05 $ 86.44 68.6% $59.30 $ 89.77 71.3% $63.97 Courtyard -- Valparaiso, IN ................. $ 72.25 51.1% $36.89 $ 79.04 53.2% $42.04 $ 75.22 59.6% $44.81 Fairfield Inn & Suites -- Austin, TX ........ $ 65.94 54.1% $35.70 $ 61.03 62.9% $38.37 $ 76.86 69.5% $53.40 Holiday Inn Select -- Grand Rapids, MI ............................... $ 77.79 29.9% $23.29 $ 71.69 59.0% $42.31 $ 73.04 66.4% $48.50 Residence Inn -- South Bend, IN ............. $ 80.15 75.2% $60.24 $ 80.03 82.3% $65.86 $ 88.11 81.8% $72.07 Courtyard -- Benton Harbor, MI .............. $ 75.45 55.8% $42.11 $ 78.86 56.2% $44.35 $ 81.56 48.1% $39.23 Fairfield Inn & Suites -- Valparaiso, IN .... $ 66.93 63.2% $42.32 $ 71.22 57.1% $40.64 $ 68.97 61.5% $42.39 AVERAGE ..................................... $ 87.54 65.9% $58.07 $ 90.14 67.9% $61.56 $ 96.41 71.8% $69.47 TRAILING 12-MONTH APRIL 2006 UNDERWRITTEN ---------------------------- --------------------------- PROPERTY NAME ADR OCCUPANCY REV PAR ADR OCCUPANCY REV PAR - --------------------------------------------- ------- --------- ------- ------- --------- ------- Marriott -- Denver, CO ...................... $117.47 72.4% $ 85.03 $125.00 72.5% $ 90.64 Marriott -- Bedford Park, IL ................ $129.79 64.2% $ 83.30 $150.00 75.0% $112.50 Renaissance -- Plantantion, FL .............. $128.85 78.8% $101.54 $128.85 78.8% $101.54 Marriott -- Austin, TX ...................... $108.15 71.3% $ 77.16 $108.15 71.3% $ 77.16 Hilton Garden Inn -- Bedford Park, IL ....... $108.40 69.4% $ 75.20 $118.00 75.0% $ 88.50 Residence Inn -- Plantation, FL ............. $117.04 85.8% $100.43 $117.04 85.8% $100.43 Renaissance -- Broomfield, CO ............... $128.32 64.4% $ 82.62 $128.32 64.4% $ 82.62 Courtyard -- Salt Lake City, UT ............. $ 92.56 76.0% $ 70.30 $ 92.56 76.0% $ 70.30 Residence Inn Galleria -- Houston, TX ....... $108.70 82.9% $ 90.13 $109.73 80.0% $ 87.79 Hampton Inn -- Bedford Park, IL ............. $116.69 74.5% $ 86.98 $116.69 74.5% $ 86.98 Marriott -- Pontiac, MI ..................... $117.97 62.5% $ 73.76 $117.97 62.5% $ 73.76 Holiday Inn Express -- Bedford Park, IL ..... $126.39 81.4% $102.94 $126.39 80.0% $101.11 Courtyard -- Austin, TX ..................... $112.33 73.8% $ 82.93 $112.33 73.8% $ 82.93 Springhill Suites -- Austin, TX ............. $ 84.10 77.6% $ 65.26 $ 84.10 77.6% $ 65.26 Residence Inn -- Round Rock, TX ............. $102.00 82.6% $ 84.25 $106.41 80.0% $ 85.13 Residence Inn -- Austin, TX ................. $107.30 82.6% $ 88.67 $107.30 82.6% $ 88.67 Courtyard -- Tampa, FL ...................... $115.10 76.1% $ 87.63 $115.10 76.1% $ 87.63 Residence Inn -- Pontiac, MI ................ $ 90.92 81.3% $ 73.92 $ 90.92 80.0% $ 72.73 Residence Inn -- Schaumberg, IL ............. $ 99.14 82.9% $ 82.21 $ 99.14 82.9% $ 82.21 Sleep Inn -- Bedford Park, IL ............... $ 83.71 89.6% $ 74.97 $ 83.71 89.6% $ 74.97 Springhill Suites -- Schaumberg, IL ......... $ 94.19 74.3% $ 69.98 $ 94.19 74.3% $ 69.98 Fairfield Inn & Suites -- Brandon, FL ....... $ 89.01 76.9% $ 68.42 $ 94.49 72.0% $ 68.04 Courtyard -- Fort Wayne, IN ................. $ 86.82 64.6% $ 56.06 $ 86.82 64.6% $ 56.06 Courtyard -- Louisville, KY ................. $ 93.00 58.8% $ 54.69 $ 95.98 60.0% $ 57.59 Courtyard -- Merrillville, IN ............... $ 99.86 65.3% $ 65.24 $ 99.86 65.3% $ 65.24 Residence Inn -- Louisville, CO ............. $ 99.66 65.8% $ 65.58 $ 99.66 65.8% $ 65.58 Residence Inn -- Fishers, IN ................ $ 94.99 82.9% $ 78.77 $ 96.75 80.0% $ 77.40 Courtyard -- Sugarland, TX .................. $ 91.39 73.1% $ 66.79 $ 91.39 73.1% $ 66.79 Residence Inn -- Sugarland, TX .............. $ 98.06 86.4% $ 84.68 $ 98.06 86.4% $ 84.68 Fairfield Inn & Suites -- Merrillville, IN .. $ 73.74 62.5% $ 46.05 $ 84.00 68.0% $ 57.12 Courtyard -- Mesquite, TX ................... $ 90.70 71.1% $ 64.53 $ 90.70 71.1% $ 64.53 Residence Inn -- Merrillville, IN ........... $103.15 74.2% $ 76.53 $103.15 74.2% $ 76.53 Courtyard -- Mishawaka, IN .................. $103.41 74.4% $ 76.92 $103.41 72.6% $ 75.10 Courtyard -- Pontiac, MI .................... $ 95.38 62.7% $ 59.81 $ 95.38 62.0% $ 59.13 Residence Inn II -- Austin, TX .............. $103.35 83.2% $ 86.03 $103.35 83.2% $ 86.03 Hampton Inn -- Merrillville, IN ............. $ 93.49 75.4% $ 70.50 $ 93.49 75.4% $ 70.50 Holiday Inn Express -- Merrillville, IN ..... $ 92.40 72.1% $ 66.62 $ 92.40 72.1% $ 66.62 Courtyard -- Valparaiso, IN ................. $ 75.51 59.3% $ 44.80 $ 75.51 59.3% $ 44.80 Fairfield Inn & Suites -- Austin, TX ........ $ 82.47 69.8% $ 57.60 $ 85.60 70.0% $ 59.92 Holiday Inn Select -- Grand Rapids, MI ............................... $ 72.26 69.5% $ 50.19 $ 72.26 69.5% $ 50.19 Residence Inn -- South Bend, IN ............. $ 90.15 79.0% $ 71.21 $ 90.15 79.0% $ 71.21 Courtyard -- Benton Harbor, MI .............. $ 82.14 53.7% $ 44.14 $ 82.14 53.7% $ 44.14 Fairfield Inn & Suites -- Valparaiso, IN .... $ 70.15 57.4% $ 40.24 $ 73.25 63.0% $ 46.12 AVERAGE ..................................... $102.93 72.5% $ 74.74 $104.95 72.9% $ 76.74 * RLJ Hotel Pool Properties ADR, Occupancy and RevPAR information obtained from Smith Travel Research ("STR") Reports as of April 2006 with the exception of Holiday Inn Select Grand Rapids for which the STR Report is as of March 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 51 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- RLJ HOTEL POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "RLJ Hotel Pool Loan") is secured by a first mortgage encumbering 43 full-service, limited-service and extended stay hotels. The RLJ Hotel Pool Loan represents approximately 4.7% of the Cut-Off Date Pool Balance. The RLJ Hotel Pool Loan was originated on June 14, 2006 and has a principal balance as of the Cut-Off Date of $146,092,500. The RLJ Hotel Pool Loan, which is evidenced by a pari passu note, dated June 14, 2006, is a portion of a whole loan with an original principal balance of $504,548,870. The other loans related to the RLJ Hotel Pool Loan are evidenced by seven separate pari passu notes, each dated June 14, 2006 (the "RLJ Hotel Pool Pari Passu Companion Loans"), with an original aggregate principal balance of $358,456,370. The RLJ Hotel Pool Pari Passu Companion Loans will not be assets of the Trust Fund. The RLJ Hotel Pool Pari Passu Companion Loans and the RLJ Hotel Pool Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement as described under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" in the Prospectus Supplement. The RLJ Hotel Pool Loan provides for interest-only payments for the first 42 months of its term, and thereafter, fixed monthly payments of principal and interest. The RLJ Hotel Pool Loan has a remaining term of 119 months and matures on July 1, 2016. The RLJ Hotel Pool Loan may be prepaid on or after August 1, 2013, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers consist of 42 separate special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the RLJ Hotel Pool Loan. The sponsor of the borrowers is Robert L. Johnson. Mr. Johnson is the founding Chairman and CEO of Black Entertainment Television and has served on the Board of Directors of Hilton Hotels Corporation and U.S. Airways. o THE PROPERTIES. The Mortgaged Properties consist of 43 full-service, limited-service and extended stay hotels containing, in the aggregate, approximately 5,429 rooms. Based upon the trailing 12-month period ending April 30, 2006, the average occupancy rate for the properties securing the RLJ Hotel Pool Loan was approximately 72.5%. o SUBSTITUTION. The borrowers may substitute properties of like kind and quality subject to certain criteria including franchise name, geographic diversity and a no downgrade letter from the Rating Agencies with respect to substitutions of the 10 largest Mortgaged Properties as well as if greater than 10.0% of the portfolio in the aggregate are being substituted. o RELEASE. The release of an individual property will be permitted subject to a defeasance amount equal to 120% of the outstanding principal balance of the allocated loan amount with respect to each of the 10 largest properties. With respect to the balance of the properties, the release price percentage of the outstanding principal balance of the allocated loan amount of such property will be equal to the amounts set forth below. RELEASE PRICE APPLICABLE LOAN AMOUNT PREPAID PERCENTAGE - ------------------------------ ------------- 0-5% ......................... 105% Greater than 5% - 15% ........ 110% Greater than 15% - 20% ....... 115% Greater than 20% ............. 120% o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. White Lodging Services Corporation ("White Lodging") is the property manager for the properties securing the RLJ Hotel Pool Loan. Established in 1985 and headquartered in Merrillville, Indiana, White Lodging is a fully integrated hotel ownership, development and operating company with a current portfolio consisting of 106 Marriott, Renaissance, Radisson, Hilton and Intercontinental-branded hotels in thirteen states. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 52 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- [PICTURES OF 500-512 SEVENTH AVENUE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 53 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- [MAP OF 500-512 SEVENTH AVENUE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 54 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $137,314,250 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSORS Jacob Chetrit, Joseph Moinian and Edward J. Minskoff Equities, Inc. TYPE OF SECURITY Leasehold MORTGAGE RATE 5.7064% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 300 REMAINING TERM / AMORTIZATION 119 / 299 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $ 15,410 GROUND RENT $ 81,250 FREE RENT(1) $ 695,160 OUTSTANDING TI/LC(2) $2,344,842 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $ 233,929 TI/LC(3) $ 877,235 GROUND RENT $ 487,500 FREE RENT(1) $ 568,361 ADDITIONAL FINANCING Pari Passu Debt $137,314,250 B-Note $ 24,975,048 Mezzanine Debt $ 24,989,064 WHOLE PARI PASSU MORTGAGE NOTES(4) LOAN ------------ ------------ CUT-OFF DATE BALANCE $274,628,500 $299,603,548 CUT-OFF DATE BALANCE/SF $ 235 $ 256 CUT-OFF DATE LTV 68.7% 74.9% MATURITY DATE LTV 52.7% 57.8% UW DSCR ON NCF 1.17x 1.06x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 1,169,647 OCCUPANCY AS OF JUNE 1, 2006 95.7% YEAR BUILT / YEAR RENOVATED 1921 / 2000 APPRAISED VALUE $400,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 94.8% UW REVENUES $ 39,572,738 UW TOTAL EXPENSES $ 13,822,539 UW NET OPERATING INCOME (NOI) $ 25,750,198 UW NET CASH FLOW (NCF) $ 24,113,629 - -------------------------------------------------------------------------------- (1) Initial reserve established for iVillage free rent beginning in January 2009, and ongoing from January 2009 through December 2013. (2) Funds were escrowed for existing landlord TI/LC obligations. (3) Ongoing annual TI/LC reserve is capped at $1,500,000. (4) LTV ratios, DSC ratios and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness of or debt service on, as applicable, the 500-512 Seventh Avenue Loan and the 500-512 Seventh Avenue Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 55 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET BASE % OF TOTAL RATINGS(1) NET RENTABLE RENTABLE RENT ANNUAL BASE ANNUAL BASE LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF RENT RENT EXPIRATION - --------------------------------- ----------------- ------------ -------- ------ ----------- ----------- ------------------ MAJOR TENANTS Target Corporation ........... A2/A+/A+ 99,700 8.5% $17.85 $ 1,779,645 5.5% March 2015 The New York Times Company ... Baa1/A-/A 82,822 7.1 $38.00 3,147,236 9.7 November 2015 iVillage, Inc. ............... NR/NR/NR 56,668 4.8 $33.45 1,895,372 5.8 April 2015 S. Rothschild & Co. Inc. ..... NR/NR/NR 49,989 4.3 $23.00 1,149,567 3.5 June 2014 Fleet Street Ltd. ............ NR/NR/NR 42,923 3.7 $19.06 818,132 2.5 Multiple Spaces(2) --------- ----- ----------- ----- TOTAL MAJOR TENANTS .......... 332,102 28.4% $26.47 $ 8,789,952 27.0% NON-MAJOR TENANTS ............... 787,605 67.3 $30.11 23,713,366 73.0 --------- ----- ----------- ----- OCCUPIED TOTAL .................. 1,119,707 95.7% $29.03 $32,503,318 100.0% VACANT SPACE .................... 49,940 4.3 =========== ===== --------- ----- TOTAL ........................... 1,169,647 100.0% ========= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease (2) Under the terms of multiple leases, approximately 7,216 square feet expire on a month to month basis, approximately 33,561 square feet expire in January 2008 and approximately 2,146 square feet expire in January 2015, LEASE EXPIRATION SCHEDULE CUMULATIVE % OF CUMULATIVE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* ROLLING* RENT ROLLING* - ------------ ----------- --------------- -------- ------------- ---------- --------- ------------- 2006 7 $19.94 33,430 2.9% 2.9% 2.1% 2.1% 2007 4 $23.01 26,798 2.3% 5.1% 1.9% 3.9% 2008 11 $24.15 68,422 5.8% 11.0% 5.1% 9.0% 2009 9 $21.79 55,985 4.8% 15.8% 3.8% 12.8% 2010 15 $31.44 157,802 13.5% 29.3% 15.3% 28.0% 2011 8 $35.86 97,521 8.3% 37.6% 10.8% 38.8% 2012 6 $35.84 65,088 5.6% 43.2% 7.2% 46.0% 2013 8 $32.77 39,675 3.4% 46.6% 4.0% 50.0% 2014 7 $23.63 105,551 9.0% 55.6% 7.7% 57.7% 2015 18 $29.19 391,552 33.5% 89.1% 35.2% 92.8% 2016 3 $28.90 32,860 2.8% 91.9% 2.9% 95.7% Thereafter 6 $30.76 45,023 3.8% 95.7% 4.3% 100.0% Vacant 0 NA 49,940 4.3% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 56 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "500-512 Seventh Avenue Loan") is secured by a first lien leasehold interest in an office building located in New York, New York. The 500-512 Seventh Avenue Loan represents approximately 4.5% of the Cut-Off Date Pool Balance. The 500-512 Seventh Avenue Loan was originated on July 7, 2006 and has a principal balance as of the Cut-Off Date of $137,314,250. The 500-512 Seventh Avenue Loan, which is evidenced by a pari passu note, dated July 7, 2006, is a portion of a whole loan with an original principal balance of $300,000,000. The other loans related to the 500-512 Seventh Avenue Loan are evidenced by two separate notes, each dated July 7, 2006 (the "500-512 Seventh Avenue Pari Passu Companion Loan" and the "500-512 Seventh Avenue Subordinate Companion Loan" and, collectively with the 500-512 Seventh Avenue Loan, the "500-512 Seventh Avenue Whole Loan"), with original principal balances of $137,500,000 and $25,000,000, respectively. The 500-512 Seventh Avenue Pari Passu Companion Loan and the 500-512 Seventh Avenue Subordinate Companion Loan will not be assets of the Trust Fund. The 500-512 Seventh Avenue Loan, the 500-512 Seventh Avenue Pari Passu Companion Loan and the 500-512 Seventh Avenue Subordinate Companion Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement as described under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" in the Prospectus Supplement. The 500-512 Seventh Avenue Loan has a remaining term of 119 months and matures on July 11, 2016. The 500-512 Seventh Avenue Loan may be prepaid on or after April 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 500-512 Seventh Avenue Limited Partnership, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 500-512 Seventh Avenue Loan. The sponsors are Jacob Chetrit, Joseph Moinian and Edward J. Minskoff Equities, Inc. Mr. Moinian and Mr. Chetrit are the majority owners of the sponsorship group and are both New York City-based real estate owners and operators that own numerous office properties in Manhattan as well as additional commercial properties throughout the United States. Mr. Moinian heads the Moinian Group, which has been actively involved in greater New York commercial real estate for over 15 years, and currently owns and controls a portfolio that exceeds 20 million square feet of office, industrial, retail, residential and hotel properties throughout the United States and abroad. Mr. Chetrit heads the Chetrit Group, which has been involved in real estate for approximately 20 years. The Chetrit Group has interests in over 15 million square feet in locations such as New York, Philadelphia and Los Angeles. o THE PROPERTY. The Mortgaged Property is an approximately 1,169,647 square foot office building situated on approximately 1.2 acres. The Mortgaged Property was constructed in 1921 and renovated in 2000. The Mortgaged Property is located in New York, New York. As of June 1, 2006, the occupancy rate for the Mortgaged Property securing the 500-512 Seventh Avenue Loan was approximately 95.7%. The largest tenant is Target Corporation ("Target"), occupying approximately 99,700 square feet, or approximately 8.5% of the net rentable area. Target, the nation's second largest discount chain, operates nearly 1,400 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. As of July 21, 2006, Target was rated "A+" (S&P), "A2" (Moody's) and "A+" (Fitch). The Target lease expires in March 2015. The second largest tenant is The New York Times Company ("The NYTimes"), occupying approximately 82,822 square feet, or approximately 7.1% of the net rentable area. The NYTimes is a diversified media company, including newspapers, internet businesses, television and radio stations and investments in paper mills and other investments. The company operates three segments, namely the News Media Group, which is comprised of the New York Times Media Group, the New England Media Group and the Regional Media Group; the Broadcast Media Group, which consists of nine network-affiliated television stations, including KAUT-TV and About.com, an online source for consumer information and advice. As of July 21, 2006, The NYTimes was rated "A-" (S&P), "Baa1" (Moody's) and "A" (Fitch). The NYTimes lease expires in November 2015. The third largest tenant is iVillage, Inc. ("iVillage"), a subsidiary of NBC Universal, Inc., occupying approximately 56,668 square feet, or approximately 4.8% of the net rentable area. iVillage is "the Internet for women" and consists of several online and offline media-based properties that seek to enrich the lives of women, teenage girls and parents through the offering of unique content, community applications, tools and interactive features. iVillage (NASDAQ: IVIL) was established in 1995 and is headquartered in New York, New York. The iVillage lease expires in April 2015. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 57 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- 500-512 SEVENTH AVENUE - -------------------------------------------------------------------------------- o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MEZZANINE DEBT. A mezzanine loan with an original amount of $25,000,000 was provided by Wachovia Bank, National Association, on July 7, 2006. The mezzanine loan is not an asset of the Trust Fund and is secured by a pledge in the equity interests in the borrower for the 500-512 Seventh Avenue Loan. The mezzanine loan carries a fixed interest rate of 10.250% per annum and matures in July 2016. o MANAGEMENT. Newmark & Company Real Estate, Inc. ("Newmark") is the property manager for the Mortgaged Property securing the 500-512 Seventh Avenue Loan. Newmark is an independent, full-service real estate firm, providing real estate solutions to corporations, property owners, investors and developers across the globe. Newmark serves as leasing agent and/or property manager for approximately 50 million square feet of commercial space in the United States. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 58 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- GLENDALE CENTER - -------------------------------------------------------------------------------- [PICTURES OF GLENDALE CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 59 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- GLENDALE CENTER - -------------------------------------------------------------------------------- [MAP OF GLENDALE CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 60 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- GLENDALE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Nomura CUT-OFF DATE BALANCE $125,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Maguire Properties L.P. TYPE OF SECURITY Fee MORTGAGE RATE 5.8175% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $ 7,500 FUNDED HOLDBACK (1) $8,000,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes TI/LC(2) $ 598,016 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $125,000,000 CUT-OFF DATE BALANCE/SF $ 327 CUT-OFF DATE LTV 79.6% MATURITY DATE LTV 79.6% UW DSCR ON NCF 1.38x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Glendale, CA PROPERTY TYPE Office - CBD SIZE (SF) 382,841 OCCUPANCY AS OF MAY 31, 2006 81.7% YEAR BUILT / YEAR RENOVATED 1972 / 1996 APPRAISED VALUE $157,000,000 PROPERTY MANAGEMENT Maguire Properties, L.P. UW ECONOMIC OCCUPANCY(3) 96.5% UW REVENUES $ 15,140,147 UW TOTAL EXPENSES $ 4,555,879 UW NET OPERATING INCOME (NOI) $ 10,584,268 UW NET CASH FLOW (NCF) $ 10,180,570 - -------------------------------------------------------------------------------- (1) Thirty-six (36) months after the closing of the Mortgage Loan, the borrower will have six (6) opportunities to apply for release of the Lease-Up Reserve in whole or in part given: (i) no event of default, and (ii) minimum DSC ratio of 1.15x . At the expiration of the Reserve Period, in the event there are funds remaining in the account, the borrower may elect to use the funds to pay down the principal balance of the Mortgage Loan (subject to the appropriate lockout and prepayment penalties as described herein), or if such election is not made, the funds will be placed into a Earnout TILC Reserve account. For the remainder of the term of the Mortgage Loan, the borrower may apply for release of the Earnout TILC Reserve given: (i) no event of default, and (ii) a minimum DSC ratio of 1.15x. (2) Maximum deposits to the ongoing TI/LC reserve shall be $3,588,093. (3) A master lease from Maguire Properties, L.P. was required, commencing on the closing date of the Mortgage Loan at a base rate of $23.50 per square foot plus CAM reimbursements plus associated parking income. The mortgagee will release the master lease in whole or in part at the earlier to occur of: (i) the borrower entering into leases on the related space (or any portion thereof) on a minimum 5-year term at income (rent + CAM + parking) sufficient to achieve a minimum DSC ratio equal to 1.15x based on the actual constant on a 30-year amortization schedule, (ii) the Underwritten Net Cash Flow supports a minimum DSC ratio of 1.15x based on the actual constant on a 30-year amortization schedule without giving credit to the master lease, or (iii) 2 years from the closing of the Mortgage Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 61 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- GLENDALE CENTER - -------------------------------------------------------------------------------- TENANT SUMMARY % OF % OF NET TOTAL RATINGS(1) NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - -------------------------- ----------------- ------------ -------- --------- ---------- --------- ------------------ MAJOR TENANTS Disney Enterprises .... A2/A-/NR 156,215 40.8% $23.73 $3,706,690 45.9% June 2011 Bank of America ....... Aa2/AA-/AA- 136,030 35.5 $29.60 4,026,436 49.8 Multiple Spaces(2) ------- ----- ---------- ----- TOTAL MAJOR TENANTS ... 292,245 76.3% $26.46 $7,733,126 95.7% NON-MAJOR TENANTS ........ 20,462 5.3 $17.15 351,012 4.3 ------- ----- ---------- ----- OCCUPIED TOTAL ........... 312,707 81.7% $25.85 $8,084,138 100.0% ========== ===== VACANT SPACE ............. 70,134 18.3 ------- ----- TOTAL .................... 382,841 100.0% ======= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 66,091 square feet expire in October 2010 and approximately 69,939 square feet expire in April 2013. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF CUMULATIVE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING* RENT ROLLING* - ---------- ----------- --------------- -------- ------------- ---------- --------- ------------- 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 1 $20.00 2,020 0.5% 0.5% 0.5% 0.5% 2008 0 $ 0.00 0 0.0% 0.5% 0.0% 0.5% 2009 0 $ 0.00 0 0.0% 0.5% 0.0% 0.5% 2010 3 $28.59 66,091 17.3% 17.8% 23.4% 23.9% 2011 8 $22.82 162,457 42.4% 60.2% 45.9% 69.7% 2012 0 $ 0.00 0 0.0% 60.2% 0.0% 69.7% 2013 3 $30.55 69,939 18.3% 78.5% 26.4% 96.2% 2014 1 $25.46 12,200 3.2% 81.7% 3.8% 100.0% 2015 0 $ 0.00 0 0.0% 81.7% 0.0% 100.0% 2016 0 $ 0.00 0 0.0% 81.7% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 81.7% 0.0% 100.0% Vacant 0 NA 70,134 18.3% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 62 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- GLENDALE CENTER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Glendale Center Loan") is secured by a first mortgage encumbering an office building located in Glendale, California. The Glendale Center Loan represents approximately 4.1% of the Cut-Off Date Pool Balance. The Glendale Center Loan was originated on June 27, 2006 and has a principal balance as of the Cut-Off Date of $125,000,000. The Glendale Center Loan provides for interest-only payments for the entire term. The Glendale Center Loan has a remaining term of 119 months and matures on July 11, 2016. The Glendale Center Loan may be prepaid on or after January 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Maguire Properties - 611 N. Brand LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Glendale Center Loan. The sponsor is Maguire Properties L.P., a Maryland limited partnership, of which Maguire Properties, Inc. ("Maguire Properties") is the sole general partner. As of June 24, 2006, Maguire Properties, a publicly traded REIT (NYSE: MPG), was trading on the NYSE at $36.80 per share with a market capitalization of $1.70 billion. Maguire Properties owns approximately 14.8 million square feet of office space contained within 23 properties and undeveloped land that it believes can support up to 5.0 million square feet of office, retail and/or residential space. See "RISK FACTORS--The Mortgage Loans--Bankruptcy Proceedings Entail Certain Risks" for a discussion of a prior bankruptcy involving an entity under common sponsorship with the borrower. o THE PROPERTY. The Mortgaged Property is an approximate 382,841 square foot office building situated on approximately 5.4 acres. The Mortgaged Property was constructed in 1972 and renovated in 1996. The Mortgaged Property is located in Glendale, California within the Los Angeles, California metropolitan statistical area. As of May 31, 2006, the occupancy rate for the Mortgaged Property was approximately 81.7%. The largest tenant is Disney Enterprises ("Disney"), occupying approximately 156,215 square feet, or approximately 40.8% of the net rentable area. Disney is a diversified international entertainment company with operations in creative content, broadcasting and theme parks and resorts. The company is currently the world's second largest media entertainment conglomerate and ranks 63rd in the Fortune 500 with annual revenues of over $31 billion and an equity market capitalization of nearly $65 billion as of June 24, 2006. Disney is a component of both the Dow Jones Industrial and Standard and Poor's 500 indices. The Disney lease expires in June 2011. As of July 21, 2006, Disney was rated "A2" (Moody's) and "A-" (S&P). The second largest tenant is Bank of America Corporation ("Bank of America"), occupying approximately 136,030 square feet, or approximately 35.5% of the net rentable area. Bank of America is currently the nation's second largest bank with over $1.2 trillion in total assets. Bank of America is ranked 12th in the Fortune 500, with a market capitalization of $230 billion as of June 24, 2006. Bank of America employs over 176,000 associates worldwide, divided between three main segments: Consumer and Commercial Banking, Global and Corporate Investment Banking and Asset Management and Equity Investment. Bank of America has multiple leases, with approximately 66,091 square feet expiring in October 2010 and 69,939 square feet expiring in April 2013. As of July 21, 2006, Bank of America was rated "Aa2" (Moody's), "AA-" (S&P) and "AA-" (Fitch). o RELEASE. There is a parcel of land adjacent to the Mortgaged Property (the "Adjacent Land Parcel") for which Maguire Properties is considering development opportunities. The Adjacent Land Parcel is currently part of the Mortgaged Property, but may be released subsequent to the Closing Date provided that the borrower must: (a) provide individual surveys, legal descriptions and any such other information requested by and reasonably acceptable to the mortgagee reflecting the legal separation of the Adjacent Land Parcel from the Mortgaged Property; (b) provide such easements, maintenance agreements, access agreements or other agreements as reasonably required by the mortgagee so the use, access, appeal, marketability or value of the Mortgaged Property are not impeded or impaired; and (c) the Borrower shall not actively solicit any then-current tenant or parent company of a then-current tenant at the Mortgaged Property for tenancy at the Adjacent Land Parcel without the mortgagee's prior written consent. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MANAGEMENT. Maguire Properties, L.P., the sponsor, is the property manager for the Mortgaged Property securing the Glendale Center Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 63 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 64 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- HARDEN RANCH PLAZA - -------------------------------------------------------------------------------- [PICTURES OF HARDEN RANCH PLAZA OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 65 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- HARDEN RANCH PLAZA - -------------------------------------------------------------------------------- [MAP OF HARDEN RANCH PLAZA OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 66 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- HARDEN RANCH PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $75,700,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSORS Russell R. Pratt and Thomas S. deRegt TYPE OF SECURITY Fee PARTIAL RELEASE(1) Yes MORTGAGE RATE 5.850% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX(2) Springing UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $ 27,750 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $ 88,615 TI/LC(3) $265,846 ADDITIONAL FINANCING(4) None CUT-OFF DATE BALANCE $75,700,000 CUT-OFF DATE BALANCE/SF $ 171 CUT-OFF DATE LTV 64.1% MATURITY DATE LTV 59.9% UW DSCR ON NCF 1.21x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Salinas, CA PROPERTY TYPE Retail -- Anchored SIZE (SF) 443,077 OCCUPANCY AS OF JULY 11, 2006 100.0% YEAR BUILT / YEAR RENOVATED 1991 / NA APPRAISED VALUE $118,100,000 PROPERTY MANAGEMENT Pratt/Goldsmith, Inc. UW ECONOMIC OCCUPANCY 97.0% UW REVENUES $8,934,856 UW TOTAL EXPENSES $2,137,703 UW NET OPERATING INCOME (NOI) $6,797,152 UW NET CASH FLOW (NCF) $6,486,865 - -------------------------------------------------------------------------------- (1) Subject to certain tests as described in the Mortgage Loan documents, the Mortgage Loan permits tenant specific parcels to be released at a cost of 93.75% of the appraised value. Such tests include a maximum LTV ratio of 65% on the remaining collateral and a minimum DSC ratio of 1.25x during the TTM period, calculated excluding rent associated with the collateral to be released. (2) A lockbox will be required (i) upon the occurrence of an event of default or (ii) if the DSC ratio, as computed by the mortgagee, is less than 1.10x. (3) Capped at $531,692. (4) Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 65.0% and a combined minimum DSC ratio of 1.25x as described in the related Mortgage Loan documents. Future unsecured debt is permitted in the form of a revolving line of credit in an annual amount not to exceed $900,000. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 67 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- HARDEN RANCH PLAZA - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - -------------------------- ----------------- ------------ -------- --------- ---------- ---------- ------------- MAJOR TENANTS Safeway ............... Baa2/BBB-/BBB 52,686 11.9% $12.86 $ 677,542 9.3% August 2011 Ashley Home Store ..... NR/NR/NR 49,548 11.2 $ 9.88 489,534 6.8 November 2017 Bed, Bath & Beyond .... NR/BBB/NR 30,001 6.8 $11.60 348,012 4.8 January 2012 Salinas Athletic ...... NR/NR/NR 28,000 6.3 $ 3.74 104,720 1.4 August 2015 Marshalls ............. A3/A/NR 27,000 6.1 $10.50 283,500 3.9 January 2012 Office Depot .......... Baa3/BBB-/NR 25,258 5.7 $13.31 336,184 4.6 August 2009 Circuit City .......... NR/NR/NR 23,945 5.4 $14.06 336,667 4.6 January 2008 ------ ----- ---------- ----- TOTAL MAJOR TENANTS ... 236,438 53.4% $10.90 $2,576,158 35.5% NON-MAJOR TENANTS ........ 206,639 46.6 $22.63 4,675,294 64.5 ------- ----- ---------- ----- OCCUPIED TOTAL ........... 443,077 100.0% $16.37 $7,251,452 100.0% ========== ===== VACANT SPACE ............. 0 0.0 ------- ----- TOTAL .................... 443,077 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE % # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE RENT YEAR ROLLING ROLLING ROLLING EXPIRING* ROLLING* ROLLING* ROLLING* - ---------- ----------- --------------- -------- ------------- ------------------ -------------- ------------ 2006 3 $25.00 3,410 0.8% 0.8% 1.2% 1.2% 2007 8 $20.07 34,207 7.7% 8.5% 9.5% 10.6% 2008 18 $21.82 72,056 16.3% 24.8% 21.7% 32.3% 2009 9 $15.01 51,962 11.7% 36.5% 10.8% 43.1% 2010 10 $26.75 28,849 6.5% 43.0% 10.6% 53.7% 2011 5 $15.46 68,980 15.6% 58.6% 14.7% 68.4% 2012 5 $14.50 75,840 17.1% 75.7% 15.2% 83.6% 2013 2 $22.93 14,625 3.3% 79.0% 4.6% 88.2% 2014 0 $ 0.00 0 0.0% 79.0% 0.0% 88.2% 2015 2 $ 5.15 29,600 6.7% 85.7% 2.1% 90.3% 2016 0 $ 0.00 0 0.0% 85.7% 0.0% 90.3% Thereafter 2 $11.05 63,548 14.3% 100.0% 9.7% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 68 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- HARDEN RANCH PLAZA - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Harden Ranch Plaza Loan") is secured by a first mortgage encumbering an anchored retail center located in Salinas, California. The Harden Ranch Plaza Loan represents approximately 2.5% of the Cut-Off Date Pool Balance. The Harden Ranch Plaza Loan was originated on July 7, 2006 and has a principal balance as of the Cut-Off Date of $75,700,000. The Harden Ranch Plaza Loan provides for interest-only payments for the first 60 months of its term, and thereafter, fixed payments of principal and interest. The Harden Ranch Plaza Loan has a remaining term of 119 months and matures on July 11, 2016. The Harden Ranch Plaza Loan may be prepaid on or after May 11, 2016, and permits defeasance with United States government obligations beginning three years after the first payment date. o THE BORROWER. The borrowers are Salinas Shopping Center Associates Limited Partnership and DDI Salinas II, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Harden Ranch Plaza Loan. The sponsors of the borrowers are Russell R. Pratt and Thomas S. deRegt. Mr. Pratt is the President of The Pratt Company, a California-based real estate development company with offices in San Francisco and Salinas. Mr. Pratt has been active in the retail industry for the past thirty years and has developed more than 2,000,000 square feet of retail space as well as two mini-storage facilities with over 135,000 square feet. Mr. deRegt is the principal and President of deRegt Development, Inc., a Monterey, California-based real estate development company that has been active in single family, multifamily and land development since 1989. Mr. deRegt is active in the Salinas market. o THE PROPERTY. The Mortgaged Property is an approximately 443,077 square foot anchored retail building situated on approximately 57.6 acres. The Mortgaged Property was constructed in 1991. The Mortgaged Property is located in Salinas, California. As of July 11, 2006, the occupancy rate for the Mortgaged Property securing the Harden Ranch Plaza Loan was approximately 100.0%. The largest tenant is Safeway, Inc. ("Safeway"), occupying approximately 52,686 square feet, or approximately 11.9% of the net rentable area. Safeway is one of North America's largest food retailers, with approximately 1,775 stores located mostly in the Western, Midwestern and Mid-Atlantic regions of the United States, as well as Western Canada. As of July 25, 2006, Safeway was rated "Baa2" (Moody's), "BBB-" (S&P) and "BBB" (Fitch). The Safeway lease expires in August 2011. The second largest tenant is Ashley Home Store ("Ashley"), occupying approximately 49,548 square feet, or approximately 11.2% of the net rentable area. Founded in 1945, Ashley is the largest home furniture manufacturer in the United States and the number one selling brand of home furniture in North America. It operates more than 200 Ashley Furniture Home Stores, independently owned shops that sell only Ashley Furniture products in the United States, Canada and Japan. The Ashley lease expires in November 2017. The third largest tenant is Bed, Bath & Beyond, Inc. ("Bed, Bath & Beyond"), occupying approximately 30,001 square feet, or approximately 6.8% of the net rentable area. Founded in 1971, Bed, Bath & Beyond is the number one superstore domestics retailer in the United States. As of July 25, 2006, Bed, Bath & Beyond was rated "BBB" (S&P). The Bed, Bath & Beyond lease expires in January 2012. o PARTIAL RELEASE. The Mortgage Loan permits tenant specific parcels to be released at a cost of 93.75% of the appraised value, subject to the satisfaction of certain criteria set forth in the related Mortgage Loan documents, including the remaining collateral having a maximum LTV ratio of 65% and a minimum DSC ratio of 1.25x during the TTM period, calculated excluding rent associated with the collateral to be released. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagor-designated lockbox account. At any time during the term of the Harden Ranch Plaza Loan, (i) if the DSC ratio, as computed by the mortgagee, is less than 1.10x or (ii) upon the occurrence of an event of default under the Mortgage Loan documents, the amount in the lockbox will be swept daily into a mortgagee-designated lock box account. o MANAGEMENT. Pratt/Goldsmith, Inc. ("PGI"), an affiliate of the sponsors, is the property manager for the Mortgaged Property securing the Harden Ranch Plaza Loan. PGI currently manages three retail centers totaling approximately 930,000 square feet. PGI has successfully managed the Mortgaged Property for 14 consecutive years and has maintained at least a 98% occupancy. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 69 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 70 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BACARA AND MONTELENA AT THE CANYONS - -------------------------------------------------------------------------------- [PICTURES OF BACARA AND MONTELENA AT THE CANYONS OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 71 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BACARA AND MONTELENA AT THE CANYONS - -------------------------------------------------------------------------------- [MAP OF BACARA AND MONTELENA AT THE CANYONS OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 72 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BACARA AND MONTELENA AT THE CANYONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $63,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Michael J. Sauter TYPE OF SECURITY Fee MORTGAGE RATE 6.500% MATURITY DATE June 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 118 / IO LOCKBOX(1) Springing UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $125,796 ADDITIONAL FINANCING(2) Mezzanine Debt $11,386,000 CUT-OFF DATE BALANCE $63,000,000 CUT-OFF DATE BALANCE/UNIT $ 100,159 CUT-OFF DATE LTV 77.8% MATURITY DATE LTV 77.8% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Phoenix, AZ PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 629 OCCUPANCY AS OF JULY 10, 2006 91.9% YEAR BUILT / YEAR RENOVATED 2004 / NA APPRAISED VALUE $81,000,000 PROPERTY MANAGEMENT S-J Management LLC and Gray Clow Residential L.L.C UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $7,070,967 UW TOTAL EXPENSES $2,039,609 UW NET OPERATING INCOME (NOI) $5,031,358 UW NET CASH FLOW (NCF) $4,905,558 - -------------------------------------------------------------------------------- (1) A lockbox will be required (i) upon the occurrence of an event of default or (ii) if the DSC ratio, as computed by the mortgagee, is less than 1.05x. (2) Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 90.0% and a combined minimum DSC ratio of 1.05x as described in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 73 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BACARA AND MONTELENA AT THE CANYONS - -------------------------------------------------------------------------------- BACARA AT THE CANYONS APPROXIMATE APPROXIMATE UNIT MIX NO. OF UNITS UNIT SIZE (SF) NRA (SF) % OF NRA MARKET RENT - ----------------- ------------ -------------- ----------- -------- ------------- 1 BR/1BA ........ 60 703 42,150 21.4% $ 854 2 BR/1BA ........ 25 695 17,375 8.8 $ 889 2 BR/2 BA ....... 126 905 114,004 57.9 $ 1,002 3 BR/2 BA ....... 22 1,060 23,320 11.8 $ 1,149 --- ------- ----- TOTAL/AVERAGE ... 233 845 196,849 100.0% $965/$1.14/SF === ======= ===== MONTELENA AT THE CANYONS APPROXIMATE APPROXIMATE UNIT MIX NO. OF UNITS UNIT SIZE (SF) NRA (SF) % OF NRA MARKET RENT - ----------------- ------------ -------------- ----------- -------- ------------- Studio .......... 78 492 38,400 14.6% $ 721 1 BR/1BA ........ 150 518 77,640 29.4 $ 767 2 BR/1BA ........ 24 695 16,680 6.3 $ 879 2 BR/2 BA ....... 72 785 56,544 21.4 $ 939 3 BR/2 BA ....... 36 972 34,992 13.3 $ 1,054 4 BR/2 BA ....... 36 1,095 39,420 15.0 $ 1,249 --- ------ ----- TOTAL/AVERAGE ... 396 666 263,676 100.0% $866/$1.30/SF === ======= ===== This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 74 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BACARA AND MONTELENA AT THE CANYONS - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Bacara and Montelena at the Canyons Loan") is secured by a first mortgage encumbering a 629-unit multifamily complex located in Phoenix, Arizona. The Bacara and Montelena at the Canyons Loan represents approximately 2.0% of the Cut-Off Date Pool Balance. The Bacara and Montelena at the Canyons Loan was originated on May 31, 2006 and has a principal balance as of the Cut-Off Date of $63,000,000. The Bacara and Montelena at the Canyons Loan provides for interest-only payments for the entire loan term. The Bacara and Montelena at the Canyons Loan has a remaining term of 118 months and matures on June 11, 2016. The Bacara and Montelena at the Canyons Loan may be prepaid on or after April 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is M&B Property Holdings L.L.C., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Bacara and Montelena at the Canyons Loan. The sponsor of the borrower is Michael J. Sauter, the principal of S-J Management LLC ("S-J"). S-J is a full-service real estate investment firm engaged in the business of acquiring, managing and selling multifamily rental properties throughout the Seattle and the Western Washington area, and more recently, in Phoenix, Arizona. o THE PROPERTY. The Mortgaged Property is a 629-unit complex that consists of 233 garden-style units and 396 urban-style units in a total of 42 buildings situated on approximately 15.6 acres. The Mortgaged Property was constructed in 2004. The Mortgaged Property is located in Phoenix, Arizona. The amenities at the Mortgaged Property include a fitness center, residential relations center, leasing center, security access gate, four swimming pools and a spa. As of July 10, 2006, the occupancy rate for the Mortgaged Property securing the Bacara and Montelena at the Canyons Loan was approximately 91.9%. o LOCKBOX ACCOUNT. At any time during the term of the Bacara and Montelena at the Canyons Loan (i) if the DSC ratio, as computed by the mortgagee, falls below 1.05x, or (ii) upon the occurrence of an event of default, the borrower must notify the tenants that any and all tenant payments due under the applicable tenant leases shall be directly deposited into a mortgagee-designated lockbox account. o PROPERTY MANAGEMENT. S-J, an affiliate of the sponsor, and Gray Clow Residential L.L.C., are the property managers for the Mortgaged Property securing the Bacara and Montelena at the Canyons Loan. S-J currently manages a portfolio of approximately 1,372 properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 75 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 76 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- [PICTURES OF YUMA PALMS REGIONAL CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 77 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- [MAP OF YUMA PALMS REGIONAL CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 78 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Nomura CUT-OFF DATE BALANCE $62,530,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Inland Real Estate Investment Corporation TYPE OF SECURITY Fee MORTGAGE RATE 5.470% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE* Springing ADDITIONAL FINANCING Mezzanine Debt $ 8,000,000 CUT-OFF DATE BALANCE $62,530,000 CUT-OFF DATE BALANCE/SF $ 156 CUT-OFF DATE LTV 63.8% MATURITY DATE LTV 63.8% UW DSCR ON NCF 1.59x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Yuma, AZ PROPERTY TYPE Retail - Anchored SIZE (SF) 400,141 OCCUPANCY AS OF MAY 31, 2006 97.9% YEAR BUILT / YEAR RENOVATED 2004 / NA APPRAISED VALUE $98,000,000 PROPERTY MANAGEMENT Inland Continental Property Management Corp. UW ECONOMIC OCCUPANCY 95.2% UW REVENUES $8,444,699 UW TOTAL EXPENSES $2,749,809 UW NET OPERATING INCOME (NOI) $5,694,890 UW NET CASH FLOW (NCF) $5,431,769 - -------------------------------------------------------------------------------- * Tax and insurance reserves will be required in the event the borrower fails to provide evidence that taxes have been paid and that the related Mortgaged Property is insured. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 79 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- TENANT SUMMARY % OF % OF ANNUAL ANNUAL RATINGS(1) NET RENTABLE NET RENTABLE BASE RENT BASE BASE LEASE TENANTS MOODY'S/S&P/FITCH AREA (SF) AREA PSF RENT RENT EXPIRATION - ------------------------------------ ----------------- ------------ ------------ --------- ---------- ------ -------------- ANCHOR TENANTS - NOT PART OF NOT PART OF COLLATERAL COLLATERAL NOT PART OF COLLATERAL JC Penney ....................... Baa3/BBB-/BBB- NOT PART OF COLLATERAL Dillard's ....................... B3/BB/BB- NOT PART OF COLLATERAL Target .......................... A2/A+/A+ NOT PART OF COLLATERAL Kohl's .......................... A3/BBB+/A Sam's Club ...................... Aa2/AA/AA TOTAL ANCHOR - NOT PART OF COLLATERAL ......................... ANCHOR TENANTS - COLLATERAL ........ Harkins Yuma Palms .............. NR/NR/NR 63,255 15.8% $13.00 $ 822,315 13.3% January 2020 Sports Authority ................ NR/B/NR 34,947 8.7 $11.97 418,404 6.7 January 2016 Marshall's ...................... A3/A/NR 28,500 7.1 $ 9.40 267,900 4.3 September 2014 Jo-Ann Fabrics .................. B1/B-/NR 25,000 6.2 $12.50 312,500 5.0 January 2016 TOTAL ANCHOR TENANTS - COLLATERAL .. --------- ----- ---------- ----- TOP 5 NON-ANCHOR TENANTS ........... 151,702 37.9% $12.00 $1,821,119 29.4% Ross ............................ NR/BBB/NR 29,983 7.5% $11.25 $ 337,309 5.4% January 2015 Linens 'n Things ................ B3/B/B- 24,943 6.2 $13.25 330,495 5.3 January 2015 Best Buy ........................ Baa2/BBB/BBB+ 19,792 4.9 $12.00 237,504 3.8 January 2015 PETsMART ........................ NR/BB/NR 19,184 4.8 $12.00 230,208 3.7 January 2020 Old Navy ........................ Baa3/BBB-/BBB- 14,800 3.7 $12.50 185,000 3.0 April 2010 --------- ----- ---------- ----- TOTAL TOP 5 NON-ANCHOR TENANTS ..... 108,702 27.2% $12.15 $1,320,516 21.3% NON-MAJOR TENANTS .................. 131,159 32.8 $23.35 3,063,023 49.4 --------- ----- ---------- ----- OCCUPIED COLLATERAL TOTAL .......... 391,563 97.9% $15.85 $6,204,658 100.0% ========== ===== VACANT SPACE ....................... 8,578 2.1 --------- ----- COLLATERAL TOTAL ................... 400,141 100.0% ========= ===== PROPERTY TOTAL ..................... 1,050,006(2) ========= (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Property total square footage was derived from the appraisal dated April 11, 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 80 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % % OF BASE CUMULATIVE % OF YEAR EXPIRING EXPIRING EXPIRING SF EXPIRING* OF SF ROLLING* RENT ROLLING* BASE RENT ROLLING* - ---------- ----------- --------------- -------- ------------ -------------- ------------- ------------------ 2006 1 $ 0.00 2,260 0.6% 0.6% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.6% 0.0% 0.0% 2008 0 $ 0.00 0 0.0% 0.6% 0.0% 0.0% 2009 2 $18.98 10,035 2.5% 3.1% 3.1% 3.1% 2010 19 $21.91 46,712 11.7% 14.7% 16.5% 19.6% 2011 4 $24.62 11,166 2.8% 17.5% 4.4% 24.0% 2012 1 $21.00 5,490 1.4% 18.9% 1.9% 25.9% 2013 0 $ 0.00 0 0.0% 18.9% 0.0% 25.9% 2014 9 $15.81 45,618 11.4% 30.3% 11.6% 37.5% 2015 13 $15.17 103,459 25.9% 56.2% 25.3% 62.8% 2016 6 $14.56 81,541 20.4% 76.5% 19.1% 81.9% Thereafter 4 $13.16 85,282 21.3% 97.9% 18.1% 100.0% Vacant 0 NA 8,578 2.1% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 81 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- YUMA PALMS REGIONAL CENTER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Yuma Palms Regional Center Loan") is secured by a first mortgage encumbering an anchored retail center located in Yuma, Arizona. The Yuma Palms Regional Center Loan represents approximately 2.0% of the Cut-Off Date Pool Balance. The Yuma Palms Regional Center Loan was originated on June 13, 2006 and has a principal balance as of the Cut-Off Date of $62,530,000. The Yuma Palms Regional Center Loan provides for interest-only payments for the entire loan term. The Yuma Palms Regional Center Loan has a remaining term of 119 months and matures on July 11, 2016. The Yuma Palms Regional Center Loan may be prepaid with the payment of a yield maintenance premium on or after the date that is the eleventh (11th) day of the calendar month occurring after the date which is three (3) years following the start-up day, and may be prepaid without prepayment penalty or payment of a yield maintenance premium on or after April 11, 2016. o THE BORROWER. The borrower is Yuma Palms 1031, L.L.C., a special purpose Delaware limited liability company. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Yuma Palms Regional Center Loan. The sponsor of the borrower is Inland Real Estate Investment Corporation ("IREIC"). IREIC is a wholly owned subsidiary of the Inland Group, Inc. IREIC syndicates limited partnerships and real estate investment trusts that acquire real estate and invest in mortgage loans. As of June 30, 2005, IREIC and its wholly owned subsidiaries, some of which include Inland Real Estate Exchange Corporation ("IREX"), Inland Western Retail Real Estate Advisory Services, Inc. and Inland Retail Real Estate Advisory Service, Inc., had a total stockholder's equity of $113,395,687, with liquidity of $44,222,445. Inland-sponsored companies have more than 100 million square feet under management and have managed assets in excess of $16.5 billion. o THE PROPERTY. The Mortgaged Property is an approximate 400,141 square foot anchored retail building situated on approximately 65.2 acres. The Mortgaged Property, located in Yuma, Arizona, was constructed in 2004. As of May 31, 2006, the occupancy rate for the Mortgaged Property securing the Yuma Palms Regional Center Loan was approximately 97.9%. The Mortgaged Property is part of the 1,050,006 square foot Yuma Palms open air regional shopping center ("Yuma Palms Regional Center"). Yuma Palms Regional Center is the largest commercial development in Yuma County's history and is a distinctive, high quality shopping environment in the Southwest quadrant of Arizona. Additionally, the Mortgaged Property is shadow-anchored by JC Penney, Dillard's, Target, Kohl's and Sam's Club. The largest tenant at the Mortgage Property is Harkins Yuma Palms ("Harkins"), occupying approximately 63,255 square feet, or approximately 15.8% of the net rentable area. Established in 1933 as Arizona's first movie house, Harkins currently has over 300 screens. The Harkins lease expires in January 2020. The second largest tenant at the Mortgage Property is the Sports Authority ("Sports Authority"), occupying approximately 34,947 square feet, or approximately 8.7% of the net rentable area. Sports Authority, headquartered in Englewood, CO, is a full-line sporting goods retailer offering a comprehensive assortment of brand name sporting apparel and equipment. As of April 29, 2006, Sports Authority operated 402 stores in 45 states under Sports Authority and Gart Sports names. The Sports Authority lease expires in January 2016. The third largest tenant at the Mortgage Property is Ross Stores ("Ross Stores"), occupying approximately 29,983 square feet, or approximately 7.5% of the net rentable area. Ross Stores, Inc., a Fortune 500 and Nasdaq 100 (ROST) company headquartered in Pleasanton, California, is the nation's second largest off-price company with fiscal 2005 revenues of $4.9 billion. As of January 28, 2006, Ross Stores, Inc. operated 714 stores in 26 states and Guam. As of July 23, 2006, Ross Stores was rated "BBB" (S&P). o MEZZANINE DEBT. There is $8,000,000 of existing mezzanine financing provided by Nomura. The mezzanine loan is not an asset of the Trust Fund and is secured by a pledge of the equity interest in the borrower. The mezzanine loan is subject to the terms and an intercreditor agreement. o MANAGEMENT. Inland Continental Property Management Corp., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Yuma Palms Regional Center Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 82 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 83 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PAN AM BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Nomura CUT-OFF DATE BALANCE $60,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR James C. Reynolds TYPE OF SECURITY Fee MORTGAGE RATE 6.170% MATURITY DATE August 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes TI/LC $350,000 RENT RESERVE(1) $194,446 LEASING RESERVE(2) $235,035 ENVIRONMENTAL $ 1,250 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(3) $ 31,601 TI/LC(4) Springing ADDITIONAL FINANCING(5) None CUT-OFF DATE BALANCE $60,000,000 CUT-OFF DATE BALANCE/SF $ 285 CUT-OFF DATE LTV 77.9% MATURITY DATE LTV 77.9% UW DSCR ON NCF 1.15x - -------------------------------------------------------------------------------- [PICTURE OF PAN AM BUILDING OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Honolulu, HI PROPERTY TYPE Office -- CBD SIZE (SF) 210,670 OCCUPANCY AS OF JUNE 1, 2006 94.9% YEAR BUILT / YEAR RENOVATED 1969 / 2004 APPRAISED VALUE $77,000,000 PROPERTY MANAGEMENT Shidler Hawaii Investment Partners, LLC UW ECONOMIC OCCUPANCY 95.6% UW REVENUES $7,715,232 UW TOTAL EXPENSES $3,158,298 UW NET OPERATING INCOME (NOI) $4,556,934 UW NET CASH FLOW (NCF) $4,308,270 - -------------------------------------------------------------------------------- (1) The upfront Rent Reserve of $194,446 is for Royal State Financial covering 6-month free rent period. Funds in this account will be used for shortfalls in debt service during this period. At the expiration of the free rent period on April 30, 2007, any remaining funds will be released back to the borrower. (2) The upfront Leasing Reserve of $235,035 is for tenant improvements and leasing commissions related to the Royal State Financial lease. (3) Ongoing annual replacement reserve is capped at $100,000. (4) Ongoing annual TI/LC will be waived until the Upfront TI/LC Reserve account falls below $100,000, at which point collections will commence at a rate of $100,000 annually up to a cap of $400,000 and will be replenished upon withdrawal. (5) Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 85.0%, a combined minimum DSC ratio of 1.10x and the receipt of an intercreditor and standstill agreement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 84 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- PAN AM BUILDING - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL % OF NET ANNUAL ANNUAL RATINGS(1) NET RENTABLE RENTABLE BASE RENT BASE BASE LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF RENT RENT EXPIRATION - ---------------------------------- ----------------- ------------ -------- --------- ---------- ------ ------------------ MAJOR TENANTS Royal State Financial ......... NR/NR/NR 19,991 9.5% $17.53 $ 350,431 10.1% October 2011 American Savings Bank ......... Baa2/BBB/NR 14,225 6.8 $ 7.60 108,130 3.1 Multiple Spaces(2) DTG Operations ................ NR/NR/NR 10,473 5.0 $16.07 168,280 4.8 May 2010 Fidelity National Information NR/NR/NR 10,001 4.7 $14.96 149,565 4.3 October 2007 State of Hawaii ............... Aa2/AA-/NR 9,892 4.7 $14.40 142,445 4.1 MTM ------ ----- ---------- ----- TOTAL MAJOR TENANTS ........... 64,582 30.7% $14.23 $ 918,851 26.4% NON-MAJOR TENANTS ................ 135,449 64.3 $18.89 2,558,005 73.6 ------- ----- ---------- ----- OCCUPIED TOTAL ................... 200,031 94.9% $17.38 $3,476,856 100.0% VACANT SPACE ..................... 10,639 5.1 ========== ===== ------- ----- TOTAL ............................ 210,670 100.0% ======= ===== (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 11,716 square feet expire in December 2029 and 2,509 square feet expire on a month-to-month basis. LEASE EXPIRATION SCHEDULE CUMULATIVE WA BASE CUMULATIVE % OF BASE % OF BASE # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT RENT YEAR EXPIRING EXPIRING EXPIRING SF EXPIRING* ROLLING* ROLLING* ROLLING* - ---------- ----------- -------- -------- ------------ ---------- --------- ---------- 2006 24 $18.58 26,895 12.8% 12.8% 14.4% 14.4% 2007 19 $17.92 35,187 16.7% 29.5% 18.1% 32.5% 2008 23 $17.19 29,796 14.1% 43.6% 14.7% 47.2% 2009 18 $18.24 26,978 12.8% 56.4% 14.2% 61.4% 2010 18 $18.57 33,819 16.1% 72.5% 18.1% 79.5% 2011 9 $18.02 35,640 16.9% 89.4% 18.5% 97.9% 2012 0 $ 0.00 0 0.0% 89.4% 0.0% 97.9% 2013 0 $ 0.00 0 0.0% 89.4% 0.0% 97.9% 2014 0 $ 0.00 0 0.0% 89.4% 0.0% 97.9% 2015 0 $ 0.00 0 0.0% 89.4% 0.0% 97.9% 2016 0 $ 0.00 0 0.0% 89.4% 0.0% 97.9% Thereafter 1 $ 6.15 11,716 5.6% 94.9% 2.1% 100.0% Vacant 0 NA 10,639 5.1% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 85 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- EMBASSY SUITES -- SOUTH LAKE TAHOE, CA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Nomura CUT-OFF DATE BALANCE $59,358,227 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Ken Corporation Ltd. & Roppongi-Tahoe LP TYPE OF SECURITY Fee MORTGAGE RATE 6.600% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 359 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING ANNUAL RESERVES TAX/INSURANCE Yes FF&E(1) Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $59,358,227 CUT-OFF DATE BALANCE/ROOM $ 148,396 CUT-OFF DATE LTV 74.9% MATURITY DATE LTV 64.6% UW DSCR ON NCF 1.39x - -------------------------------------------------------------------------------- [PICTURE OF EMBASSY SUITES -- SOUTH LAKE TAHOE, CA OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION South Lake Tahoe, CA PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 400 OCCUPANCY AS OF MARCH 31, 2006(2) 70.3% YEAR BUILT / YEAR RENOVATED 1991 / NA APPRAISED VALUE $79,300,000 PROPERTY MANAGEMENT Promus Hotels, Inc. UW ECONOMIC OCCUPANCY 71.0% UW REVENUES $22,506,309 UW TOTAL EXPENSES $15,291,962 UW NET OPERATING INCOME (NOI) $ 7,214,347 UW NET CASH FLOW (NCF) $ 6,314,095 - -------------------------------------------------------------------------------- (1) Greater of (i) 3.0% of gross revenues (which may be increased to 5.0% during the last 2 years of the original term of the franchise agreement if during such time any franchise inspection report is not above 90%) or (ii) the actual amount as required by the management agreement. (2) Trailing 12-month occupancy. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 86 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- EMBASSY SUITES -- SOUTH LAKE TAHOE, CA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FACILITY SUMMARY - -------------------------------------------------------------------------------- GUESTROOM MIX NO. OF ROOMS - ----------------------------------------------------------------- ------------ King ............................................................ 273 Double/Double ................................................... 123 Balcony ......................................................... 4 --- TOTAL ........................................................ 400 === MEETING/BALLROOM SPACES SQUARE FEET - ----------------------------------------------------------------- ------------ S.S. Gov. Standford ............................................. 1,053 S.S. Gov. Blaisdel .............................................. 1,053 S.S. Gov. Emerald ............................................... 1,053 S.S. Gov. Nevada ................................................ 1,053 S.S. Gov. Tallac ................................................ 1,900 S.S. Flying Cloud ............................................... 594 S.S. Niagara .................................................... 372 S.S. Meteor ..................................................... 415 S.S. Mamie ...................................................... 415 S.S. Echo ....................................................... 415 ----- TOTAL ........................................................ 8,323 ===== FOOD AND BEVERAGE SEATING - ----------------------------------------------------------------- ------------ Echo Restaurant ................................................. 45 Lounge .......................................................... 35 --- TOTAL ........................................................ 80 === OTHER AMENITIES - ----------------------------- Indoor Pool and Whirlpool Sundeck Fitness Center Gift Shop Sports Equipment Store - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL SCHEDULE - -------------------------------------------------------------------------------- YEAR .................................................. 2006 LATEST PERIOD ......................................... T 12 through 3/31/2006 OCCUPANCY ............................................. 70.3% ADR ................................................... $173.76 REVPAR ................................................ $122.18 UW OCCUPANCY .......................................... 71.0% UW ADR ................................................ $173.76 UW REVPAR ............................................. $123.37 - -------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 87 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- SIERRA HEALTH SERVICES - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $50,750,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Triple Net Properties, LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.550% MATURITY DATE August 11, 2011 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 60 / IO LOCKBOX* Springing UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE Springing ADDITIONAL FINANCING Secured Subordinate Debt $17,250,000 CUT-OFF DATE BALANCE $50,750,000 CUT-OFF DATE BALANCE/SF $ 249 CUT-OFF DATE LTV 68.3% MATURITY DATE LTV 68.3% UW DSCR ON NCF 1.74x - -------------------------------------------------------------------------------- [PICTURE OF SIERRA HEALTH SERVICES OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Las Vegas, NV PROPERTY TYPE Office -- Suburban SIZE (SF) 204,123 OCCUPANCY AS OF MAY 4, 2006 100.0% YEAR BUILT / YEAR RENOVATED 1998 / NA APPRAISED VALUE $74,300,000 PROPERTY MANAGEMENT Triple Net Properties Realty, Inc. UW ECONOMIC OCCUPANCY 100.0% UW REVENUES $ 4,984,684 UW TOTAL EXPENSES $ 49,847 UW NET OPERATING INCOME (NOI) $ 4,934,837 UW NET CASH FLOW (NCF) $ 4,900,136 - -------------------------------------------------------------------------------- * A lockbox will be required (i) upon the occurrence of an event of default, (ii) if the DSC ratio, as computed by the mortgagee, is less than 1.15x or (iii) upon failure of the mortgagor to repay outstanding subordinate debt within 180 days of July 25, 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 88 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- SIERRA HEALTH SERVICES - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET NET % OF TOTAL RATINGS* RENTABLE RENTABLE BASE RENT ANNUAL BASE ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF RENT BASE RENT EXPIRATION - --------------------------------- ----------------- --------- -------- --------- ----------- ---------- ------------ MAJOR TENANTS Sierra Health Services ....... NR/BB+/BBB- 204,123 100.0% $24.42 $4,984,684 100.0% January 2016 ------- ----- ---------- ----- TOTAL ........................ 204,123 100.0% $24.42 $4,984,684 100.0% ======= ===== ========== ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % OF CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING* ROLLING* - ------ ----------- -------- -------- ------------- ---------- --------- ----------- 2016 1 $24.42 204,123 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 89 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BEVERLY HILLS OFFICE POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $47,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR The Casden Company TYPE OF SECURITY Various PARTIAL DEFEASEANCE(1) Yes MORTGAGE RATE 7.100% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES TAX Yes TI/LC(2) $1,500,000 ONGOING ANNUAL RESERVES TAX Yes INSURANCE(3) Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $47,000,000 CUT-OFF DATE BALANCE/SF $ 225 CUT-OFF DATE LTV 79.1% MATURITY DATE LTV 79.1% UW DSCR ON NCF 1.23x - -------------------------------------------------------------------------------- [PICTURE OF BEVERLY HILLS OFFICE POOL OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 3 LOCATION Beverly Hills, CA PROPERTY TYPE Office -- Suburban SIZE (SF) 208,872 OCCUPANCY AS OF JUNE 23, 2006 100.0% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE $59,400,000 PROPERTY MANAGEMENT Casden Properties LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $ 9,756,038 UW TOTAL EXPENSES $ 5,615,586 UW NET OPERATING INCOME (NOI) $ 4,140,452 UW NET CASH FLOW (NCF) $ 4,109,121 - -------------------------------------------------------------------------------- (1) The Beverly Hills Office Pool Loan allows for the release of individual properties subject to defeasance at a premium of 125.0% of the allocated loan amounts and the remaining properties must also have a combined maximum LTV ratio of 75.0% and a combined minimum DSC ratio of 1.20x. (2) The up-front TI/LC reserve includes $1,000,000 for the re-tenanting of the La Peer space and $500,000 for general use. (3) Ongoing annual insurance reserves will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 90 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- BEVERLY HILLS OFFICE POOL - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET % OF TOTAL RATINGS NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL BASE LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT RENT EXPIRATION - ---------------------------- ----------------- ------------ -------- --------- ---------- ----------- ------------- MAJOR TENANTS International Creative Management ........... NR/NR/NR 76,229 36.5% $45.00 $3,430,305 42.0% January 2008 NAPICO .................. NR/NR/NR 39,888 19.1 $36.00 1,435,968 17.6 December 2010 Brillstein Grey ......... NR/NR/NR 22,900 11.0 $33.24 761,196 9.3 July 2009 Hochman Salkin .......... NR/NR/NR 12,731 6.1 $40.20 511,786 6.3 February 2007 Hersh Mannis & Bogen .... NR/NR/NR 9,619 4.6 $40.56 390,147 4.8 April 2009 ------ ----- ---------- ----- TOTAL MAJOR TENANTS ..... 161,367 77.3% $40.46 $6,529,402 80.0% NON-MAJOR TENANTS .......... 47,505 22.7 $34.38 1,633,430 20.0 ------- ----- ---------- ----- OCCUPIED TOTAL ............. 208,872 100.0% $39.08 $8,162,832 100.0% VACANT SPACE ............... 0 0.0 ========== ===== ------- ----- TOTAL ...................... 208,872 100.0% ======= ===== LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING* ROLLING* - ---------- ----------- --------------- -------- ------------- ------------------ -------------- --------------- 2006 6 $34.57 12,666 6.1% 6.1% 5.4% 5.4% 2007 4 $38.03 21,254 10.2% 16.2% 9.9% 15.3% 2008 2 $44.77 77,588 37.1% 53.4% 42.6% 57.8% 2009 9 $34.50 45,293 21.7% 75.1% 19.1% 77.0% 2010 3 $35.78 42,993 20.6% 95.7% 18.8% 95.8% 2011 1 $35.40 1,699 0.8% 96.5% 0.7% 96.6% 2012 0 $ 0.00 0 0.0% 96.5% 0.0% 96.6% 2013 1 $38.16 7,379 3.5% 100.0% 3.4% 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% 2016 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% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 91 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MICHIGAN MULTIFAMILY PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $46,300,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.5% NUMBER OF MORTGAGE LOANS 4 LOAN PURPOSE Acquisition SPONSOR Lightstone Holdings, LLC TYPE OF SECURITY Fee PARTIAL RELEASE* Yes MORTGAGE RATE 6.070% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $1,791,336 DEFERRED MAINTENANCE $ 50,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $ 270,984 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $46,300,000 CUT-OFF DATE BALANCE/UNIT $ 53,036 CUT-OFF DATE LTV 72.0% MATURITY DATE LTV 66.3% UW DSCR ON NCF 1.24x - -------------------------------------------------------------------------------- [PICTURE OF MICHIGAN MULTIFAMILY PORTFOLIO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 4 LOCATION Various PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 873 OCCUPANCY AS OF JUNE 22, 2006 92.8% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $64,300,000 PROPERTY MANAGEMENT Beacon Property Management Limited Liability Company UW ECONOMIC OCCUPANCY 85.0% UW REVENUES $ 8,381,042 UW TOTAL EXPENSES $ 4,020,843 UW NET OPERATING INCOME (NOI) $ 4,360,199 UW NET CASH FLOW (NCF) $ 4,141,949 - -------------------------------------------------------------------------------- * The Oak Park Manor and Springwells Park Mortgage Loans allow for release subject to (i) a premium of 105.0% of the unpaid principal balance in addition to a yield maintenace charge, (ii) a combined maximum LTV ratio of 80.0% and (iii) a combined minimum DSC ratio of 1.20x. The Stephenson House and Deerfield Woods Mortgage Loans allow for defeasance subject to (i) a minimum premium of 110.0% of the original principal balance, (ii) a combined maximum LTV ratio of 80.0% and (iii) a combined minimum DSC ratio of 1.20x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MICHIGAN MULTIFAMILY PORTFOLIO - -------------------------------------------------------------------------------- MICHIGAN MULTIFAMILY PORTFOLIO CUT-OFF CUT-OFF DATE UNDERWRITTEN APPRAISED PROPERTY PROPERTY DATE YEAR YEAR BALANCE UW NET CASH APPRAISED VALUE NAME LOCATION BALANCE BUILT RENOVATED UNITS PER UNIT OCCUPANCY* OCCUPANCY FLOW VALUE PER UNIT - ----------- ------------------- ----------- ----- --------- ----- -------- ---------- --------- ------------ ----------- --------- Oak Park Manor Oak Park, MI $17,000,000 1950 0 298 $57,047 90.3% 82.6% $1,552,546 $22,500,000 $75,503 Springwells Park Dearborn, MI 16,750,000 1939 2005 303 $55,281 92.4 83.8% 1,451,056 25,400,000 $83,828 Deerfield Woods Livonia, MI 7,550,000 1977 2005 144 $52,431 96.5 89.3% 683,110 9,800,000 $68,056 Stephenson House Madison Heights, MI 5,000,000 1969 2005 128 $39,063 95.3 88.5% 455,237 6,600,000 $51,563 ----------- --- ---------- ----------- $46,300,000 873 $53,036 92.8% 85.0% $4,141,949 $64,300,000 $73,654 =========== === ========== =========== * Occupancy date as of June 22, 2006 for all Mortgaged Properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 93 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MICHIGAN MULTIFAMILY PORTFOLIO - -------------------------------------------------------------------------------- OAK PARK MANOR APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ------------- ------------ ----------- ----------- -------- -------------- 1 BR/1 BA 69 683 47,096 17.5% $ 666 2 BR/1BA 206 950 195,700 72.6 $ 890 3 BR/1 BA 13 1,060 13,780 5.1 $ 1,115 3 BR/1.5 BA 4 1,300 5,200 1.9 $ 1,380 3 BR/2 BA 6 1,300 7,800 2.9 $ 1,280 --- ------- ----- TOTAL/AVERAGE 298 905 269,576 100.0% $862/$0.95/SF === ======= ===== SPRINGWELLS PARK APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ------------- ------------ ----------- ----------- -------- -------------- Studio 4 466 1,864 0.6% $ 645 1 BR/1BA 86 625 53,744 18.3 $ 746 2 BR/1BA 105 900 94,488 32.1 $ 955 2 BR/1.5 BA 63 1,250 78,750 26.8 $ 1,200 3 BR/1 BA 8 1,236 9,888 3.4 $ 1,308 3 BR/2.5 BA 37 1,500 55,500 18.9 $ 1,380 --- ------ ----- TOTAL/AVERAGE 303 971 294,234 100.0% $1004/$1.03/SF === ======= ===== DEERFIELD WOODS APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ------------- ------------ ----------- ----------- -------- -------------- 1 BR/1BA 72 800 57,600 42.1% $ 733 2 BR/1.5BA 71 1,100 78,100 57.1 $ 892 2 BR/2 BA 1 1,100 1,100 0.8 $ 999 --- ------- ----- TOTAL/AVERAGE 144 950 136,800 100.0% $813/$0.86/SF === ======= ===== STEPHENSON HOUSE APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ------------- ------------ ----------- ----------- -------- -------------- Studio 1 500 500 0.6% $ 580 1 BR/1BA 84 674 56,600 62.5 $ 640 2 BR/1 BA 43 779 33,497 37.0 $ 755 --- ------ ----- TOTAL/AVERAGE 128 708 90,597 100.0% $678/$0.96/SF === ====== ===== This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 94 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 95 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MONTECITO PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $45,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Montecito Market Place Associates TYPE OF SECURITY Both MORTGAGE RATE 6.090% MATURITY DATE August 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE/REPLACEMENT* Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $45,000,000 CUT-OFF DATE BALANCE/SF $ 343 CUT-OFF DATE LTV 69.2% MATURITY DATE LTV 69.2% UW DSCR ON NCF 1.29x - -------------------------------------------------------------------------------- [PICTURE OF MONTECITO PLAZA OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Rafael, CA PROPERTY TYPE Retail -- Anchored SIZE (SF) 131,018 OCCUPANCY AS OF JULY 10, 2006 100.0% YEAR BUILT / YEAR RENOVATED 1957 / 1988 APPRAISED VALUE $65,000,000 PROPERTY MANAGEMENT Seagate Properties Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $ 5,155,795 UW TOTAL EXPENSES $ 1,460,414 UW NET OPERATING INCOME (NOI) $ 3,695,382 UW NET CASH FLOW (NCF) $ 3,548,862 - -------------------------------------------------------------------------------- * Ongoing annual tax, insurance and replacement reserves will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 96 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- MONTECITO PLAZA - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - ------------------------------- ----------------- ------------ -------- --------- ---------- ---------- -------------- MAJOR TENANTS Rite Aid ................... Caa1/B+/CCC+ 17,300 13.2% $15.83 $ 273,859 8.0% May 2009 Petco ...................... NR/BB/NR 15,900 12.1 $27.00 429,300 12.5 July 2016 Trader Joe's ............... NR/NR/NR 12,989 9.9 $23.41 304,072 8.9 September 2015 Marin Co. Health and Human Services .................. NR/NR/NR 10,910 8.3 $29.64 323,372 9.4 March 2007 Silver Screen Lafranchi .... NR/NR/NR 6,000 4.6 $24.24 145,440 4.2 December 2006 ------ ----- ---------- ----- TOTAL MAJOR TENANTS ........ 63,099 48.2% $23.39 $1,476,044 43.0% NON-MAJOR TENANTS ............. 67,919 51.8 $28.75 1,952,790 57.0 ------ ----- ---------- ----- OCCUPIED TOTAL ................ 131,018 100.0% $26.17 $3,428,834 100.0% VACANT SPACE .................. 0 0 ========== ===== ------- ----- TOTAL ......................... 131,018 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % % OF BASE RENT OF ACTUAL RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* OF SF ROLLING* ROLLING* ROLLING* - ---------- ----------- -------- -------- ------------- -------------- -------------- -------------- 2006 5 $ 27.13 10,640 8.1% 8.1% 8.4% 8.4% 2007 5 $ 28.76 14,840 11.3% 19.4% 12.4% 20.9% 2008 16 $ 29.21 21,271 16.2% 35.7% 18.1% 39.0% 2009 11 $ 22.58 43,302 33.1% 68.7% 28.5% 67.5% 2010 5 $ 23.49 8,057 6.1% 74.9% 5.5% 73.0% 2011 3 $ 48.64 2,949 2.3% 77.1% 4.2% 77.2% 2012 0 $ 0.00 0 0.0% 77.1% 0.0% 77.2% 2013 0 $ 0.00 0 0.0% 77.1% 0.0% 77.2% 2014 0 $ 0.00 0 0.0% 77.1% 0.0% 77.2% 2015 2 $ 25.06 14,059 10.7% 87.9% 10.3% 87.5% 2016 1 $ 27.00 15,900 12.1% 100.0% 12.5% 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% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 97 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- AIM INVESTMENTS CORPORATE CAMPUS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $43,700,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Caplease Credit LLC TYPE OF SECURITY Fee MORTGAGE RATE 6.030% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Interest-Only ARD INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Yes UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE(1) Springing TI/LC(2) Future GUARANTY SECURITY RESERVE(3) Springing ADDITIONAL FINANCING(4) B-Note $ 3,465,000 C-Note $12,016,936 WHOLE MORTGAGE TRUST ASSET LOAN ----------- ------------ CUT-OFF DATE BALANCE $43,700,000 $59,181,936 CUT-OFF DATE BALANCE/SF $ 166 $ 224 CUT-OFF DATE LTV 62.8% 85.0% MATURITY DATE LTV 62.8% 63.6% UW DSCR ON NCF 1.63x 0.87x - -------------------------------------------------------------------------------- [PICTURE OF AIM INVESTMENTS CORPORATE CAMPUS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Denver, CO PROPERTY TYPE Office -- Suburban SIZE (SF) 263,770 OCCUPANCY AS OF JUNE 5, 2006 100.0% YEAR BUILT / YEAR RENOVATED 2001 / NA APPRAISED VALUE $69,600,000 PROPERTY MANAGEMENT Self-Managed UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $ 6,950,265 UW TOTAL EXPENSES $ 2,304,042 UW NET OPERATING INCOME (NOI) $ 4,646,223 UW NET CASH FLOW (NCF) $ 4,305,432 - -------------------------------------------------------------------------------- (1) Ongoing annual tax and insurance reserves will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (2) Commencing in August 2015, payments to the ongoing annual TI/LC reserve will be $1,600,000 and is subject to a cap of $1,600,000. (3) Ongoing annual guaranty security reserves will be required upon Amvescap PLC's obligation to deliver lease shortfall amounts and certain other amounts as described in the related Corporate Guaranty of Tenant's Obligation Under Lease, dated June 28, 2000, and executed by Amvescap PLC. (4) Future mezzanine debt is permitted if the aggregate mezzanine loan balance does not exceed the aggregate balance of the B-Note and the C-Note. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 98 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- AIM INVESTMENTS CORPORATE CAMPUS - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL RATINGS* NET RENTABLE % OF NET BASE RENT ANNUAL ANNUAL BASE LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) RENTABLE AREA PSF BASE RENT RENT EXPIRATION - -------------------------- ----------------- ------------ ------------- --------- ---------- ----------- ------------ Invesco Funds Group, Inc. A3/BBB+/BBB+ 263,770 100.0% $19.00 $5,011,630 100.0% October 2016 ------- ----- ---------- ----- TOTAL .................... 263,770 100.0% $19.00 $5,011,630 100.0% ======= ===== ========== ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE % # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF % OF BASE OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* SF ROLLING* RENT ROLLING* ROLLING* - ------ ----------- --------------- -------- ------------- --------------- ------------- ------------ 2016 1 $ 19.00 263,770 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 99 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- SHOREPARK AT RIVERLAKE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $38,800,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSORS Kennedy - Wilson, Inc. and Wachovia Development Corporation TYPE OF SECURITY Fee MORTGAGE RATE 6.300% MATURITY DATE June 11, 2011 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 58 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes RENOVATION* $2,683,214 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $83,316 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $38,800,000 CUT-OFF DATE BALANCE/UNIT $98,728 CUT-OFF DATE LTV 76.1% MATURITY DATE LTV 76.1% UW DSCR ON NCF 1.24x - -------------------------------------------------------------------------------- [PICTURE OF SHOREPARK AT RIVERLAKE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Sacramento, CA PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 393 OCCUPANCY AS OF JUNE 1, 2006 91.4% YEAR BUILT / YEAR RENOVATED 1989 / NA APPRAISED VALUE $51,000,000 PROPERTY MANAGEMENT FPI Management, Inc. UW ECONOMIC OCCUPANCY 90.3% UW REVENUES $4,906,188 UW TOTAL EXPENSES $1,794,265 UW NET OPERATING INCOME (NOI) $3,111,923 UW NET CASH FLOW (NCF) $3,028,607 - -------------------------------------------------------------------------------- * Funds escrowed at the closing of the Mortgage Loan for the planned renovation to the Mortgaged Property. Funds will be released as renovation costs are incurred. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- SHOREPARK AT RIVERLAKE - -------------------------------------------------------------------------------- UNIT MIX APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ----------------------- ------------ ----------- ----------- -------- -------------- 1 BR/1BA .............. 120 700 84,000 23.7% $ 980 2 BR/1BA .............. 112 940 105,280 29.7 $ 1,075 2 BR/2 BA ............. 113 995 112,435 31.7 $ 1,140 3 BR/2 BA ............. 48 1,100 52,800 14.9 $ 1,385 --- ------- ----- TOTAL/AVERAGE ......... 393 902 354,515 100.0% $1102/$1.22/SF === ======= ===== This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 101 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- NATIONAL BANK PLAZA - -------------------------------------------------------------------------------- LOAN INFORMATION MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $35,600,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Stephen G. Hearn TYPE OF SECURITY Fee MORTGAGE RATE 6.180% MATURITY DATE July 11, 2016 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes NOI RESERVE LOC(1) $6,055,000 TI/LC LOC(2) $500,000 ONGOING ANNUAL RESERVES TAX / INSURANCE Yes REPLACEMENT $34,602 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $35,600,000 CUT-OFF DATE BALANCE/SF $134 CUT-OFF DATE LTV 74.2% MATURITY DATE LTV 74.2% UW DSCR ON NCF 1.30x - -------------------------------------------------------------------------------- [PICTURE OF NATIONAL BANK PLAZA OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Phoenix, AZ PROPERTY TYPE Office -- Suburban SIZE (SF) 266,166 OCCUPANCY AS OF MAY 26, 2006 86.7% YEAR BUILT / YEAR RENOVATED 1980 / 1991 APPRAISED VALUE $48,000,000 PROPERTY MANAGEMENT The Hearn Company UW ECONOMIC OCCUPANCY 92.0% UW REVENUES $5,345,620 UW TOTAL EXPENSES $2,297,802 UW NET OPERATING INCOME (NOI) $3,047,818 UW NET CASH FLOW (NCF) $2,859,962 - -------------------------------------------------------------------------------- (1) A letter of credit in the amount of $6,055,000 was provided at the closing of the Mortgage Loan to be held until the Mortgaged Property produces a sustainable DSC ratio of 1.30x based upon in-place net operating income. (2) The upfront TI/LC letter of credit was provided at the closing of the Mortgage Loan for general TI/LCs during the term of the Mortgage Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 102 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- NATIONAL BANK PLAZA - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS NET RENTABLE RENTABLE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA - --------------------------------------- ----------------- ----------- -------- MAJOR TENANTS CBIZ Accounting .................... NR/NR/NR 31,345 11.8% Hammerman and Hultgren, PC ......... NR/NR/NR 15,864 6.0 Arvizu Advertising and Promotions .. NR/NR/NR 13,132 4.9 Frazer, Ryan, Goldberg, Arnold & Gittler ......................... NR/NR/NR 12,124 4.6 Ryan, Rapp and Underwood ........... NR/NR/NR 10,982 4.1 ------- ----- TOTAL MAJOR TENANTS ................ 83,447 31.4% NON-MAJOR TENANTS ..................... 147,417 55.4 ------- ----- OCCUPIED TOTAL ........................ 230,864 86.7% VACANT SPACE .......................... 35,302 13.3 ------- ----- TOTAL ................................. 266,166 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL BASE ANNUAL BASE LEASE TENANT PSF RENT RENT EXPIRATION - --------------------------------------- --------- ----------- ----------- ---------- MAJOR TENANTS CBIZ Accounting .................... $19.25 $ 603,391 13.9% April 2018 Hammerman and Hultgren, PC ......... $18.50 293,484 6.8 April 2012 Arvizu Advertising and Promotions .. $18.27 239,922 5.5 May 2012 Frazer, Ryan, Goldberg, Arnold & Gittler ......................... $18.50 224,294 5.2 May 2007 Ryan, Rapp and Underwood ........... $19.25 211,404 4.9 July 2009 ---------- ----- TOTAL MAJOR TENANTS ................. $18.84 $1,572,494 36.2% NON-MAJOR TENANTS ..................... $18.79 2,769,682 63.8 ---------- ----- OCCUPIED TOTAL ........................ $18.81 $4,342,176 100.0% ========== ===== VACANT SPACE .......................... TOTAL ................................. LEASE EXPIRATION SCHEDULE CUMULATIVE % # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* ROLLING* ROLLING RENT ROLLING* - ---------- ----------- --------------- -------- ------------- ------------------ -------------- ------------- 2006 4 $18.36 16,325 6.1% 6.1% 6.9% 6.9% 2007 8 $19.20 35,693 13.4% 19.5% 15.8% 22.7% 2008 10 $18.30 40,148 15.1% 34.6% 16.9% 39.6% 2009 5 $19.23 20,636 7.8% 42.4% 9.1% 48.7% 2010 3 $18.10 9,283 3.5% 45.9% 3.9% 52.6% 2011 2 $18.21 13,040 4.9% 50.8% 5.5% 58.1% 2012 8 $18.69 56,477 21.2% 72.0% 24.3% 82.4% 2013 2 $20.35 7,917 3.0% 75.0% 3.7% 86.1% 2014 0 $ 0.00 0 0.0% 75.0% 0.0% 86.1% 2015 0 $ 0.00 0 0.0% 75.0% 0.0% 86.1% 2016 0 $ 0.00 0 0.0% 75.0% 0.0% 86.1% Thereafter 4 $19.25 31,345 11.8% 86.7% 13.9% 100.0% Vacant 0 NA 35,302 13.3% 100.0% 0.0% 100.0% * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 103 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- VISTA POINTE APARTMENT HOMES - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $35,400,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Kennedy-Wilson Inc. TYPE OF SECURITY Fee MORTGAGE RATE 6.240% MATURITY DATE July 11, 2011 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 RENOVATION(1) $3,150,480 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(2) Future ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $35,400,000 CUT-OFF DATE BALANCE/UNIT $123,776 CUT-OFF DATE LTV 66.4% MATURITY DATE LTV 66.4% UW DSCR ON NCF 1.27x - -------------------------------------------------------------------------------- [PICTURE OF VISTA POINTE APARTMENT HOMES OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Anaheim, CA PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 286 OCCUPANCY AS OF JULY 24, 2006 91.3% YEAR BUILT / YEAR RENOVATED 1969 / 2006 APPRAISED VALUE $53,300,000 KW Multi-Family Management PROPERTY MANAGEMENT Group, Ltd. UW ECONOMIC OCCUPANCY 94.6% UW REVENUES $4,251,889 UW TOTAL EXPENSES $1,365,684 UW NET OPERATING INCOME (NOI) $2,886,205 UW NET CASH FLOW (NCF) $2,814,705 - -------------------------------------------------------------------------------- (1) Funds escrowed at the closing of the Mortgage Loan for the planned renovation to the Mortgaged Property. Funds will be released as renovation costs are incurred. (2) The ongoing annual replacement reserve will be $44,902, commencing in August 2009. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 104 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- VISTA POINTE APARTMENT HOMES - -------------------------------------------------------------------------------- UNIT MIX APPROXIMATE UNIT SIZE APPROXIMATE UNIT MIX NO. OF UNITS (SF) NRA (SF) % OF NRA MARKET RENT - ----------------------- ------------ ----------- ----------- -------- --------------- 1 BR/1 BA ............. 174 712 123,888 51.3% $ 1,185 2 BR/2 BA ............. 112 1,050 117,600 48.7 $ 1,597 --- ------- ----- TOTAL/AVERAGE ......... 286 844 241,488 100.0% $1,346/$1.59/SF === ======= ===== This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 105 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o GENERAL. For a detailed presentation of certain characteristics of the Mortgage Loans and Mortgaged Properties, on an individual basis and in tabular format, see Annex A-1 to the Prospectus Supplement. See Annex A-2 to the Prospectus Supplement for certain information regarding multifamily Mortgaged Properties. See Annex A-3 to the Prospectus Supplement for certain information with respect to capital improvement, replacement and tenant improvement reserve accounts. See Annex A-4 to the Prospectus Supplement for certain information relating to the commercial tenants at the Mortgaged Properties. See Annex A-5 to the Prospectus Supplement for certain information relating to cross-collateralized and cross-defaulted Mortgage Loans. SIGNIFICANT SPONSOR CONCENTRATION # OF LOANS/ MORTGAGED AGGREGATE CUT-OFF SPONSOR PROPERTIES LOAN NUMBERS DATE BALANCE - ------------------------------------ ----------- ------------------ ----------------- Lightstone Holdings, LLC ........... 5 / 7 2, 50, 51, 92, 111 $196,300,000 Beacon Capital Strategic Partners IV, L.P. ........................ 1 / 1 1 $163,600,000 Robert L. Johnson .................. 2 / 44 5, 97 $152,907,500 Parkway Properties, Inc. ........... 1 / 1 3 $148,500,000 Bluelinx Holdings Inc. ............. 1 / 58 4 $147,500,000 Jacob Chetrit, Edward Minskoff, Joseph Moinian .................. 1 / 1 6 $137,314,250 % OF CUT-OFF WEIGHTED WEIGHTED WEIGHTED DATE POOL AVERAGE CUT-OFF AVERAGE UW AVERAGE SPONSOR BALANCE DATE LTV DSCR ON NCF MORTGAGE RATE - ------------------------------------ ------------ --------------- ----------- ------------- Lightstone Holdings, LLC ........... 6.4% 76.1% 1.21x 5.860% Beacon Capital Strategic Partners IV, L.P. ........................ 5.3% 62.9% 1.82x 5.914% Robert L. Johnson .................. 5.0% 69.0% 1.37x 6.294% Parkway Properties, Inc. ........... 4.8% 72.6% 1.20x 6.290% Bluelinx Holdings Inc. ............. 4.8% 79.2% 1.24x 6.350% Jacob Chetrit, Edward Minskoff, Joseph Moinian .................. 4.5% 68.7% 1.17x 5.706% o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. Five groups of Mortgage Loans, representing approximately 3.1% of the Cut-Off Date Pool Balance, are cross-collateralized and/or cross-defaulted with one or more Mortgage Loans in the Mortgage Pool as indicated in Annex A-5 to the Prospectus Supplement. As of the Closing Date, no Mortgage Loan (other than the Co-Lender Loans described on the next page) will be cross-collateralized or cross-defaulted with any loan that is not included in the Mortgage Pool. The Master Servicer or the Special Servicer, as the case may be, will determine whether to enforce the cross-default and/or cross-collateralization rights upon a Mortgage Loan default with respect to any of these Mortgage Loans. The Certificateholders will not have any right to participate in or control any such determination. No other Mortgage Loans are subject to cross-collateralization or cross-default provisions. This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 106 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-C27 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o SUBORDINATE FINANCING. EXISTING SUBORDINATE FINANCING % OF CUT-OFF DATE EXISTING SUBORDINATE FINANCING # OF LOANS LOAN NUMBERS POOL BALANCE - ------------------------------------------------------------ ---------- ------------------------------- ----------------- Secured by Mortgaged Property .............................. 8 13, 44, 47, 53, 66, 75, 77, 79 4.8% Mezzanine Debt Secured by Ownership interests in Borrower .. 9 3, 6, 9, 10, 23, 28, 46, 54, 71 16.5% Unsecured Debt ............................................. 1 57 0.5% FUTURE SUBORDINATE FINANCING % OF CUT-OFF DATE FUTURE SUBORDINATE FINANCING # OF LOANS LOAN NUMBERS POOL BALANCE - ------------------------------------------------------ ---------- --------------------------------------- ----------------- Secured by Mortgaged Property or Borrower interests .. 1 160 0.04% Secured by Borrower interests and Unsecured Debt ..... 2 8, 36 3.1% 1, 3, 5, 9, 11, 16, 21, 23, 28, 39, 45, 46, 49, 52, 54, 56, 68, 70, 90, 97, 98, 107, 131, 136, 145, 150, 154, Secured by Borrower interests ........................ 33 155, 156, 157, 159, 161, 162 29.2% See "RISK FACTORS--Additional Debt on Some Mortgage Loans Creates Additional Risks" in the Prospectus Supplement. SUBORDINATE COMPANION LOANS CUT-OFF DATE CUT-OFF DATE % OF CUT-OFF SUBORDINATE PRINCIPAL DATE POOL COMPANION MORTGAGE LOAN LOAN NUMBER BALANCE BALANCE LOAN BALANCE PRIMARY SERVICER - -------------------------------- ----------- ------------ ------------ ------------ ---------------- One Financial Place ............ 1 $163,600,000 5.3% $25,000,000 Wachovia Bank Prime Outlets Pool II .......... 2 $150,000,000 4.9% $17,000,000 Wachovia Bank 500-512 Seventh Avenue ......... 6 $137,314,250 4.5% $24,975,048 Wachovia Bank AIM Investments Corporate Campus ....................... 16 $ 43,700,000 1.4% $15,481,936 Wachovia Bank Lakeridge Apartments ........... 69 $ 11,940,786 0.4% $ 800,000 Wachovia Bank PARI PASSU LOAN CUT-OFF DATE % OF CUT-OFF DATE % OF PARI PASSU CONTROLLING MORTGAGE LOAN LOAN NUMBER PRINCIPAL BALANCE POOL BALANCE DEBT TRANSACTION - -------------------------------- ----------- ----------------- ----------------- --------------- -------------- Prime Outlets Pool II .......... 2 $150,000,000 4.9% 50% WBCMT 2006-C26 BlueLinx Holdings Pool ......... 4 $147,500,000 4.8% 50% WBCMT 2006-C27 RLJ Hotel Pool ................. 5 $146,092,500 4.7% 29% WBCMT 2006-C27 500-512 Seventh Avenue ......... 6 $137,314,250 4.5% 50% WBCMT 2006-C27 This material is for your private information, and none of Wachovia Capital Markets, LLC, Nomura Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES NOMURA CITIGROUP CREDIT SUISSE GOLDMAN, SACHS & CO. LASALLE FINANCIAL SERVICES, INC. 107
Wells Fargo Commercial Mortgage Securities
Filed: 1 Aug 06, 12:00am