SUBJECT TO CHANGE All information in this Term Sheet, whether regarding the assets backing any securities discussed here or otherwise, will be superseded by the information contained in the final prospectus for any securities actually sold to you. STRUCTURAL AND COLLATERAL TERM SHEET $3,379,890,000 (APPROXIMATE) WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC. DEPOSITOR WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES CLASSES A-1, A-2, A-3FL, A-3FX, A-4, A-5, A-6, A-PB, A-7, A-1A, A-MFL, A-MFX, A-J, B, C AND D - -------------------------------------------------------------------------------- SERIES 2005-C20 - -------------------------------------------------------------------------------- JULY 2005 Mortgage Loan Sellers WACHOVIA BANK, NATIONAL ASSOCIATION ARTESIA MORTGAGE CAPITAL CORPORATION CWCAPITAL LLC Master Servicer WACHOVIA BANK, NATIONAL ASSOCIATION Special Servicer CWCAPITAL ASSET MANAGEMENT LLC [WACHOVIA SECURITIES LOGO] DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. TABLE OF CONTENTS Transaction Structure Transaction Terms ........................................................ 3 Structure Overview ....................................................... 10 Structure Schematic ...................................................... 12 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics .................................................. 13 Property Type ............................................................ 14 Property Location ........................................................ 15 Cut-Off Date Balance ..................................................... 16 Mortgage Rate ............................................................ 16 Underwritten Debt Service Coverage Ratio ................................. 16 Cut-Off Date Loan-to-Value Ratio ......................................... 16 Maturity Date or ARD Loan-to-Value Ratio ................................. 16 Original Term to Maturity or ARD ......................................... 17 Remaining Term to Maturity or ARD ........................................ 17 Original Amortization Term ............................................... 17 Remaining Stated Amortization Term ....................................... 17 Seasoning ................................................................ 17 Prepayment Provisions Summary ............................................ 17 Prepayment Provision Based on Outstanding Principal Balance .............. 18 Group 1 Prepayment Provision Based on Outstanding Principal Balance ...... 19 Group 2 Prepayment Provision Based on Outstanding Principal Balance ...... 20 Twenty Largest Mortgage Loans ............................................. 21 AmericasMart ............................................................. 23 NGP Rubicon GSA Pool ..................................................... 29 1000 & 1100 Wilson ....................................................... 37 60 Hudson Street ......................................................... 43 Macon & Burlington Mall Pool ............................................. 49 Millennium Park Plaza .................................................... 59 200 Public Square ........................................................ 65 Extra Space Portfolio .................................................... 71 Prentiss Pool ............................................................ 77 1701 North Fort Myer ..................................................... 83 The Forum at Carlsbad .................................................... 89 1101 Wilson .............................................................. 91 Marriott-Los Angeles, CA ................................................. 93 1400 Key & 1401 Wilson ................................................... 95 Westfield San Francisco Centre ........................................... 97 101 Avenue of the Americas ............................................... 99 Renaissance Worthington Hotel ............................................ 101 1501 & 1515 Wilson ....................................................... 103 U-Haul Portfolio ......................................................... 105 Evansville Pavilion ...................................................... 107 Additional Mortgage Loan Information ...................................... 109 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION STRUCTURE - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PRELIMINARY PROSPECTUS SUPPLEMENT DATED JULY 28, 2005. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-3FL, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB, Class A-7, Class A-1A, Class A-MFL, Class A-MFX, Class A-J, Class B, Class C and Class D Certificates (the "Offered Certificates") are offered publicly. All other Certificates will be privately placed to qualified institutional buyers or to institutional accredited investors. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is August 11, 2005, with respect to 169 Mortgage Loans, August 1, 2005, with respect to 37 Mortgage Loans, August 6, 2005 with respect to 1 Mortgage Loan, August 7, 2005, with respect to 1 Mortgage Loan and August 10, 2005, with respect to 1 Mortgage Loan. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 209 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $3,663,837,892 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 385 properties (the "Mortgaged Properties") located throughout 44 states and the District of Columbia. The Mortgage Pool will be deemed to consist of 2 loan groups ("Loan Group 1" and "Loan Group 2", and collectively, the "Loan Groups"). Loan Group 1 will consist of (i) all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily properties and (ii) 2 Mortgage Loans that are secured by multifamily properties. Loan Group 1 is expected to consist of 178 Mortgage Loans, with an aggregate principal balance as of the Cut-Off Date of $3,344,954,610 (the "Cut-Off Date Group 1 Balance"). Loan Group 2 will consist of 31 Mortgage Loans that are secured by multifamily properties, with an aggregate principal balance as of the Cut-Off Date of $318,883,282 (the "Cut-Off Date Group 2 Balance", and collectively with the Cut-Off Date Group 1 Balance, the "Cut-Off Date Pool Balance"). DEPOSITOR Wachovia Commercial Mortgage Securities, Inc. MORTGAGE LOAN SELLERS Wachovia Bank, National Association, Artesia Mortgage Capital Corporation and CWCapital LLC <TABLE> NUMBER OF AGGREGATE PERCENTAGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE MORTGAGE LOAN SELLER LOANS BALANCE POOL BALANCE - ---------------------------------------- ----------- ----------------- -------------- Wachovia Bank, National Association 135 $2,937,164,689 80.2% Artesia Mortgage Capital Corporation 37 405,073,522 11.1 CWCapital LLC 37 321,599,681 8.8 --- -------------- ----- 209 $3,663,837,892 100.0% === ============== ===== </TABLE> This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 3 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- UNDERWRITERS Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, 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. TRUSTEE LaSalle Bank National Association FISCAL AGENT ABN AMRO Bank N.V. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER CWCapital Asset Management LLC A-3FL AND A-MFL SWAP Wachovia Bank, National Association COUNTERPARTY RATING AGENCIES Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P"); Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc. ("Fitch"). DENOMINATIONS $10,000 minimum for Offered Certificates. CLOSING DATE On or about August 23, 2005. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in September 2005. DETERMINATION DATE The 11th day of each month, or if such 11th day is not a business day, the next succeeding business day, commencing, with respect to the Offered Certificates, in September 2005. INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance of such Class. The fixed interest payments on the Class A-3FL Regular Interest and the Class A-MFL Regular Interest will be converted under the related swap contracts to floating rate interest payments to the Class A-3FL Certificates and the Class A-MFL Certificates, respectively, as described in the preliminary prospectus supplement. Interest will be distributed on each Distribution Date in sequential order of Class designations with the Class A-1, Class A-2, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB, Class A-7, Class A-1A, Class X-C and X-P Certificates and the Class A-3FL Regular Interest ranking pari passu in entitlement to interest. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 4 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- The Offered Certificates (other than the Class A-3FL Certificates and the Class A-MFL Certificates), the Class A-3FL Regular Interest and the Class A-MFL Regular Interest will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. The Class A-3FL Certificates and the Class A-MFL Certificates will accrue interest on the basis of a 360-day year and the actual number of days in the related interest accrual period, provided that if the pass-through rate converts to a fixed rate, the Class A-3FL Certificates and the Class A-MFL Certificates will accrue interest on the same basis as the Class A-3FL Regular Interest and the Class A-MFL Regular Interest, respectively. The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates (other than the Class A-3FL Certificates and the Class A-MFL Certificates), the Class A-3FL Regular Interest and the Class A-MFL Regular Interest is the calendar month preceding the month in which the Distribution Date occurs. The interest accrual period with respect to the Class A-3FL Certificates and the Class A-MFL Certificates is the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or, in the case of the first Distribution Date, the Closing Date) to but including the related Distribution Date. PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution Date in accordance with the priorities set forth in "DESCRIPTION OF THE CERTIFICATES--Distributions" in the preliminary prospectus supplement. Generally, the Class A-1, Class A-2, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB and the Class A-7 Certificates and the Class A-3FL Regular Interest will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-7 Certificates has been reduced to zero. If, due to losses, the Certificate Balances of the Class A-MFX Certificates and the Class A-MFL Regular Interest and Class A-J through Class P Certificates are reduced to zero, but any two or more of the the Class A-1, Class A-2, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB, Class A-7 and the Class A-1A Certificates and the Class A-3FL Regular Interest remain outstanding, payments of principal (other than distributions of principal otherwise allocable to reduce the Certificate Balance of the Class A-PB Certificates to their planned principal amount) to the Class A-1, Class A-2, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB, Class A-7 and Class A-1A Certificates and the Class A-3FL Regular Interest will be made on a pro rata basis. The Class X-C and Class X-P Certificates will not be entitled to distributions of principal. LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B and Class A-J Certificates, in that order, and then, pro rata to the Class A-MFX Certificates and the Class A-MFL Regular Interest (and therefore to the Class A-MFL Certificates), and then, pro rata, to the Class A-1, Class A-2, Class A-3FX, Class A-4, Class A-5, Class A-6, Class A-PB, Class A-7 and Class A-1A Certificates and the Class A-3FL Regular Interest (and therefore to the Class A-3FL Certificates). This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 5 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- PREPAYMENT PREMIUMS Any Prepayment Premiums or Yield Maintenance Charges AND YIELD MAINTENANCE actually collected on a Mortgage Loan during the CHARGES related collection period in which the prepayment occurred will be distributed to Certificateholders on the related Distribution Date following the collection period in which the prepayment occurred. On each Distribution Date, the holders of each Class of Offered Certificates (other than the Class A-3FL Certificates and the Class A-MFL Certificates), the Class A-3FL Regular Interest, the Class A-MFL Regular Interest and the Class E, Class F, Class G and Class H Certificates then entitled to principal distributions will be entitled to a portion of Prepayment Premiums or Yield Maintenance Charges equal to the product of (a) the amount of such Prepayment Premiums or Yield Maintenance Charges, multiplied by (b) a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate of such Class of Certificates over the relevant Discount Rate, and the denominator of which is equal to the excess, if any, of the Mortgage Rate of the prepaid Mortgage Loan over the relevant Discount Rate, multiplied by (c) a fraction, the numerator of which is equal to the amount of principal distributable on such Class of Certificates on such Distribution Date, and the denominator of which is the Principal Distribution Amount for such Distribution Date. So long as the Class A-3FL pass-through rate has not been converted to a fixed interest rate, any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-3FL Regular Interest will be paid to the Class A-3FL Swap Counterparty. If the Class A-3FL pass-through rate has been converted to the fixed interest rate, the holders of the Class A-3FL Certificates will be entitled to any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-3FL Regular Interest. Similarly, so long as the Class A-MFL pass-through rate has not been converted to the fixed interest rate, any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-MFL Regular Interest will be paid to the Class A-MFL Swap Counterparty. If the Class A-MFL pass-through rate has been converted to the fixed interest rate, the holders of the Class A-MFL Certificates will be entitled to any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-MFL Regular Interest. The portion, if any, of the Prepayment Premiums or Yield Maintenance Charges remaining after any payments described above will be distributed as follows: (a) on or before the Distribution Date in August 2012, 40% to the holders of the Class X-P Certificates and 60% to the holders of the Class X-C Certificates and (b) thereafter, 100% to the holders of the Class X-C Certificates. NON-SERVICED LOANS The AmericasMart Loan, 101 Avenue of the Americas Loan and the U-Haul Portfolio Loans will be serviced pursuant to the pooling and servicing agreements relating to other transactions. See "SERVICING OF THE MORTGAGE LOANS--Servicing of the AmericasMart Loan, the 101 Avenue of the Americas Loan and the U-Haul Portfolio Loan" in the preliminary prospectus supplement. ADVANCES The Master Servicer, and if the Master Servicer fails to do so, the Trustee and if the Trustee fails to do so, the Fiscal Agent, will be obligated to make P&I Advances and Servicing Advances including delinquent property taxes and insurance, on the Mortgage Loans (other than the AmericasMart Loan), but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to Appraisal Reductions that may occur. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 6 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- APPRAISAL REDUCTIONS An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a Required Appraisal Loan (plus other amounts overdue or advanced in connection with such loan) exceeds 90% of the appraised value of the related Mortgaged Property plus all escrows and reserves (including letters of credit) held with respect to the Mortgage Loan. As a result of calculating an Appraisal Reduction Amount for a given Mortgage Loan, the P&I Advance for such loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Subordinate Certificates in reverse order of priority of the Classes. An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed. 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, that if no Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest alphabetical Class designation. CONTROLLING CLASS With respect to the Mortgage Loans, the representative REPRESENTATIVE appointed by the holder of the majority of the Class Principal Balance of the Controlling Class. In addition, the holders of the Companion Loans may have the ability to exercise some or all of the rights of the Controlling Class and the Controlling Class Representative. See "SERVICING OF THE MORTGAGE LOANS--The Controlling Class Representative" and "--Servicing of the AmericasMart Loan, the 101 Avenue of the Americas Loan and the U-Haul Portfolio Loan" in the preliminary prospectus supplement for more information. ERISA The Offered Certificates are expected to be ERISA eligible. SMMEA The Offered Certificates are not expected to be "mortgage-related securities" for the purposes of SMMEA. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 7 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- TAX The Offered Certificates (except for the Class A-3FL Certificates and the Class A-MFL Certificates), the Class A-3FL Regular Interest and the Class A-MFL Regular Interest will be treated as regular interests in a REMIC, and with respect to the Class A-3FL Certificates and the Class A-MFL Certificates, as an undivided interest in a grantor trust which owns all the beneficial interest in the related swap contract and the applicable REMIC regular interest. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 8 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- WACHOVIA CAPITAL MARKETS, LLC William Cohane (704) 374-6161 (Phone) (704) 715-0066 (Fax) Scott Fuller (704) 715-8440 (Phone) (704) 715-1214 (Fax) Bill White (704) 715-8440 (Phone) (704) 715-1214 (Fax) Chris Campbell (704) 715-8440 (Phone) (704) 715-1214 (Fax) DEUTSCHE BANK SECURITIES INC. GOLDMAN, SACHS & CO. Scott Waynebern Scott Wisenbaker (212) 250-5149 (Phone) (212) 902-2858 (Phone) (212) 797-5630 (Fax) (212) 902-1691 (Fax) Heath Forusz Mitch Resnick (212) 250-5149 (Phone) +44-20-7774-3068 (Phone) (212) 797-5630 (Fax) +44-20-7552-0990 (Fax) Omar Chaudhary +81-3-6437-7198 (Phone) +81-3-6437-1200 (Fax) MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NOMURA SECURITIES INTERNATIONAL, INC. John Mulligan Phillip Evanski (212) 449-3860 (Phone) (212) 667-2485 (Phone) (212) 738-1491 (Fax) (646) 587-8986 (Fax) Max Baker Matt Borstein (212) 449-3860 (Phone) (212) 667-2485 (Phone) (212) 738-1491 (Fax) (646) 587-8944 (Fax) Glenn Thaler Joseph Allen (212) 449-4004 (Phone) (212) 667-2485 (Phone) (212) 449-3658 (Fax) (646) 587-1000 (Fax) This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 9 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES <TABLE> APPROX. EXPECTED RATINGS % OF ASSUMED ------------------------ CUT-OFF DATE APPROX. WEIGHTED FINAL CERTIFICATE POOL CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S FITCH BALANCE(1) BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ------------------------------------------------------------------------------------------------------------------------------------ A-1 AAA Aaa AAA $ 85,000,000 2.320% 30.000% 2.88 09/05-06/10 06/15/10 Fixed A-2 AAA Aaa AAA $148,096,000 4.042% 30.000% 4.88 06/10-07/10 07/15/10 Fixed A-3FL(3) AAA Aaa AAA $179,875,000 4.909% 30.000% 4.89 07/10-07/10 07/15/10 Floating A-3FX AAA Aaa AAA $179,875,000 4.909% 30.000% 4.89 07/10-07/10 07/15/10 Fixed A-4 AAA Aaa AAA $225,000,000 6.141% 30.000% 4.93 07/10-08/10 08/15/10 Fixed A-5 AAA Aaa AAA $121,177,000 3.307% 30.000% 6.08 07/11-12/11 12/15/11 Fixed A-6 AAA Aaa AAA $268,951,000 7.341% 30.000% 6.90 07/12-08/12 08/15/12 Fixed A-PB AAA Aaa AAA $175,888,000 4.801% 30.000% 7.45 08/10-04/15 04/15/15 Fixed A-7 AAA Aaa AAA $861,941,000 23.526% 30.000% 9.80 04/15-07/15 07/15/15 Fixed(4) A-1A AAA Aaa AAA $318,883,000 8.704% 30.000% 8.90 09/05-07/15 07/15/15 Fixed(4) A-MFL(5) AAA Aaa AAA $183,192,000 5.000% 20.000% 9.89 07/15-07/15 07/15/15 Floating A-MFX AAA Aaa AAA $183,192,000 5.000% 20.000% 9.89 07/15-07/15 07/15/15 Fixed(4) A-J AAA Aaa AAA $274,788,000 7.500% 12.500% 9.89 07/15-07/15 07/15/15 Fixed(4) B AA Aa2 AA $ 77,856,000 2.125% 10.375% 9.96 07/15-08/15 08/15/15 Fixed(4) C AA- Aa3 AA- $ 27,479,000 0.750% 9.625% 9.98 08/15-08/15 08/15/15 Fixed(4) D A A2 A $ 68,697,000 1.875% 7.750% 9.98 08/15-08/15 08/15/15 WAC(6) </TABLE> NON-OFFERED CERTIFICATES <TABLE> APPROX. EXPECTED RATINGS % OF ASSUMED ------------------------- CUT-OFF DATE APPROX. WEIGHTED FINAL CERTIFICATE POOL CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S FITCH BALANCE(1) BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ------------------------------------------------------------------------------------------------------------------------------------ E(7) A- A3 A- $ 41,218,000 1.125% 6.625% (7) (7) (7) WAC(8) F(7) BBB+ Baa1 BBB+ $ 41,218,000 1.125% 5.500% (7) (7) (7) WAC(8) G(7) BBB Baa2 BBB $ 32,059,000 0.875% 4.625% (7) (7) (7) WAC(8) H(7) BBB- Baa3 BBB- $ 41,218,000 1.125% 3.500% (7) (7) (7) WAC(8) J(7) BB+ NR BB+ $ 22,899,000 0.625% 2.875% (7) (7) (7) Fixed(4) K(7) BB NR BB $ 13,739,000 0.375% 2.500% (7) (7) (7) Fixed(4) L(7) BB- NR BB- $ 13,739,000 0.375% 2.125% (7) (7) (7) Fixed(4) M(7) B+ NR B+ $ 9,160,000 0.250% 1.875% (7) (7) (7) Fixed(4) N(7) B NR B $ 9,160,000 0.250% 1.625% (7) (7) (7) Fixed(4) O(7) B- NR B- $ 9,160,000 0.250% 1.375% (7) (7) (7) Fixed(4) P(7) NR NR NR $ 50,377,891 1.375% 0.000% (7) (7) (7) Fixed(4) X-P(7) AAA Aaa AAA $3,531,024,000(9) N/A N/A N/A N/A (7) Variable X-C(7) AAA Aaa AAA $3,663,837,891(9) N/A N/A N/A N/A (7) Variable </TABLE> (1) Subject to a permitted variance of plus or minus 5.0%. (2) As of the Cut-Off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates (or, in the case of ARD Loans, their Anticipated Repayment Dates) and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the preliminary prospectus supplement. (3) The certificate balance of the Class A-3FL Certificates will be equal to the certificate balance of the Class A-3FL Regular Interest. The pass-through rate applicable to the Class A-3FL Certificates on each distribution date will be a per annum rate equal to LIBOR plus %. In addition, under certain circumstances described in the preliminary prospectus supplement, the pass-through rate applicable to the Class A-3FL Certificates may convert to a fixed rate equal to % per annum. The initial LIBOR rate will be determined on August 19, 2005, and subsequent LIBOR rates will be determined two LIBOR business days before the start of the related interest accrual period. See "DESCRIPTION OF THE SWAP CONTRACTS--The Swap Contracts" and "DESCRIPTION OF THE CERTIFICATES--Distributions" in the preliminary prospectus supplement. The ratings assigned to the Class A-3FL Certificates only reflect the receipt of a fixed rate of interest at a rate of % per annum. See "RATINGS" in the preliminary prospectus supplement. (4) The pass-through rates applicable to the Class A-7, Class A-1A, Class A-MFX, Class A-J, Class B, Class C, Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificates for any distribution date will be subject to a maximum rate equal to the applicable weighted average net mortgage rate. (5) The certificate balance of the Class A-MFL Certificates will be equal to the certificate balance of the Class A-MFL Regular Interest. The pass-through rate applicable to the Class A-MFL Certificates on each distribution date will be a per annum rate equal to LIBOR plus %; provided that interest payments on the Class A-MFL Certificates will be reduced on each distribution date by an amount corresponding to the excess, if any, of (i) interest payments calculated on the principal balance of the Class A-MFL Certificates at % per annum over (ii) interest payments calculated at a per annum rate equal to the applicable weighted average net mortgage rate for the distribution date. In addition, under certain circumstances described in the preliminary prospectus supplement, the pass-through rate applicable to the Class A-MFL Certificates may convert to a fixed rate equal to % per annum, subject to a This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 10 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- maximum pass-through rate equal to the weighted average net mortgage rate for the related date. The initial LIBOR rate will be determined on August 19, 2005, and subsequent LIBOR rates will be determined two LIBOR business days before the start of the related interest accrual period. See "DESCRIPTION OF THE SWAP CONTRACTS--The Swap Contracts" and "DESCRIPTION OF THE CERTIFICATES--Distributions" in the preliminary prospectus supplement. The ratings assigned to the Class A-MFL Certificates only reflect the receipt of a fixed rate of interest at a rate of % per annum, subject to a maximum pass-through rate equal to the applicable weighted average net mortgage rate for the related date. See "RATINGS" in the preliminary prospectus supplement. (6) The pass-through rate applicable to the Class D Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the preliminary prospectus supplement) less % for such date. (7) Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (8) The pass-through rate applicable to the Class E, Class F, Class G and Class H Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the preliminary prospectus supplement) for such date. (9) The Class X Certificates will not have a certificate balance and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of each of the components of the Class X Certificates as described in the preliminary prospectus supplement. The interest rate applicable to the Class X Certificates for each distribution date will be described in the preliminary prospectus supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 11 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC - -------------------------------------------------------------------------------- [STRUCTURAL CHART OMITTED] <TABLE> STRUCTURAL OVERVIEW Note: Classes are not drawn to scale. - ------------------------------------------------------------------------------------------------------------------------------------ ADMINISTRATIVE FEE - ------------------------------------------------------------------------------------------------------------------------------------ Class A1-A Aaa/AAA/AAA Class A-1 Class A-2 Class A-3 Class A-3FL Class A-4 Class A-5 Class A-6 Class A-PB Class A-MFL Class A-MFX Class A-7 Class A-J AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ AAA/ Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Class B Class C Class F Class G Class H AA/ AA-/Aa3/ Class D Class E BBB+/ BBB/ BBB-/ Class J Class K Class L Class M Class N Class O Class P Aa2/AA AA- A/A2/A A-/A3/A- Baa1/BBB+ Baa2/BBB Baa3/BBB- BB+/NR/BB+ BB/NR/BB BB-/NR/BB- B+/NR/B+ B/NR/B B-/NR/B- NR X-P Certificates = AAA/Aaa/AAA X-C Certificates = AAA/Aaa/AAA </TABLE> NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 12 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- <TABLE> ALL MORTGAGE GENERAL CHARACTERISTICS LOANS LOAN GROUP 1 LOAN GROUP 2 - ------------------------------------------------------------------------------------------------------------------------------------ Number of Mortgage Loans ......................................................... 209 178 31 Number of Crossed Loan Pools ..................................................... 9 9 0 Number of Mortgaged Properties ................................................... 385 354 31 Aggregate Balance of all Mortgage Loans .......................................... $3,663,837,892 $3,344,954,610 $ 318,883,282 Number of Mortgage Loans with Balloon Payments (1) ............................... 132 104 28 Aggregate Balance of Mortgage Loans with Balloon Payments(1) ..................... $1,990,066,093 $1,730,661,693 $ 259,404,400 Number of Mortgage Loans with Anticipated Repayment Date(2) ...................... 5 5 0 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(2) ........... $ 88,748,187 $ 88,748,187 $ 0 Number of Fully Amortizing Mortgage Loans ........................................ 2 1 1 Aggregate Balance of Fully Amortizing Mortgage Loans ............................. $ 7,273,612 $ 1,494,730 $ 5,778,882 Number of Non-amortizing Mortgage Loans(3) ....................................... 70 68 2 Aggregate Balance of Non-amortizing Mortgage Loans(3) ............................ $1,577,750,000 $1,524,050,000 $ 53,700,000 Average Balance of Mortgage Loans ................................................ $ 17,530,325 $ 18,791,880 $ 10,286,557 Minimum Balance of Mortgage Loans ................................................ $ 493,000 $ 493,000 $ 1,428,523 Maximum Balance of Mortgage Loans ................................................ $ 204,416,548 $ 204,416,548 $ 28,500,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans ................................................................. $ 100,000,000 $ 100,000,000 $ 0 Weighted Average LTV ratio(4) .................................................... 71.2% 71.2% 71.6% Minimum LTV ratio ................................................................ 33.3% 33.3% 44.8% Maximum LTV ratio ................................................................ 80.0% 80.0% 80.0% Weighted Average DSCR(5) ......................................................... 1.67x 1.70x 1.36x Minimum DSCR ..................................................................... 1.20x 1.20x 1.20x Maximum DSCR ..................................................................... 3.43x 3.43x 1.92x Weighted Average LTV at Maturity or Anticipated Repayment Date ................... 65.8% 66.1% 63.2% Weighted Average Mortgage Loan interest rate ..................................... 5.248% 5.253% 5.200% Minimum Mortgage Loan interest rate .............................................. 4.760% 4.780% 4.760% Maximum Mortgage Loan interest rate .............................................. 8.150% 8.150% 5.760% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) 102 101 113 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ........ 53 58 53 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ........ 179 179 179 Weighted Average Occupancy Rate(6) ............................................... 94.4% 94.5% 93.1% </TABLE> (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) For purposes of determining the LTV ratio for 1 Mortgage Loan (loan number 74), representing 0.3% of the Cut-Off Date Pool Balance (0.3% of the Cut-Off Date Group 1 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit. In addition, with respect to certain Mortgage Loans, "as stabilized" appraised values (as defined in the related appraisal) were used as opposed to "as is" appraised values. (5) For purposes of determining the DSC ratios for 4 Mortgage Loans (loan numbers 79, 119, 164 and 172), representing 0.6% of the Cut-Off Date Pool Balance (2 Mortgage Loans in Loan Group 1 or 0.4% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.9% of the Cut-Off Date Group 2 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. (6) Does not include 13 Mortgage Loans secured by hospitality properties, representing 7.6% of the Cut-Off Date Pool Balance (8.4% of the Cut-Off Date Group 1 Balance). * Eleven (11) Mortgage Loans (loan numbers 1, 2, 3, 14, 15, 87, 95, 96, 100, 101 and 108), representing 20.4% of the Cut-Off Date Pool Balance (22.3% of the Cut-Off Date Group 1 Balance), are part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of such Mortgage Loan (treating the U-Haul Portfolio loans as a single loan) and the related Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 13 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [PIE CHART OMITTED] MORTGAGED PROPERTIES BY PROPERTY TYPE Retail 23.9% Multifamily 9.0% Hospitality 7.6% Industrial 6.2% Special Purpose 5.6% Mixed Use 4.2% Self Storage 4.1% Healthcare 0.6% Parking Garage 0.3% Office 38.4% PROPERTY TYPE <TABLE> % 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 56 $1,407,728,566 38.4% 42.1% 0.0% - ----------------------------------------------------------------------------------------------------- Retail 78 876,224,303 23.9 26.2 0.0 - ----------------------------------------------------------------------------------------------------- Retail - Anchored 56 796,160,531 21.7 23.8 0.0 - ----------------------------------------------------------------------------------------------------- Retail - Unanchored 19 65,479,108 1.8 2.0 0.0 - ----------------------------------------------------------------------------------------------------- Retail - Shadow Anchored(4) 3 14,584,664 0.4 0.4 0.0 - ----------------------------------------------------------------------------------------------------- Multifamily 33 329,322,482 9.0 0.3 100.0 - ----------------------------------------------------------------------------------------------------- Hospitality 13 279,359,671 7.6 8.4 0.0 - ----------------------------------------------------------------------------------------------------- Industrial 15 228,951,142 6.2 6.8 0.0 - ----------------------------------------------------------------------------------------------------- Special Purpose 1 204,416,548 5.6 6.1 0.0 - ----------------------------------------------------------------------------------------------------- Mixed Use 4 154,125,654 4.2 4.6 0.0 - ----------------------------------------------------------------------------------------------------- Self Storage 179 148,918,540 4.1 4.5 0.0 - ----------------------------------------------------------------------------------------------------- Healthcare 5 22,790,986 0.6 0.7 0.0 - ----------------------------------------------------------------------------------------------------- Parking Garage 1 12,000,000 0.3 0.4 0.0 - ----------------------------------------------------------------------------------------------------- 385 $3,663,837,892 100.0% 100.0% 100.0% - ----------------------------------------------------------------------------------------------------- WEIGHTED WEIGHTED WEIGHTED AVERAGE MIN/MAX AVERAGE AVERAGE MIN/MAX CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR(2) DSCR LTV RATIO(3) LTV RATIO RATE - ----------------------------------------------------------------------------------------------------- Office 1.71x 1.20x/3.43x 71.9% 49.8%/80.0% 5.124% - ----------------------------------------------------------------------------------------------------- Retail 1.58x 1.21x/2.47x 72.4% 43.8%/80.0% 5.233% - ----------------------------------------------------------------------------------------------------- Retail - Anchored 1.58x 1.21x/2.47x 72.9% 53.1%/80.0% 5.212% - ----------------------------------------------------------------------------------------------------- Retail - Unanchored 1.61x 1.21x/2.21x 66.9% 43.8%/80.0% 5.425% - ----------------------------------------------------------------------------------------------------- Retail - Shadow Anchored(4) 1.35x 1.27x/1.41x 69.3% 64.3%/77.2% 5.486% - ----------------------------------------------------------------------------------------------------- Multifamily 1.37x 1.20x/3.26x 71.3% 33.3%/80.0% 5.197% - ----------------------------------------------------------------------------------------------------- Hospitality 1.96x 1.26x/2.74x 66.8% 53.3%/74.8% 5.525% - ----------------------------------------------------------------------------------------------------- Industrial 1.43x 1.27x/1.71x 73.0% 53.5%/79.9% 5.353% - ----------------------------------------------------------------------------------------------------- Special Purpose 2.28x 2.28x/2.28x 56.0% 56.0%/56.0% 5.720% - ----------------------------------------------------------------------------------------------------- Mixed Use 1.60x 1.33x/3.26x 78.4% 33.3%/80.0% 5.152% - ----------------------------------------------------------------------------------------------------- Self Storage 1.62x 1.21x/2.70x 75.5% 35.6%/80.0% 5.337% - ----------------------------------------------------------------------------------------------------- Healthcare 1.49x 1.29x/1.73x 75.0% 67.0%/80.0% 5.735% - ----------------------------------------------------------------------------------------------------- Parking Garage 1.25x 1.25x/1.25x 70.6% 70.6%/70.6% 5.170% - ----------------------------------------------------------------------------------------------------- 1.67x 1.20x/3.43x 71.2% 33.3%/80.0% 5.248% - ----------------------------------------------------------------------------------------------------- </TABLE> (1) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount as detailed in the related Mortgage Loan documents). (2) For purposes of determining the DSC ratios for 4 Mortgage Loans (loan numbers 79, 119, 164 and 172), representing 0.6% of the Cut-Off Date Pool Balance (2 Mortgage Loans in Loan Group 1 or 0.4% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.9% of the Cut-Off Date Group 2 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. (3) For purposes of determining the LTV ratio for 1 Mortgage Loan (loan number 74), representing 0.3% of the Cut-Off Date Pool Balance (0.3% of the Cut-Off Date Group 1 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit. In addition, with respect to certain Mortgage Loans, "as stabilized" appraised values (as defined in the related appraisal) were used as opposed to "as is" appraised values. (4) A Mortgaged Property is classified as shadow anchored if it is located in close proximity to an anchored retail property. * Eleven (11) Mortgage Loans (loan numbers 1, 2, 3, 14, 15, 87, 95, 96, 100, 101 and 108), representing 20.4% of the Cut-Off Date Pool Balance (22.3% of the Cut-Off Date Group 1 Balance), are part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of such Mortgage Loan (treating the U-Haul Portfolio loans as a single loan) and the related Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 14 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [MAP OF US OMITTED] Northern 3.7% CA 13.7% Southern 10.0% IL 5.8% TX 5.3% GA 9.6% VA 22.1% NY 8.2% OTHER STATES: 35.2% OF CUT-OFF DATE POOL BALANCE PROPERTY LOCATION <TABLE> % OF % OF WEIGHTED WEIGHTED NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE AVERAGE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 AVERAGE CUT-OFF DATE MORTGAGE STATE PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE DSCR(2) LTV RATIO(3) RATE - ------------------------------------------------------------------------------------------------------------------------------------ VA 31 $ 810,391,259 22.1% 24.2% 0.0% 1.51x 73.7% 5.066% - ------------------------------------------------------------------------------------------------------------------------------------ CA 36 503,160,887 13.7 13.3 18.6 1.77x 67.0% 5.175% - ------------------------------------------------------------------------------------------------------------------------------------ Southern(4) 29 365,974,367 10.0 9.2 18.6 1.73x 69.2% 5.182% - ------------------------------------------------------------------------------------------------------------------------------------ Northern(4) 7 137,186,520 3.7 4.1 0.0 1.88x 61.3% 5.154% - ------------------------------------------------------------------------------------------------------------------------------------ GA 9 350,839,782 9.6 9.6 8.9 1.91x 65.8% 5.691% - ------------------------------------------------------------------------------------------------------------------------------------ NY 20 301,665,233 8.2 9.0 0.0 2.64x 59.4% 5.231% - ------------------------------------------------------------------------------------------------------------------------------------ IL 14 212,492,808 5.8 6.4 0.0 1.53x 77.8% 5.169% - ------------------------------------------------------------------------------------------------------------------------------------ TX 26 194,673,373 5.3 5.5 3.8 1.51x 75.0% 5.273% - ------------------------------------------------------------------------------------------------------------------------------------ Other 249 1,290,614,549 35.2 32.0 68.7 1.48x 73.8% 5.285% - ------------------------------------------------------------------------------------------------------------------------------------ 385 $3,663,837,892 100.0% 100.0% 100.0% 1.67x 71.2% 5.248% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> o THE MORTGAGED PROPERTIES ARE LOCATED IN 44 STATES AND THE DISTRICT OF COLUMBIA. (1) Because this table presents information relating to the Mortgage Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount as detailed in the related Mortgage Loan documents). (2) For purposes of determining the DSC ratios for 4 Mortgage Loans (loan numbers 79, 119, 164 and 172), representing 0.6% of the Cut-Off Date Pool Balance (2 Mortgage Loans in Loan Group 1 or 0.4% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.9% of the Cut-Off Date Group 2 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. (3) For purposes of determining the LTV ratio for 1 Mortgage Loan (loan number 74), representing 0.3% of the Cut-Off Date Pool Balance (0.3% of the Cut-Off Date Group 1 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit. In addition, with respect to certain Mortgage Loans, "as stabilized" appraised values (as defined in the related appraisal) were used as opposed to "as is" appraised values. (4) For purposes of determining whether a Mortgaged Property is in Northern California or Southern California, Mortgaged Properties north of San Luis Obispo County, Kern County and San Bernardino County were in included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. * Eleven (11) Mortgage Loans (loan numbers 1, 2, 3, 14, 15, 87, 95, 96, 100, 101 and 108), representing 20.4% of the Cut-Off Date Pool Balance (22.3% of the Cut-Off Date Group 1 Balance), are part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of such Mortgage Loan (treating the U-Haul Portfolio loans as a single loan) and the related Pari Passu Companion Loan. THE SUM OF AGGREGATE PERCENTAGE CALCULATIONS MAY NOT EQUAL 100% DUE TO ROUNDING. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 15 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE(1) - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE <TABLE> - ---------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF CUT-OFF DATE BALANCES LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- <=$2,000,000 ............... 11 $ 13,695,927 0.4% 0.3% 0.9% $2,000,001 - $3,000,000 .... 26 64,342,308 1.8 1.6 3.2 $3,000,001 - $4,000,000 .... 21 76,050,486 2.1 2.2 1.1 $4,000,001 - $5,000,000 .... 20 90,140,646 2.5 2.2 5.6 $5,000,001 - $6,000,000 .... 17 92,120,505 2.5 2.2 5.3 $6,000,001 - $7,000,000 .... 13 85,901,335 2.3 2.2 4.2 $7,000,001 - $8,000,000 .... 8 59,856,479 1.6 1.6 2.3 $8,000,001 - $9,000,000 .... 8 68,763,047 1.9 1.8 2.7 $9,000,001 - $10,000,000 ... 7 66,758,419 1.8 2.0 0.0 $10,000,001 - $15,000,000 .. 22 275,168,250 7.5 6.4 19.3 $15,000,001 - $20,000,000 .. 17 284,936,477 7.8 7.5 10.5 $20,000,001 - $25,000,000 .. 11 244,940,098 6.7 4.7 28.0 $25,000,001 - $30,000,000 .. 4 110,034,000 3.0 1.7 16.8 $30,000,001 - $35,000,000 .. 3 100,826,496 2.8 3.0 0.0 $35,000,001 - $40,000,000 .. 2 76,313,000 2.1 2.3 0.0 $40,000,001 - $45,000,000 .. 2 85,460,000 2.3 2.6 0.0 $45,000,001 - $50,000,000 .. 1 48,000,000 1.3 1.4 0.0 $55,000,001 - $60,000,000 .. 3 177,213,870 4.8 5.3 0.0 $65,000,001 - $70,000,000 .. 1 67,100,000 1.8 2.0 0.0 $80,000,001 - $204,416,548 . 12 1,576,216,548 43.0 47.1 0.0 - ---------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: $493,000 MAX: $20,416,548 WTD. AVERAGE: $17,530,325 - ---------------------------------------------------------------------------------------- </TABLE> UNDERWRITTEN DEBT SERVICE COVERAGE RATIO(2) <TABLE> - -------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF UNDERWRITTEN DSCRS(X) LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------------------------------------------------------------------- 1.20 - 1.24 ......... 25 $ 379,419,827 10.4% 7.1% 44.9% 1.25 - 1.29 ......... 17 334,465,823 9.1 8.8 12.3 1.30 - 1.34 ......... 20 176,773,588 4.8 5.2 1.1 1.35 - 1.39 ......... 8 172,783,265 4.7 5.0 1.9 1.40 - 1.44 ......... 28 195,732,894 5.3 5.4 4.7 1.45 - 1.49 ......... 13 430,877,472 11.8 11.3 16.5 1.50 - 1.54 ......... 12 260,231,376 7.1 7.6 2.1 1.55 - 1.59 ......... 12 276,459,229 7.5 8.1 1.3 1.60 - 1.64 ......... 15 196,307,375 5.4 5.4 4.6 1.65 - 1.69 ......... 7 137,593,000 3.8 3.4 7.9 1.70 - 1.74 ......... 11 321,094,540 8.8 9.6 0.0 1.75 - 1.79 ......... 5 60,307,599 1.6 1.6 2.3 1.80 - 1.84 ......... 3 91,800,000 2.5 2.7 0.0 1.85 - 1.89 ......... 3 19,183,283 0.5 0.6 0.0 1.90 - 1.94 ......... 2 13,498,368 0.4 0.4 0.5 1.95 - 1.99 ......... 2 9,244,530 0.3 0.3 0.0 2.00 - 2.04 ......... 9 26,538,000 0.7 0.8 0.0 2.05 - 2.09 ......... 6 9,351,000 0.3 0.3 0.0 2.10 - 2.14 ......... 1 5,077,662 0.1 0.2 0.0 2.15 - 2.19 ......... 2 6,745,480 0.2 0.2 0.0 2.20 - 2.24 ......... 2 25,151,961 0.7 0.8 0.0 2.25 - 2.29 ......... 1 204,416,548 5.6 6.1 0.0 2.30 - 3.43 ......... 5 310,785,074 8.5 9.3 0.0 - -------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------- MIN: 1.20X MAX: 43X WTD. AVERAGE: 1.67X - -------------------------------------------------------------------------------------- </TABLE> MORTGAGE RATE <TABLE> - ------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF MORTGAGE RATES(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------- 4.750 - 5.249 ....... 80 $1,922,710,218 52.5% 52.0% 57.4% 5.250 - 5.499 ....... 79 1,081,544,120 29.5 29.3 32.2 5.500 - 5.749 ....... 31 389,926,818 10.6 10.8 8.9 5.750 - 5.999 ....... 17 261,649,114 7.1 7.7 1.6 6.000 - 6.249 ....... 1 3,794,357 0.1 0.1 0.0 8.000 - 8.150 ....... 1 4,213,265 0.1 0.1 0.0 - ------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 4.760% MAX: 8.150% WTD. AVERAGE: 5.248% - ------------------------------------------------------------------------------------- </TABLE> CUT-OFF DATE LOAN-TO-VALUE RATIO(3) <TABLE> - ---------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF CUT-OFF DATE LTV RATIOS(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- 30.01 - 35.00 ............ 1 $ 6,492,929 0.2% 0.2% 0.0% 35.01 - 40.00 ............ 1 1,692,145 0.0 0.1 0.0 40.01 - 50.00 ............ 7 18,092,285 0.5 0.4 1.6 50.01 - 55.00 ............ 7 105,786,158 2.9 3.0 1.8 55.01 - 60.00 ............ 9 471,684,850 12.9 13.9 1.8 60.01 - 65.00 ............ 29 250,375,593 6.8 6.5 10.4 65.01 - 70.00 ............ 31 544,277,592 14.9 13.5 28.6 70.01 - 75.00 ............ 47 751,108,294 20.5 20.5 20.2 75.01 - 80.00 ............ 77 1,514,328,046 41.3 41.9 35.6 - ---------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 33.3% MAX: 80.0% WTD. AVERAGE: 71.2% - ---------------------------------------------------------------------------------------- </TABLE> MATURITY DATE OR ARD LOAN-TO-VALUE RATIO(3) <TABLE> - ---------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE MATURITY DATE OR ARD MORTGAGE CUT-OFF DATE % OF % OF % OF LTV RATIOS(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- 0.00 - 5.00 ......... 2 $ 7,273,612 0.2% 0.0% 1.8% 20.01 - 30.00 ....... 3 9,479,067 0.3 0.3 0.0 30.01 - 40.00 ....... 3 5,276,293 0.1 0.2 0.0 40.01 - 50.00 ....... 14 300,407,919 8.2 8.7 3.3 50.01 - 55.00 ....... 16 205,903,175 5.6 5.6 5.9 55.01 - 60.00 ....... 25 351,753,226 9.6 8.9 16.9 60.01 - 65.00 ....... 53 534,945,562 14.6 14.4 16.9 65.01 - 70.00 ....... 48 926,681,038 25.3 23.9 39.9 70.01 - 75.00 ....... 16 812,234,000 22.2 23.7 5.6 75.01 - 80.00 ....... 29 509,884,000 13.9 14.3 9.7 - ---------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 22.7% MAX: 80.0% WTD. AVERAGE: 66.0% - ---------------------------------------------------------------------------------------- </TABLE> (1) Eleven (11) Mortgage Loans (loan numbers 1, 2, 3, 14, 15, 87, 95, 96, 100, 101 and 108), representing 20.4% of the Cut-Off Date Pool Balance (22.3% of the Cut-Off Date Group 1 Balance), are part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of such Mortgage Loan (treating the U-Haul Portfolio loans as a single loan) and the related Pari Passu Companion Loan. (2) For purposes of determining the DSC ratios for 4 Mortgage Loans (loan numbers 79, 119, 164 and 172), representing 0.6% of the Cut-Off Date Pool Balance (2 Mortgage Loans in Loan Group 1 or 0.4% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.9% of the Cut-Off Date Group 2 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. (3) For purposes of determining the LTV ratio for 1 Mortgage Loan (loan number 74), representing 0.3% of the Cut-Off Date Pool Balance (0.3% of the Cut-Off Date Group 1 Balance), such ratio was adjusted by taking into account amounts available under certain letters of credit. In addition, with respect to certain Mortgage Loans, "as stabilized" appraised values (as defined in the related appraisal) were used as opposed to "as is" appraised values. 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, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 16 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY OR ARD <TABLE> - ---------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE ORIGINAL TERM TO MORTGAGE CUT-OFF DATE % OF % OF % OF MATURITY OR ARD (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- 0 - 60 ................. 40 $ 760,902,727 20.8% 21.8% 9.7% 61 - 84 ................ 19 408,170,411 11.1 12.1 1.6 85 - 108 ............... 2 34,500,000 0.9 1.0 0.0 109 - 120 .............. 145 2,450,900,592 66.9 65.0 86.9 131 - 156 .............. 1 2,090,550 0.1 0.1 0.0 169 - 180 .............. 2 7,273,612 0.2 0.0 1.8 - ---------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 60 MAX: 180 WTD. AVERAGE: 103 - ---------------------------------------------------------------------------------------- </TABLE> ORIGINAL AMORTIZATION TERM <TABLE> - ------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE % OF % OF % OF TERMS (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------- 145 - 180 ............ 2 $ 7,273,612 0.2% 0.0% 1.8% 229 - 264 ............ 8 42,865,779 1.2 1.3 0.0 265 - 300 ............ 20 171,025,269 4.7 5.1 0.0 301 - 348 ............ 6 25,284,444 0.7 0.8 0.0 349 - 360 ............ 100 1,763,438,788 48.1 45.0 81.3 Varies ............... 3 76,200,000 2.1 2.3 0.0 Non-amortizing ....... 70 1,577,750,000 43.1 45.6 16.8 - ------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 180 MAX: 360 WTD. AVERAGE: 351* - ------------------------------------------------------------------------------------- </TABLE> * Excludes the non-amortizing loans. SEASONING <TABLE> - ------------------------------------------------------------------------------------- NUMBER OF AGGREGATE MORTGAGE CUT-OFF DATE % OF % OF % OF SEASONING (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------- 0 - 12 ........... 207 $3,655,830,270 99.8% 99.8% 100.0% 13 - 24 .......... 1 3,794,357 0.1 0.1 0.0 25 - 36 .......... 1 4,213,265 0.1 0.1 0.0 - ------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 0 MAX: 36 WTD. AVERAGE: 1 - ------------------------------------------------------------------------------------- </TABLE> REMAINING TERM TO MATURITY OR ARD <TABLE> - --------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE REMAINING TERMS TO MORTGAGE CUT-OFF DATE % OF % OF % OF MATURITY OR ARD (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - --------------------------------------------------------------------------------------- 0 - 60 ................. 40 $ 760,902,727 20.8% 21.8% 9.7% 61 - 84 ................ 20 412,383,676 11.3 12.2 1.6 85 - 108 ............... 3 38,294,357 1.0 1.1 0.0 109 - 120 .............. 143 2,442,892,970 66.7 64.7 86.9 121 - 156 .............. 1 2,090,550 0.1 0.1 0.0 169 - 179 .............. 2 7,273,612 0.2 0.0 1.8 - --------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 53 MAX: 179 WTD. AVERAGE: 102 - --------------------------------------------------------------------------------------- </TABLE> REMAINING STATED AMORTIZATION TERM <TABLE> - -------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE REMAINING AMORTIZATION MORTGAGE CUT-OFF DATE % OF % OF % OF TERMS (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------------------------------------------------------------------- 145 - 180 ............. 2 $ 7,273,612 0.2% 0.0% 1.8% 193 - 228 ............. 1 4,213,265 0.1 0.1 0.0 229 - 264 ............. 7 38,652,515 1.1 1.2 0.0 265 - 300 ............. 20 171,025,269 4.7 5.1 0.0 301 - 348 ............. 6 25,284,444 0.7 0.8 0.0 349 - 360 ............. 100 1,763,438,788 48.1 45.0 81.3 Varies ................ 3 76,200,000 2.1 2.3 0.0 Non-amortizing ........ 70 1,577,750,000 43.1 45.6 16.8 - -------------------------------------------------------------------------------------- 209 $3,663,837,892 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------- MIN: 179 MAX: 360 WTD. AVERAGE: 351* - -------------------------------------------------------------------------------------- </TABLE> * Excludes the non-amortizing loans. PREPAYMENT PROVISIONS SUMMARY <TABLE> - ------------------------------------------------------------------------------------------------ NUMBER OF AGGREGATE MORTGAGE CUT-OFF DATE % OF % OF % OF PREPAYMENT PROVISIONS LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------------------ Lockout/Defeasance ............ 164 $2,360,543,767 64.4% 63.8% 71.1% Yield Maintenance ............. 10 598,913,000 16.3 17.1 8.9 Lockout/Defeasance or Yield Maintenance ................. 16 255,831,000 7.0 7.6 0.0 Lockout/Yield Maintenance ..... 17 235,642,482 6.4 5.1 20.0 Yield Maintenance/ Defeasance .................. 1 204,416,548 5.6 6.1 0.0 Lockout/Defeasance/ Prepayment Premium .......... 1 8,491,094 0.2 0.3 0.0 - ------------------------------------------------------------------------------------------------ 209 $3,663,837,892 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------------------ </TABLE> The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 17 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3)(4) PREPAYMENT ANALYSIS <TABLE> - ----------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION AUGUST-05 AUGUST-06 AUGUST-07 AUGUST-08 AUGUST-09 Locked Out 78.07% 78.07% 16.55% 5.39% 0.82% Defeasance 0.00 0.00 63.56 65.86 69.70 Yield Maintenance 21.93 21.93 19.88 28.75 28.63 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.86 - ----------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% - ----------------------------------------------------------------------------------------------------------------- Cut-Off Date Pool Balance Outstanding (in millions) $ 3,663.84 $ 3,652.21 $ 3,637.55 $ 3,617.85 $ 3,591.44 - ----------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Pool Balance 100.00% 99.68% 99.28% 98.74% 98.02% - ----------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION AUGUST-10 AUGUST-11 AUGUST-12 AUGUST-13 AUGUST-14 AUGUST-15 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 82.75 82.69 89.20 89.00 88.94 100.00 Yield Maintenance 16.70 14.75 10.80 11.00 11.06 0.00 Prepayment Premium 0.28 0.28 0.00 0.00 0.00 0.00 Open 0.27 2.28 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------------------- Cut-Off Date Pool Balance Outstanding (in millions) $ 2,802.84 $ 2,701.14 $ 2,338.21 $ 2,273.33 $ 2,234.72 $ 4.36 - ------------------------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Pool Balance 76.50% 73.72% 63.82% 62.05 60.99% 0.12% - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticipated Repayment Date). (2) Based on the assumptions set forth in footnote (1) above, after August 2015, the outstanding loan balances represent less than 0.12% of the Cut-Off Date Pool Balance. (3) Assumes yield maintenance for each Mortgage Loan with the option to defease or pay yield maintenance. (4) With respect to 2 Mortgage Loans (loan numbers 24 and 88), representing 1.1% of the Cut-Off Date Pool Balance (1 Mortgage Loan in Loan Group 1 or 1.0% of the Cut-Off Date Group 1 Balance and 1 Mortgage Loan in Loan Group 2 or 2.7% of the Cut-Off Date Group 2 Balance), funds deposited in reserve accounts are assumed not to be applied to pay down the outstanding principal balance of the related Mortgage Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 18 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 1 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3)(4) PREPAYMENT ANALYSIS <TABLE> - -------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION AUGUST-05 AUGUST-06 AUGUST-07 AUGUST-08 AUGUST-09 Locked Out 76.84% 76.84% 13.84% 2.81% 0.21% Defeasance 0.00 0.00 66.00 67.76 69.65 Yield Maintenance 23.16 23.16 20.16 29.42 30.14 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% - -------------------------------------------------------------------------------------------------------------- Cut-Off Date Group 1 Balance Outstanding (in millions) $ 3,344.95 $ 3,334.58 $ 3,321.42 $ 3,304.14 $ 3,280.95 - -------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 1 Balance 100.00% 99.69% 99.30% 98.78% 98.09% - -------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT RESTRICTION AUGUST-10 AUGUST-11 AUGUST-12 AUGUST-13 AUGUST-14 AUGUST-15 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 83.29 83.25 90.72 90.53 90.47 100.00 Yield Maintenance 16.10 13.90 9.28 9.47 9.53 0.00 Prepayment Premium 0.31 0.32 0.00 0.00 0.00 0.00 Open 0.30 2.53 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------ Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------------------ Cut-Off Date Group 1 Balance Outstanding (in millions) $ 2,527.11 $ 2,429.81 $ 2,076.14 $ 2,016.07 $ 1,982.54 $ 1.96 - ------------------------------------------------------------------------------------------------------------------------------ % of Cut-Off Date Group 1 Balance 75.55% 72.64% 62.07% 60.27% 59.27% 0.06% - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticipated Repayment Date). (2) Based on the assumptions set forth in footnote (1) above, after August 2015, the outstanding loan balances represent less than 0.06% of the Cut-Off Date Group 1 Balance. (3) Assumes yield maintenance for each Mortgage Loan with the option to defease or pay yield maintenance. (4) With respect to 1 Mortgage Loan (loan number 24), representing approximately 0.9% of the Cut-Off Date Pool Balance (1.0% of the Cut-Off Date Group 1 Balance), funds deposited in reserve accounts are assumed not to be applied to pay down the outstanding principal balance of the related Mortgage Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 19 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 2 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3) PREPAYMENT ANALYSIS <TABLE> - ----------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION AUGUST-05 AUGUST-06 AUGUST-07 AUGUST-08 AUGUST-09 Locked Out 91.06% 91.03% 45.04% 32.49% 7.24% Defeasance 0.00 0.00 37.98 45.83 70.18 Yield Maintenance 8.94 8.97 16.99 21.68 12.66 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 9.92 - ----------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% - ----------------------------------------------------------------------------------------------------- Cut-Off Date Group 2 Balance Outstanding (in millions) $ 318.88 $ 317.63 $ 316.12 $ 313.71 $ 310.49 - ----------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 2 Balance 100.00% 99.61% 99.13% 98.38% 97.37% - ----------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION AUGUST-10 AUGUST-11 AUGUST-12 AUGUST-13 AUGUST-14 AUGUST-15 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 77.81 77.69 77.16 77.01 76.84 100.00 Yield Maintenance 22.19 22.31 22.84 22.99 23.16 0.00 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - -------------------------------------------------------------------------------------------------------------------- Cut-Off Date Group 2 Balance Outstanding (in millions) $ 275.73 $ 271.33 $ 262.06 $ 257.26 $ 252.19 $ 2.40 - -------------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 2 Balance 86.47% 85.09% 82.18% 80.67% 79.08% 0.75% - -------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticpated Repayment Date). (2) Based on the assumptions set forth in footnote (1) above, after August 2015, the outstanding loan balances represent less than 0.75% of the Cut-Off Date Group 2 Balance. (3) With respect to 1 Mortgage Loan (loan number 88), representing 0.2% of the Cut-Off Date Pool Balance (2.7% of the Cut-Off Date Group 2 Balance), funds deposited in reserve accounts are assumed not to be applied to pay down to the outstanding principal balance of the Mortgage Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 20 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- TWENTY LARGEST MORTGAGE LOANS - -------------------------------------------------------------------------------- The following table and summaries describe the twenty largest Mortgage Loans or pools of Mortgage Loans in the Mortgage Pool by Cut-Off Date Balance: TWENTY LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE <TABLE> NUMBER OF MORTGAGE LOANS / MORTGAGE NUMBER OF % OF LOAN MORTGAGED LOAN CUT-OFF DATE INITIAL POOL LOAN NAME SELLER PROPERTIES GROUP BALANCE(1) BALANCE - ------------------------- ------------ ------------ ------- ----------------- -------------- AmericasMart A-2 ........ Wachovia 1/1 1 $ 204,416,548 5.6% NGP Rubicon GSA Pool ................... Artesia 1/14 1 194,500,000 5.3 1000 & 1100 Wilson ................. Wachovia 1/1 1 182,500,000 5.0 60 Hudson Street ........ Wachovia 1/1 1 160,000,000 4.4 Macon & Burlington Mall Pool .............. Wachovia 1/2 1 141,200,000 3.9 Millennium Park Plaza .................. Wachovia 1/1 1 140,000,000 3.8 200 Public Square ....... Wachovia 1/1 1 115,000,000 3.1 Extra Space Portfolio .............. Wachovia 15/15 1 100,000,000 2.7 Prentiss Pool ........... Wachovia 1/2 1 100,000,000 2.7 1701 North Fort Myer ................... Wachovia 1/1 1 86,500,000 2.4 ------ -------------- ---- 24/39 $1,424,116,548 38.9% ====== ============== ==== The Forum at Carlsbad ............... Wachovia 1/1 1 $ 85,000,000 2.3% 1101 Wilson ............. Wachovia 1/1 1 84,500,000 2.3 Marriott - Los Angeles, CA ............ Wachovia 1/1 1 82,600,000 2.3 1400 Key & 1401 Wilson ................. Wachovia 1/1 1 67,100,000 1.8 Westfield San Francisco Centre ................. Wachovia 1/1 1 60,000,000 1.6 101 Avenue of the Americas ............... Wachovia 1/1 1 59,813,870 1.6 Renaissance Worthington Hotel .................. Wachovia 1/1 1 57,400,000 1.6 1501 & 1515 Wilson ............ Wachovia 1/1 1 48,000,000 1.3 U-Haul Portfolio ........ CW Capital 6/161 1 44,937,023 1.2 Evansville Pavilion ..... Wachovia 1/1 1 43,760,000 1.2 ------ -------------- ---- 15/170 $ 633,110,892 17.3% ------ -------------- ---- 39/209 $2,057,227,441 56.1% ====== ============== ==== % OF APPLICABLE WEIGHTED WEIGHTED CUT-OFF AVERAGE AVERAGE DATE LOAN CUT-OFF LTV WEIGHTED LOAN BALANCE WEIGHTED DATE RATIO AT AVERAGE GROUP PROPERTY PER SF/ AVERAGE LTV MATURITY MORTGAGE LOAN NAME BALANCE TYPE ROOM(2) DSCR(2) RATIO(2) OR ARD(2) RATE - ------------------------- ------------ -------------------- ----------- ---------- ---------- ----------- ----------- AmericasMart A-2 ........ 6.1% Special Purpose - $ 100 2.28x 56.0% 47.2% 5.720% Merchandise Mart NGP Rubicon GSA Pool ................... 5.8% Various $ 130 1.27x 79.9% 74.2% 5.460% 1000 & 1100 Wilson ................. 5.5% Office - Suburban $ 341 1.48x 73.9% 73.9% 4.970% 60 Hudson Street ........ 4.8% Office - CBD $ 152 3.43x 55.2% 55.2% 5.000% Macon & Burlington Mall Pool .............. 4.2% Retail - Anchored $ 119 1.37x 80.0% 69.0% 5.780% Millennium Park Mixed Use - Plaza .................. 4.2% Multifamily/Office $ 194 1.56x 80.0% 80.0% 5.130% 200 Public Square ....... 3.4% Office - CBD $ 97 1.71x 75.7% 71.3% 5.180% Extra Space Portfolio .............. 3.0% Self Storage $ 91 1.69x 77.5% 77.5% 5.260% Prentiss Pool ........... 3.0% Office - Suburban $ 217 1.22x 79.9% 70.4% 4.840% 1701 North Fort Myer ................... 2.6% Office - Suburban $ 308 1.54x 75.9% 75.9% 4.970% 1.80x 72.2% 68.0% 5.272% The Forum at Carlsbad ............... 2.5% Retail - Anchored $ 322 1.72x 68.8% 68.8% 4.810% 1101 Wilson ............. 2.5% Office - Suburban $ 255 1.46x 69.8% 69.8% 4.970% Marriott - Los Hospitality - Full Angeles, CA ............ 2.5% Service $ 82,271 2.74x 63.4% 63.4% 5.300% 1400 Key & 1401 Wilson ................. 2.0% Office - Suburban $ 187 1.83x 69.2% 69.2% 4.970% Westfield San Francisco Centre ................. 1.8% Retail - Anchored $ 241 2.47x 53.1% 53.1% 4.780% 101 Avenue of the Americas ............... 1.8% Office - CBD $ 364 1.70x 59.8% 54.0% 5.339% Renaissance Worthington Hospitality - Full Hotel .................. 1.7% Service $113,889 1.67x 70.0% 63.8% 5.400% 1501 & 1515 Wilson ............ 1.4% Office - Suburban $ 197 1.60x 73.8% 73.8% 4.970% U-Haul Portfolio ........ 1.3% Self Storage $ 70 1.42x 74.0% 56.6% 5.520% Evansville Pavilion ..... 1.3% Retail - Anchored $ 160 1.21x 80.0% 71.2% 5.090% 1.83x 67.6% 64.6% 5.095% 1.81x 70.8% 67.0% 5.218% </TABLE> (1) In the case of a concentration of cross-collateralized mortgage loans, the aggregate principal balance. (2) Each of the AmericasMart mortgage loan, the NGP Rubicon GSA Pool mortgage loan, the 1000 & 1100 Wilson mortgage loan, the Westfield San Francisco Centre mortgage loan, the 101 Avenue of the Americas mortgage loan and the U-Haul Portfolio mortgage loans are 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 loan balance per square foot/room are based on the aggregate indebtedness of or debt service on, as applicable, each such mortgage loan (treating the U-Haul Portfolio loans as a single loan) and the related pari passu companion loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 21 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 22 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- [PICTURE OF AMERICASMART OMITTED] [PICTURE OF AMERICASMART OMITTED] [PICTURE OF AMERICASMART OMITTED] [PICTURE OF AMERICASMART OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 23 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- [MAP OF AMERICASMART OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 24 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $204,416,548 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR AMC, Inc. TYPE OF SECURITY Both MORTGAGE RATE 5.720% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 117 / 357 LOCKBOX Yes SHADOW RATING (MOODY'S/S&P/FITCH)(1) Baa1/AA+/AA- UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $1,838,854 ENVIRONMENTAL(2) $300,000 GROUND RENT(3) $1,117,136 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT(4) $68,333 TI/LC(5) $39,697 ADDITIONAL FINANCING Pari Passu Debt $204,416,548 PARI PASSU NOTES(6) ------------------- CUT-OFF DATE BALANCE $408,833,096 CUT-OFF DATE BALANCE/SF $100 CUT-OFF DATE LTV 56.0% MATURITY DATE LTV 47.2% UW DSCR ON NCF 2.28x - -------------------------------------------------------------------------------- (1) Moody's, S&P and Fitch have confirmed that the AmericasMart Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) An environmental reserve was taken to remove a 500-gallon UST that did not pass a tightness test, and to remediate any affected soil. The borrower has since removed the tank. The estimated removal cost was $160,000. (3) The Mortgaged Property is subject to multiple ground leases. For leases that do provide standard lender protections through ground leases or ground lease estoppels, one year of ground rent has been reserved upfront. In instances where this is not addressed in the ground lease or in the ground lease estoppel, five years of ground rent has been reserved upfront. (4) Capped at $785,000. (5) Capped at $476,364. (6) LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the AmericasMart Loan and the AmericasMart Pari Passu Companion Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Atlanta, GA PROPERTY TYPE Special Purpose -- Merchandise Mart SIZE (SF) 4,070,908 OCCUPANCY AS OF APRIL 1, 2005* 95.9% YEAR BUILT / YEAR RENOVATED 1961, 1979 & 1992 / 2004 APPRAISED VALUE $730,000,000 PROPERTY MANAGEMENT AMC, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $125,501,967 UW TOTAL EXPENSES $ 58,744,329 UW NET OPERATING INCOME (NOI) $ 66,757,637 UW NET CASH FLOW (NCF) $ 65,208,833 - -------------------------------------------------------------------------------- NOTES: * Calculated excluding exhibition tenant space. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 25 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ 225 Unlimited, Inc. ........... NR/NR/NR 27,277 0.7% $ 31.13 $ 849,120 0.7% Multiple Spaces(1) Christian Mosso Group, LLC .... NR/NR/NR 20,374 0.5 $ 30.06 612,396 0.5 September 2009 Atlanta Napp Deady, Inc. ...... NR/NR/NR 20,285 0.5 $ 32.46 658,392 0.6 MTM Syratech Corporation .......... NR/NR/NR 18,707 0.5 $ 40.65 760,500 0.6 Multiple Spaces(2) Nourison Rug Corp. ............ NR/NR/NR 18,586 0.5 $ 12.50 232,284 0.2 November 2009 Non-major Permanent Tenants ... 2,941,067 72.2 $ 29.90 87,944,624 73.8 Exhibition Tenant Space ....... 895,145 22.0 $ 31.35 28,059,307 23.6 Vacant Permanent Space ........ 129,467 3.2 0 0.0 --------- ----- ------------ ----- TOTAL ......................... 4,070,908 100.0% $119,116,623 100.0% ========= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Under the terms of multiple leases, approximately 13,848 SF expire in March 2007, approximately 3,904 SF expire in October 2007 and approximately 9,525 SF expire in September 2009. (2) Under the terms of multiple leases, approximately 3,426 SF expire in October 2005, approximately 7,659 SF expire in May 2006 and approximately 7,622 SF expire in October 2007. <TABLE> - ------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------------------- 2005 468 $ 29.29 703,815 22.2% 22.2% 22.6% 22.6% 2006 440 $ 30.31 674,250 21.2% 43.4% 22.4% 45.1% 2007 449 $ 31.00 783,127 24.7% 68.1% 26.7% 71.7% 2008 167 $ 29.93 383,431 12.1% 80.1% 12.6% 84.4% 2009 131 $ 28.69 420,358 13.2% 93.4% 13.2% 97.6% 2010 15 $ 28.28 57,257 1.8% 95.2% 1.8% 99.4% 2011 2 $ 34.66 7,422 0.2% 95.4% 0.3% 99.7% 2012 2 $ 19.93 15,788 0.5% 95.9% 0.3% 100.0% 2013 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% 2014 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% 2015 1 $ 0.00 848 0.0% 95.9% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% Vacant 0 NA 129,467 4.1% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 26 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "AmericasMart Loan") is secured by a first deed to secure debt encumbering both the fee and leasehold interests in a merchandise mart located in Atlanta, Georgia. The AmericasMart Loan represents approximately 5.6% of the Cut-Off Date Pool Balance. The AmericasMart Loan was originated on May 2, 2005, and has a principal balance as of the Cut-Off Date of $204,416,548. The AmericasMart Loan, which is evidenced by a pari passu note dated May 2, 2005, is a portion of a whole loan with an original principal balance of $410,000,000. The other loan related to the AmericasMart Loan is evidenced by a separate note, dated May 2, 2005 (the "AmericasMart Pari Passu Companion Loan"), with an original principal balance of $205,000,000. The AmericasMart Loan has a remaining term of 117 months and matures on May 11, 2015. The AmericasMart Loan may be prepaid with the payment of a yield maintenance charge prior to September 11, 2007, permits defeasance with United States government obligations from September 11, 2007 until February 10, 2015, and may be prepaid without payment of a yield maintenance charge on or after February 11, 2015. o THE BORROWER. The borrower is AmericasMart Real Estate, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the AmericasMart Loan. The sponsor is AMC, Inc., whose controlling principal is John Portman. Mr. Portman designed and built the Mortgaged Property and is recognized both as an architect and developer, with over 50 years of expertise in designing hotels, universities, offices, trade marts and mixed-use urban complexes all over the world. o THE PROPERTY. The Mortgaged Property is an approximately 4,070,908 square foot merchandise mart, consisting of three integrated, interconnected buildings known as the Merchandise Mart, the Gift Mart and the Apparel Mart, situated on approximately 7.8 acres. The Mortgaged Property was constructed in 1961, 1979 and 1992 and renovated in 2004. The Mortgaged Property is located in Atlanta, Georgia. As of April 1, 2005, the occupancy rate for the Mortgaged Property securing the AmericasMart Loan, excluding the exhibition space, was approximately 95.9%. The Mortgaged Property consists of approximately 3,175,763 square feet of permanent space tenanted by approximately 1,700 manufacturers and their representatives, with the remaining approximately 895,145 square feet currently designated as exhibition space that is leased to exhibitors during numerous trade shows held throughout the year. The largest tenant represents only approximately 0.7% of the net rentable area, and the average tenant occupies approximately 1,800 square feet. The Mortgaged Property is one of the largest wholesale market centers in the nation, and has been positioned as a department store for retailers. The Mortgaged Property is designed specifically to showcase such consumer goods and to bring together manufacturers and wholesale representatives with retailers to conduct wholesale trade. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. AMC, Inc., the sponsor, is the property manager for the Mortgaged Property securing the AmericasMart Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 27 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 28 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- [PICTURE OF NGP RUBICON [PICTURE OF NGP RUBICON GSA POOL OMITTED] GSA POOL OMITTED] [PICTURE OF NGP RUBICON [PICTURE OF NGP RUBICON GSA POOL OMITTED] GSA POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 29 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- [MAP OF NGP RUBICON GSA POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 30 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Artesia CUT-OFF DATE BALANCE $194,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR NGP Capital Partners III LLC and Rubicon US REIT, Inc. TYPE OF SECURITY Various MORTGAGE RATE 5.460% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes TI/LC/CAPEX $2,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes TI/LC/CAPEX Springing(1) OTHER Springing(2) ADDITIONAL FINANCING Pari Passu Debt $194,500,000 Mezzanine Debt(3) $ 5,000,000 PARI PASSU NOTES(4) --------------------- CUT-OFF DATE BALANCE $389,000,000 CUT-OFF DATE BALANCE/SF $ 130 CUT-OFF DATE LTV 79.9% MATURITY DATE LTV 74.2% UW DSCR ON NCF 1.27x - -------------------------------------------------------------------------------- (1) Beginning January 1, 2010, a cash flow sweep will begin until such time as the Army Corps of Engineers or the Federal Supply Service renews their respective leases on terms and conditions acceptable to the mortgagee, as set forth in the related Mortgage Loan documents. (2) If the NOI falls below $33,000,000, a cash flow sweep will begin until the NOI exceeds $33,000,000 on a trailing six-month basis. The reserve may be used for leasing costs, capital expenditures, debt service or as additional collateral. (3) Future mezzanine debt is permitted up to a maximum amount of $24,000,000, subject to certain conditions set forth in the related Mortgage Loan documents, including the payment in full of the existing mezzanine debt referenced above. (4) LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the NGP Rubicon GSA Pool Loan and the NGP Rubicon GSA Pool Pari Passu Companion Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 14 LOCATION Various PROPERTY TYPE Various SIZE (SF) 2,990,570 OCCUPANCY AS OF MAY 13, 2005 98.6% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $487,000,000 PROPERTY MANAGEMENT CB Richard Ellis, Inc. UW ECONOMIC OCCUPANCY 96.7% UW REVENUES $55,131,828 UW TOTAL EXPENSES $18,666,860 UW NET OPERATING INCOME (NOI) $36,464,968 UW NET CASH FLOW (NCF) $33,488,800 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 31 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------- NGP RUBICON GSA POOL SUMMARY - ---------------------------------------------------------------------------------------------- CUT-OFF DATE YEAR NET BALANCE CUT-OFF DATE BUILT/ RENTABLE PER PROPERTY NAME BALANCE(1) RENOVATED LARGEST TENANT AREA(2) SF(2)(3) - ------------------------------------------------------------------------------------------------------------------------------- Rubicon NGP - Burlington, NJ $41,006,000 1990/NA GSA (Federal Supply 1,048,631 $ 78 Service) Rubicon NGP - Sacramento, GSA (Army Corp of 326,306 $176 CA ......................... 28,736,000 1989/NA Engineers) Rubicon NGP - Suffolk, VA ... 27,811,000 1993/NA GSA (Joint Forces 351,075 $158 Command) Rubicon NGP - Washington, GSA (Federal Election 146,365 $328 DC ......................... 24,030,200 1931/1988 Commission) Rubicon NGP - Kansas City, GSA (Environmental 182,554 $197 KS ......................... 18,000,000 1999/NA Protection Agency) Rubicon NGP - San Diego, CA 10,759,000 1988/NA GSA (Dept of Veterans 131,891 $163 Affairs) Rubicon NGP - Concord, MA ... 10,240,000 1962/1997 GSA (Army Corps of 97,256 $211 Engineers) Rubicon NGP - Philadelphia, GSA (INS) 88,717 $158 PA ......................... 7,000,000 1911/1997 Rubicon NGP - Huntsville, AL 6,983,200 1994/2005 GSA (Army Corps of 118,040 $118 Engineers) Rubicon NGP - Houston, TX ... 6,130,600 1972/1996 GSA (Drug Enforcement 138,020 $ 89 Agency) Rubicon NGP - Providence, RI 6,090,000 1982/NA GSA 130,600 $ 93 Rubicon NGP - Aurora, CO .... 3,248,000 1998/NA GSA (Tricare Management 103,000 $ 63 Activities) Rubicon NGP - Lakewood, CO 2,720,200 1974/1994 GSA (Dept. of the Interior) 74,285 $ 73 Rubicon NGP - Norfolk, VA ... 1,745,800 1994/NA GSA (FBI) 53,830 $ 65 ------------ --------- TOTAL/WEIGHTED AVERAGE ....... $194,500,000 2,990,570 $130 ============ ========= - ---------------------------------------------------------------------------------------------- UW APPRAISED OCC UW APPRAISED VALUE ALLOCATED PROPERTY NAME OCCUPANCY % NCF VALUE PER SF(3) LTV(3) - ----------------------------------------------------------------------------------------------------------- Rubicon NGP - Burlington, NJ 100.0% 98.0% $ 8,022,669 $ 101,000,000 $ 96 81.2% Rubicon NGP - Sacramento, 90.5% 91.5% 4,906,170 74,500,000 $228 77.1% CA ......................... Rubicon NGP - Suffolk, VA ... 100.0% 98.0% 4,547,117 68,500,000 $195 81.2% Rubicon NGP - Washington, 100.0% 98.0% 2,793,282 62,700,000 $428 76.7% DC ......................... Rubicon NGP - Kansas City, 100.0% 98.0% 2,987,353 45,000,000 $247 80.0% KS ......................... Rubicon NGP - San Diego, CA 100.0% 98.0% 2,144,405 26,500,000 $201 81.2% Rubicon NGP - Concord, MA ... 100.0% 98.0% 1,475,339 25,600,000 $263 80.0% Rubicon NGP - Philadelphia, 100.0% 98.0% 1,193,763 16,900,000 $190 82.8% PA ......................... Rubicon NGP - Huntsville, AL 100.0% 98.0% 1,163,951 17,200,000 $146 81.2% Rubicon NGP - Houston, TX ... 99.6% 98.0% 887,879 15,100,000 $109 81.2% Rubicon NGP - Providence, RI 100.0% 98.0% 1,844,123 15,000,000 $115 81.2% Rubicon NGP - Aurora, CO .... 100.0% 98.0% 740,467 8,000,000 $ 78 81.2% Rubicon NGP - Lakewood, CO 85.0% 85.7% 424,695 6,700,000 $ 90 81.2% Rubicon NGP - Norfolk, VA ... 100.0% 98.0% 357,587 4,300,000 $ 80 81.2% ----------- ------------- TOTAL/WEIGHTED AVERAGE ....... 98.6% 96.7% $33,488,800 $ 487,000,000 $163 79.9% =========== ============= - ----------------------------------------------------------------------------------------------------------- </TABLE> (1) The Cut-Off Date Balance is the amount of the NGP Rubicon GSA Pool Loan allocated to each property. This column does not reflect the NGP Rubicon GSA Pool Pari Passu Companion Loan. (2) Calculated based on the approximate square footage occupied by each tenant. All GSA space is based on "occupiable" space as determined by the GSA, rather than net rentable or gross SF. (3) The Cut-Off Date Balance Per SF, Appraised Value Per SF and Allocated LTV ratios are based on the aggregate indebtedness of the NGP Rubicon GSA Pool Loan and the NGP Rubicon GSA Pool Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 32 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------- TENANT SUMMARY - --------------------------------------------------------------------------------------------------------- NET % OF NET RATINGS(1) RENTABLE RENTABLE TENANT PROPERTY LOCATION MOODY'S/S&P/FITCH AREA (SF) AREA - --------------------------------------------------------------------------------------------------------- GSA (Federal Supply Service) ..... Burlington, NJ Aaa/AAA/AAA 1,048,631 35.1% GSA (Army Corps of Engineers) Sacramento, CA, Aaa/AAA/AAA 444,921 14.9 Concord, MA and Huntsville, AL GSA (Joint Forces Command) ....... Suffolk, VA Aaa/AAA/AAA 351,075 11.7 GSA (Environmental Protection Agency) ........................ Kansas City, KS Aaa/AAA/AAA 182,554 6.1 GSA (Drug Enforcement Agency) ........................ Houston, TX Aaa/AAA/AAA 132,995 4.4 Non-major tenants ................ 787,623 26.3 Vacant Space ..................... 42,771 1.4 ---------- ----- TOTAL ............................ 2,990,570 100.0% ========== ===== - --------------------------------------------------------------------------------------------------------- % OF ACTUAL ACTUAL DATE OF LEASE TENANT RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------------------------------------------------------------------------------- GSA (Federal Supply Service) ..... $ 10.32 $ 10,823,518 20.9% December 2010 GSA (Army Corps of Engineers) $ 21.25 9,452,702 18.3 Multiple Spaces(2)(3) GSA (Joint Forces Command) ....... $ 18.68 6,558,237 12.7 May 2013 GSA (Environmental Protection Agency) ........................ $ 22.00 4,016,396 7.8 June 2009 GSA (Drug Enforcement Agency) ........................ $ 14.15 1,882,438 3.6 April 2012(4) Non-major tenants ................ $ 24.05 18,944,754 36.7 Vacant Space ..................... 0 0.0 ------------- ----- TOTAL ............................ $ 51,678,045 100.0% ============= ===== - --------------------------------------------------------------------------------------------------------- </TABLE> (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 229,625 SF at the Sacramento, CA Mortgaged Property expire in October 2010; approximately 118,040 SF at the Huntsville, AL Mortgaged Property expire in October 2014; and approximately 97,256 SF at the Concord, MA Mortgaged Property expire in March 2018. (3) The related GSA tenant may terminate its lease at any time effective on or after March 31, 2006 with respect to the Sacramento, CA Mortgaged Property lease, and at any time after the 5th lease year with respect to the Concord, MA Mortgaged Property lease, each subject to certain terms and conditions contained in the related lease. (4) The related GSA tenant may terminate its lease at any time effective on or after November 1, 2011, subject to certain terms and conditions contained in the related lease. <TABLE> - ----------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ----------------------------------------------------------------------------------------------------------------- WA BASE CUMULATIVE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - ----------------------------------------------------------------------------------------------------------------- 2005 1 $ 14.00 2,271 0.1% 0.1% 0.1% 0.1% 2006 1 $ 17.00 53,172 1.8% 1.9% 1.7% 1.8% 2007 4 $ 29.36 136,546 4.6% 6.4% 7.8% 9.6% 2008 4 $ 24.70 285,293 9.5% 16.0% 13.6% 23.2% 2009 4 $ 20.50 251,322 8.4% 24.4% 10.0% 33.2% 2010 2 $ 12.61 1,278,256 42.7% 67.1% 31.2% 64.4% 2011 1 $ 37.23 2,911 0.1% 67.2% 0.2% 64.6% 2012 1 $ 14.15 132,995 4.4% 71.7% 3.6% 68.2% 2013 5 $ 20.80 589,737 19.7% 91.4% 23.7% 91.9% 2014 1 $ 16.10 118,040 3.9% 95.3% 3.7% 95.6% 2015 0 $ 0.00 0 0.0% 95.3% 0.0% 95.6% Thereafter 1 $ 23.25 97,256 3.3% 98.6% 4.4% 100.0% Vacant 0 NA 42,771 1.4% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. All GSA space is based on "occupiable" space as determined by the GSA, rather than net rentable or gross SF. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 33 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "NGP Rubicon GSA Pool Loan") is secured by first deeds of trusts or mortgages encumbering 1 industrial warehouse located in New Jersey, and 13 office buildings located in California (2), Colorado (2), Virginia (2), Washington, DC (1), Kansas (1), Massachusetts (1), Pennsylvania (1), Alabama (1), Texas (1) and Rhode Island (1). The NGP Rubicon GSA Pool Loan represents approximately 5.3% of the Cut-Off Date Pool Balance. The NGP Rubicon GSA Pool Loan was originated on June 8, 2005 and has a principal balance as of the Cut-Off Date of $194,500,000. The NGP Rubicon GSA Pool Loan, which is evidenced by a pari passu note dated June 8, 2005, is a portion of a whole loan with an original principal balance of $389,000,000. The other loan related to the NGP Rubicon GSA Pool Loan is evidenced by a separate note, dated June 8, 2005 (the "NGP Rubicon GSA Pool Pari Passu Companion Loan"), with an original principal balance of $194,500,000. The NGP Rubicon GSA 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 NGP Rubicon GSA Pool Loan has a remaining term of 118 months and matures on June 11, 2015. The NGP Rubicon GSA Pool Loan may not be prepaid prior to the maturity date of June 11, 2015, and permits defeasance with United States government obligations beginning no earlier than two years after the Closing Date. o THE BORROWERS. The borrowers consist of 13 Delaware limited liability companies and one Texas limited partnership, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the NGP Rubicon GSA Pool Loan. The sponsors of the borrowers are NGP Capital Partners III LLC ("NGP") and Rubicon US REIT, Inc ("Rubicon"). NGP acquires properties leased to the U.S. government's General Services Administration (GSA), Canadian governmental authorities and other properties with leases to investment grade tenants. Since 1994, the principals and affiliates of NGP have acquired and developed over seven million square feet of GSA leased properties. The members of NGP, Al Iudicello, Kamal Bahamdan and Alexander Vahabzadeh, have collectively acquired, financed, managed and sold more than $1 billion in commercial properties occupied by governmental agencies and authorities and over $1 billion in commercial properties occupied by investment grade tenants. Rubicon is a subsidiary of Rubicon America Trust. Rubicon America Trust is incorporated in Australia and listed on the Australian Stock Exchange and invests in U.S. commercial real estate through its affiliate, Rubicon. o THE PROPERTIES. The Mortgaged Properties consist of one industrial warehouse building and 13 office buildings containing, in the aggregate, approximately 1,048,631 square feet of industrial warehouse space and approximately 1,941,939 square feet of office space. Thirteen of these properties are located in 10 different states and one property is located in the District of Columbia. Nine of these properties are single tenant properties leased to various agencies of the United States of America ("USA") through the General Services Administration ("GSA"). As of May 13, 2005, the occupancy rate for the Mortgaged Properties securing the NGP Rubicon GSA Pool Loan was approximately 98.6%. The GSA is the largest tenant occupying approximately 2,839,298 square feet or approximately 94.9% of the aggregate square feet. All GSA space is generally based on "occupiable" or "net usable" space as determined by the GSA, rather than net rentable or gross square feet. The Federal Supply Service is the largest agency tenant occupying approximately 1,048,631 square feet of industrial warehouse space at the Mortgaged Property located in Burlington, New Jersey. The lease expires in December 2010. The Army Corps of Engineers is the second largest agency tenant occupying approximately 444,921 square feet of office space at three Mortgaged Properties located in Sacramento, California with the lease expiring in October 2010, Huntsville, Alabama with the lease expiring in October 2014, and Concord, Massachusetts, with the lease expiring in March 2018. The Joint Forces Command is the third largest agency tenant occupying 351,075 square feet of office space at the Mortgaged Property located in Suffolk, Virginia. The lease expires in May 2013. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o PARTIAL DEFEASANCE: The borrowers may defease any individual property at 125% of such individual property's allocated loan amount, provided that certain conditions have been met. o MEZZANINE DEBT: There is an existing mezzanine loan in the amount of $5,000,000, which was originated on June 8, 2005. The mezzanine loan is not an asset of the Trust and is secured by a pledge of 49% of the equity interests of NGP Garrison, LLC, an SPE wholly owned by NGP whose sole asset is a 19.9% indirect equity interest in the co-borrowers. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 34 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- NGP RUBICON GSA POOL - -------------------------------------------------------------------------------- o MANAGEMENT. CB Richard Ellis, Inc. ("CBRE") is the property manager for the Mortgaged Properties securing the NGP Rubicon GSA Pool Loan. CBRE has managed this portfolio of properties for the prior owner for several years and will continue in that capacity under the new ownership. CBRE is a full-service real estate services company. Together, CBRE and its partner and affiliate offices have more than 17,000 employees in over 300 offices across more than 50 countries worldwide. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 35 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 36 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1000 & 1100 WILSON - -------------------------------------------------------------------------------- [PICTURE OF 1000 & 1100 WILSON OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 37 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1000 & 1100 WILSON - -------------------------------------------------------------------------------- [MAP OF 1000 & 1100 WILSON OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 38 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1000 & 1100 WILSON - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $182,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners III, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 4.970% MATURITY DATE July 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Springing REPLACEMENT Springing ADDITIONAL FINANCING(1) Pari Passu Debt $182,500,000 PARI PASSU NOTES(2) ----------------------- CUT-OFF DATE BALANCE $365,000,000 CUT-OFF DATE BALANCE/SF $341 CUT-OFF DATE LTV 73.9% MATURITY DATE LTV 73.9% UW DSCR ON NCF 1.48x - -------------------------------------------------------------------------------- (1) Future mezzanine debt is permitted. (2) LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the 1000 & 1100 Wilson Loan and the 1000 & 1100 Wilson Pari Passu Companion Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 1,069,303 OCCUPANCY AS OF JUNE 13, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1980 / 2002 APPRAISED VALUE $494,000,000 PROPERTY MANAGEMENT Rosslyn Manager LLC UW ECONOMIC OCCUPANCY 96.0% UW REVENUES $40,281,840 UW TOTAL EXPENSES $11,787,188 UW NET OPERATING INCOME (NOI) $28,494,651 UW NET CASH FLOW (NCF) $26,936,258 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 39 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1000 & 1100 WILSON - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ General Services Administration ...... Aaa/AAA/AAA 191,909 17.9% $ 32.26 $ 6,191,698 16.1% Multiple Spaces(2) Northrop Grumman ..................... Baa2/BBB/BBB 130,419 12.2 $ 39.74 5,182,735 13.5 Multiple Spaces(3) Raytheon Company ..................... Baa3/BBB/BBB 116,128 10.9 $ 34.04 3,952,665 10.3 August 2013 WJLA-TV .............................. NR/NR/NR 84,423 7.9 $ 31.63 2,670,181 7.0 Multiple Spaces(4) SRI International Inc ................ NR/NR/NR 59,361 5.6 $ 34.42 2,043,256 5.3 June 2017 Non-major tenants .................... 487,323 45.6 $ 37.61 18,329,140 47.8 Vacant ............................... 0 0.0 0 0.0 --------- ----- ------------ ----- TOTAL ................................ 1,069,563 100.0% $ 38,369,675 100.0% ========= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (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 6,184 SF expire in June 2007, approximately 90,328 SF expire in April 2012, approximately 32,071 SF expire in November 2012 and approximately 63,326 SF expire in December 2012. (3) Under the terms of multiple leases, approximately 653 SF expire monthly and approximately 129,766 SF expire in December 2012. (4) Under the terms of multiple leases, approximately 270 SF expire monthly and approximately 84,153 SF expire in June 2017. <TABLE> - ------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------- 2005 12 $ 38.75 22,892 2.1% 2.1% 2.3% 2.3% 2006 3 $ 29.02 4,817 0.5% 2.6% 0.4% 2.7% 2007 7 $ 35.28 28,922 2.7% 5.3% 2.7% 5.3% 2008 5 $ 39.42 54,762 5.1% 10.4% 5.6% 11.0% 2009 7 $ 34.90 78,288 7.3% 17.7% 7.1% 18.1% 2010 4 $ 42.94 53,092 5.0% 22.7% 5.9% 24.0% 2011 2 $ 35.70 16,225 1.5% 24.2% 1.5% 25.5% 2012 12 $ 35.37 365,683 34.2% 58.4% 33.7% 59.2% 2013 10 $ 35.98 202,849 19.0% 77.4% 19.0% 78.3% 2014 3 $ 40.59 27,552 2.6% 79.9% 2.9% 81.2% 2015 0 $ 0.00 0 0.0% 79.9% 0.0% 81.2% Thereafter 7 $ 33.68 214,481 20.1% 100.0% 18.8% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 40 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1000 & 1100 WILSON - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "1000 & 1100 Wilson Loan") is secured by a first mortgage encumbering an office building located in Arlington, Virginia. The 1000 & 1100 Wilson Loan represents approximately 5.0% of the Cut-Off Date Pool Balance. The 1000 & 1100 Wilson Loan was originated on June 13, 2005, and has a principal balance as of the Cut-Off Date of $182,500,000. The 1000 & 1100 Wilson Loan, which is evidenced by a pari passu note dated June 13, 2005, is a portion of a whole loan with an original principal balance of $365,000,000. The other loan related to the 1000 & 1100 Wilson Loan is evidenced by a separate note, dated June 13, 2005 (the "1000 & 1100 Wilson Pari Passu Companion Loan"), with an original principal balance of $182,500,000. The 1000 & 1100 Wilson Loan provides for interest-only payments for the entire term. The 1000 & 1100 Wilson Loan has a remaining term of 59 months and matures on July 11, 2010. The 1000 & 1100 Wilson Loan may be prepaid with the payment of a yield maintenance charge prior to April 11, 2010, and may be prepaid without the payment of a yield maintenance charge on or after April 11, 2010. o THE BORROWERS. The borrowers are Arland Twin Towers, LLC, Twin Towers Property Associates, LLC, Arland Twin Towers II, LLC and Twin Towers II Property Associates, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the 1000 & 1100 Wilson Loan. The sponsor is Beacon Capital Strategic Partners III, L.P., an office-focused private equity fund, with over $1 billion of committed equity capital. o THE PROPERTY. The Mortgaged Property is an approximately 1,069,303 square foot office building situated on approximately 3.1 acres. The Mortgaged Property was constructed in 1980 and renovated in 2002. The Mortgaged Property is located in Arlington, Virginia, within the Washington, DC-MD-VA-WV metropolitan statistical area. As of June 13, 2005, the occupancy rate for the Mortgaged Property securing the 1000 & 1100 Wilson Loan was approximately 100.0%. The largest tenant is the General Services Administration ("GSA") occupying approximately 191,909 square feet, or approximately 17.9% of the net rentable area. The GSA secures the buildings, products, services, technology and other workplace essentials for the federal government. As of July 18, 2005, the GSA was rated "Aaa" (Moody's), "AAA" (S&P) and "AAA" (Fitch). The GSA has multiple leases, with approximately 6,184 square feet expiring in June 2007, and the remainder of the space expiring in either April, November or December of 2012. The second largest tenant is Northrop Grumman ("Northrop") occupying approximately 130,419 square feet, or approximately 12.2% of the net rentable area. Northrop is the world's largest shipbuilder and the third largest defense contractor. As of July 18, 2005, Northrop was rated "Baa2" (Moody's), "BBB" (S&P) and "BBB" (Fitch). The Northrop lease expires in December 2012 with 653 square feet on a month-to-month basis. The third largest tenant is Raytheon ("Raytheon") occupying approximately 116,128 square feet, or approximately 10.9% of the net rentable area. Raytheon is engaged in defense and government electronics, space, technical services and business and special mission aircraft industries. As of July 18, 2005, Raytheon was rated "Baa3" (Moody's), "BBB" (S&P) and "BBB" (Fitch). The Raytheon lease expires in August 2013. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Rosslyn Manager LLC is the property manager for the Mortgaged Property securing the 1000 & 1100 Wilson Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 41 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 42 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 60 HUDSON STREET - -------------------------------------------------------------------------------- [PICTURE OF 60 HUDSON STREET OMITTED] [PICTURE OF 60 HUDSON STREET OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 43 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 60 HUDSON STREET - -------------------------------------------------------------------------------- [MAP OF 60 HUDSON STREET OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 44 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 60 HUDSON STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $160,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Kenneth Carmel TYPE OF SECURITY Fee MORTGAGE RATE 5.000% MATURITY DATE July 11, 2015 AMORTIZATION TYPE Interest Only ARD INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Yes SHADOW RATING (MOODY'S/S&P/FITCH)(1) A2/AA-/AAA UP-FRONT RESERVES TAX Yes TI/LC $4,000,000 OTHER(2) $4,000,000 REPLACEMENT $2,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes/Springing REPLACEMENT $13,139 TI/LC $30,659 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $160,000,000 CUT-OFF DATE BALANCE/SF $ 152 CUT-OFF DATE LTV 55.2% MATURITY DATE LTV 55.2% UW DSCR ON NCF 3.43x - -------------------------------------------------------------------------------- (1) Moody's, S&P and Fitch have confirmed that the 60 Hudson Street Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) TI/LC reserve specifically for the NYC Department of Corrections tenant space. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 1,051,158 OCCUPANCY AS OF MAY 31, 2005 78.8% YEAR BUILT / YEAR RENOVATED 1930 / NA APPRAISED VALUE $290,000,000 PROPERTY MANAGEMENT Williams U.S.A. Realty Services, Inc. UW ECONOMIC OCCUPANCY 76.5% UW REVENUES $51,425,262 UW TOTAL EXPENSES $23,276,557 UW NET OPERATING INCOME (NOI) $28,148,705 UW NET CASH FLOW (NCF) $27,472,329 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 45 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 60 HUDSON STREET - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ MCI Worldcom ........................ B2/B+/B 125,456 11.9% $ 56.38 $ 7,072,648 20.1% December 2014 City of New York (DOC) .............. A2/NR/NR 99,471 9.5 $ 27.50 2,735,466 7.8 June 2007 Sprint Communications Company ....... Baa3/BBB-/BBB 83,920 8.0 $ 26.35 2,211,455 6.3 December 2012 XO New York Inc. .................... NR/NR/NR 40,420 3.8 $ 38.95 1,574,500 4.5 May 2013 Verizon Global Networks ............. NR/A+/A+ 38,261 3.6 $ 24.59 940,915 2.7 Multiple Spaces(2) Non-major tenants ................... 440,389 41.9 $ 46.85 20,632,689 58.7 Vacant .............................. 223,241 21.2 0 0.0 ------- ----- ------------ ----- TOTAL ............................... 1,051,158 100.0% $ 35,167,672 100.0% ========= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (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 13,817 SF expire in August 2008 and approximately 24,444 SF expire in November 2008. <TABLE> - ------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------------------ 2005 9 $54.22 29,281 2.8% 2.8% 4.5% 4.5% 2006 6 $22.35 28,678 2.7% 5.5% 1.8% 6.3% 2007 12 $27.17 211,007 20.1% 25.6% 16.3% 22.6% 2008 14 $25.66 89,835 8.5% 34.1% 6.6% 29.2% 2009 2 $52.60 5,559 0.5% 34.7% 0.8% 30.0% 2010 4 $42.57 15,216 1.4% 36.1% 1.8% 31.9% 2011 7 $52.94 49,688 4.7% 40.8% 7.5% 39.3% 2012 4 $27.04 87,022 8.3% 49.1% 6.7% 46.0% 2013 4 $37.12 46,517 4.4% 53.5% 4.9% 51.0% 2014 3 $57.87 137,783 13.1% 66.6% 22.7% 73.6% 2015 6 $76.11 102,541 9.8% 76.4% 22.2% 95.8% Thereafter 4 $59.37 24,790 2.4% 78.8% 4.2% 100.0% Vacant 0 NA 223,241 21.2% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 46 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 60 HUDSON STREET - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "60 Hudson Street Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The 60 Hudson Street Loan represents approximately 4.4% of the Cut-Off Date Pool Balance. The 60 Hudson Street Loan was originated on July 1, 2005, and has a principal balance as of the Cut-Off Date of $160,000,000. The 60 Hudson Street Loan is interest-only for the entire term. The 60 Hudson Street Loan has a remaining term of 119 months to its anticipated repayment date of July 11, 2015. The 60 Hudson Street Loan may be prepaid on or after April 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 60 Hudson Owner LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 60 Hudson Street Loan. The sponsor is Kenneth Carmel, the Vice Chairman of the Board of Williams Real Estate Co., Inc.. Mr. Carmel has over thirty years of experience in leasing, investment sales, and building operation, and is a General Partner in the ownership of five million square feet of office space. o THE PROPERTY. The Mortgaged Property is an approximately 1,051,158 square foot office building situated on approximately 1.3 acres. The Mortgaged Property was constructed in 1930 as Western Union's headquarters. The Mortgaged Property is located in New York, New York. As of May 31, 2005, the occupancy rate for the Mortgaged Property securing the 60 Hudson Street Loan was approximately 78.8%. The largest tenant is MCI, Inc. ("MCI"), occupying approximately 125,456 square feet, or approximately 11.9% of the net rentable area. MCI, formerly known as WorldCom, is a global communications company. The MCI lease expires in December 2014. As of July 13, 2005, MCI, Inc. was rated "B2" (Moody's), "B+" (S&P) and "B" (Fitch). The second largest tenant is The City of New York (Department of Corrections) occupying approximately 99,471 square feet, or approximately 9.5% of the net rentable area. The City of New York uses the space at the Mortgaged Property for the administrative needs of the Department of Corrections, which employs over 9,500 uniformed staff and 1,400 civilian staff. As of July 15, 2005, The City of New York was rated "A2" by Moody's. The City of New York lease expires in June 2007. The third largest tenant is Sprint Communications, ("Sprint") occupying approximately 83,920 square feet, or approximately 8.0% of the net rentable area. Sprint combines both wireless and wireline operations, operating a nationwide digital wireless network, and is a leading provider of mobile phone services in the US, Puerto Rico, and the US Virgin Islands. The Sprint lease expires in December 2012. As of July 13, 2005, Sprint was rated "Baa3" (Moody's), "BBB-" (S&P) and "BBB" (Fitch). o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o HYPER-AMORTIZATION. Commencing on the anticipated repayment date of July 11, 2015, if the 60 Hudson Street Loan is not paid in full, the 60 Hudson Street Loan enters into a hyper-amortization period through July 11, 2035. The interest rate applicable to the 60 Hudson Street Loan during such hyper-amortization period will increase to the greater of 4.0% over the mortgage rate or 4.0% over the treasury rate, as specified in the loan documents. o MANAGEMENT. Williams U.S.A. Realty Services, Inc. ("Williams"), an affiliate of one of the sponsors, is the property manager for the Mortgaged Property securing the 60 Hudson Street Loan. Founded in 1926 and now under a third generation of management, Williams is headquartered in midtown New York City. In the tri-state regional market, Williams currently represent owners of approximately 20 million square feet of office space. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 47 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 48 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- [PICTURE OF MACON & BURLINGTON MALL POOL OMITTED] [PICTURE OF MACON & BURLINGTON MALL POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 49 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- [MAP OF MACON & BURLINGTON MALL POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 50 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $141,200,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.9 % NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR David Lichtenstein TYPE OF SECURITY Both MORTGAGE RATE 5.780% MATURITY DATE July 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 12 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $2,842,688 TI/LC $3,500,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $21,663 TI/LC $74,074 GROUND LEASE $4,505 ADDITIONAL FINANCING* Mezzanine Debt $27,150,000 CUT-OFF DATE BALANCE $141,200,000 CUT-OFF DATE BALANCE/SF $119 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 69.0% UW DSCR ON NCF 1.37x - -------------------------------------------------------------------------------- * Consists of two mezzanine loans: (i) senior mezzanine debt in an original amount of $17,650,000 and (ii) junior mezzanine/preferred equity in an original amount of $9,500,000. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 2 LOCATION Macon, GA & Burlington, NC PROPERTY TYPE Retail -- Anchored SIZE (SF) 1,181,592 OCCUPANCY AS OF 5/24/05 AND 6/1/05 89.6% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $176,500,000 PROPERTY MANAGEMENT Prime Retail, L.P. UW ECONOMIC OCCUPANCY 89.8% UW REVENUES $22,565,560 UW TOTAL EXPENSES $7,781,027 UW NET OPERATING INCOME (NOI) $14,784,533 UW NET CASH FLOW (NCF) $13,631,377 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 51 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- MACON MALL <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ ANCHOR TENANTS -- ANCHOR OWNED Sears ............................. Ba1/BB+/BB 202,915 ANCHOR OWNED -- NOT PART OF COLLATERAL Dillard's ......................... B2/BB/BB- 172,000 ANCHOR OWNED -- NOT PART OF COLLATERAL Belk .............................. NR/NR/NR 154,369 ANCHOR OWNED -- NOT PART OF COLLATERAL Macy's ............................ Baa1/BBB+/BBB+ 152,876 ANCHOR OWNED -- NOT PART OF COLLATERAL ------- TOTAL ANCHOR OWNED ................ 682,160 ======= ANCHOR TENANTS -- COLLATERAL JC Penney ......................... Ba1/BB+/BB+ 169,042 22.2% $ 2.75 $ 464,866 4.4% February 2007 Parisian .......................... B2/CCC+/B+ 100,726 13.2 $ 8.58 864,229 8.2 February 2017 ------- -------- ------------ ----- TOTAL ANCHOR TENANTS .............. 269,768 35.4% $ 4.93 $ 1,329,095 12.7% ======= ======== ============ ===== TOP 5 NON-ANCHOR TENANTS Linens-N-Things ................... NR/NR/NR 28,000 3.7% $ 12.00 $ 336,000 3.2% January 2014 Old Navy .......................... Baa3/BBB-/BBB- 15,317 2.0 $ 13.00 199,121 1.9 October 2010 Abercrombie & Fitch ............... NR/NR/NR 12,577 1.6 $ 17.48 219,812 2.1 Multiple Spaces Piccadilly Cafeteria .............. NR/NR/NR 11,550 1.5 $ 11.00 127,050 1.2 December 2007 Gap/Gap Kids ...................... Baa3/BBB-/BBB- 10,009 1.3 $ 25.98 260,034 2.5 January 2010 ------- ------------ ----- TOTAL TOP 5 TENANTS ............... 77,453 10.2% $ 14.74 $ 1,142,017 10.9% ======= ======== ============ ===== NON-MAJOR TENANTS ................. 325,817 42.7 $ 24.64 8,028,102 76.5 ------- -------- ------------ ----- OCCUPIED COLLATERAL TOTAL ......... 673,038 88.3% $ 15.60 $ 10,499,214 100.0% ======= ======== ============ ===== VACANT SPACE ...................... 89,360 11.7 ------- -------- COLLATERAL TOTAL .................. 762,398 100.0% ======= ======== PROPERTY TOTAL .................... 1,444,558 ========= - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 52 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- MACON MALL <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE CUMULATIVE LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL % OF ACTUAL YEAR ROLLING ROLLING ROLLING SF ROLLING(1) ROLLING(1) RENT ROLLING(1) RENT ROLLING(1) - ------------------------------------------------------------------------------------------------------------------------------------ 2005 18 $ 23.59 41,881 5.5% 5.5% 9.4% 9.4% 2006(2) 14 $ 20.76 41,938 5.5% 11.0% 6.1% 15.5% 2007(3) 40 $ 10.45 241,470 31.7% 42.7% 23.6% 39.1% 2008(4) 6 $ 30.03 18,550 2.4% 45.1% 3.3% 42.5% 2009 12 $ 22.04 40,454 5.3% 50.4% 8.5% 51.0% 2010 20 $ 23.59 84,287 11.1% 61.5% 18.9% 69.9% 2011 11 $ 31.40 32,172 4.2% 65.7% 9.6% 79.5% 2012 1 $ 112.24 490 0.1% 65.7% 0.5% 80.0% 2013 5 $ 17.53 15,370 2.0% 67.8% 2.6% 82.6% 2014 6 $ 17.28 55,700 7.3% 75.1% 9.2% 91.8% 2015 0 $ 0.00 0 0.0% 75.1% 0.0% 91.8% Thereafter 1 $ 8.58 100,726 13.2% 88.3% 8.2% 100.0% Vacant 0 NA 89,360 11.7% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Calculated based on the approximate square footage occupied by each tenant. (2) The WA Base Rent/SF Rolling for 2006 does not include approximately 4,717 SF occupied by Kay Bee Toys and approximately 6,400 SF occupied by Ann Taylor Loft. These two spaces are leased for a percentage of the store sales and therefore are not reported. (3) The WA Base Rent/SF Rolling for 2007 does not include approximately 4,200 SF occupied by Abercrombie and Fitch. This space is leased for a percentage of the store sales and therefore has not been reported. (4) The WA Base Rent/SF Rolling for 2008 does not include approximately 6,890 SF occupied by Eddie Bauer. This space is leased for a percentage of the store sales and therefore has not been reported. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 53 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- BURLINGTON MALL <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ ANCHOR TENANTS -- COLLATERAL Sears ............................... Ba1/BB+/BB 110,435 26.3% $ 0.00 % Rent 0.0% July 2009 Belk ................................ NR/NR/NR 88,000 21.0 $ 3.07 $270,160 9.3 November 2009 JC Penney ........................... Ba1/BB+/BB+ 40,388 9.6 $ 3.81 153,763 5.3 February 2008 Goody's Family Clothing ............. NR/NR/NR 27,000 6.4 $ 6.50 175,500 6.1 August 2009 ------- ----- ------------- ----- TOTAL ANCHOR TENANTS ................ 265,823 63.4% $ 2.25 $ 599,423 20.7% ======= ===== ============= ===== TOP 5 NON-ANCHOR TENANTS Fitness Today of Burlington ......... NR/NR/NR 12,500 3.0% $ 7.20 $ 90,000 3.1% December 2005 Books-A-Million ..................... NR/NR/NR 10,950 2.6 $ 9.50 104,025 3.6 February 2007 Applehouse of Burlington ............ NR/NR/NR 10,001 2.4 $ 5.00 50,005 1.7 December 2005 Casual Corner Annex ................. NR/NR/NR 9,492 2.3 $ 12.64 119,979 4.1 November 2012 American Eagle Outfitters ........... NR/NR/NR 5,140 1.2 $ 23.00 118,220 4.1 January 2012 ------- ----- ------------- ----- TOTAL TOP 5 TENANTS ................. 48,083 11.5% $ 10.03 $ 482,229 16.6% ======= ===== ============= ===== NON-MAJOR TENANTS ................... 71,236 17.0 $ 25.49 1,815,947 62.7 ------- ----- ------------- ----- OCCUPIED COLLATERAL TOTAL ........... 385,142 91.9% $ 7.52 $ 2,897,599 100.0% ======= ===== ============= ===== VACANT SPACE ........................ 34,052 8.1 ------- ----- COLLATERAL TOTAL .................... 419,194 100.0% ======= ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 54 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- BURLINGTON MALL <TABLE> - ---------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE CUMULATIVE LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL % OF ACTUAL YEAR ROLLING ROLLING ROLLING SF ROLLING(1) ROLLING(1) RENT ROLLING(1) RENT ROLLING(1) - ---------------------------------------------------------------------------------------------------------------------------- 2005 4 $ 8.36 25,271 6.0% 6.0% 7.3% 7.3% 2006 5 $ 16.60 11,100 2.6% 8.7% 6.4% 13.6% 2007 8 $ 27.20 13,964 3.3% 12.0% 13.1% 26.8% 2008 6 $ 8.02 51,237 12.2% 24.2% 14.2% 40.9% 2009(2) 7 $ 5.16 235,823 56.3% 80.5% 22.3% 63.2% 2010 7 $ 35.42 13,575 3.2% 83.7% 16.6% 79.8% 2011 2 $ 21.82 5,520 1.3% 85.0% 4.2% 84.0% 2012 3 $ 16.32 18,382 4.4% 89.4% 10.4% 94.3% 2013 1 $ 14.00 5,100 1.2% 90.6% 2.5% 96.8% 2014 2 $ 17.87 5,170 1.2% 91.9% 3.2% 100.0% 2015 0 $ 0.00 0 0.0% 91.9% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 91.9% 0.0% 100.0% Vacant 0 NA 34,052 8.1% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Calculated based on the approximate square footage occupied by each tenant (2) The WA Base Rent/SF Rolling for 2009 does not include approximately 110,435 SF occupied by Sears. This space is leased for a percentage of the store sales and therefore has not been reported. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 55 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Macon & Burlington Mall Pool Loan") is secured by first mortgages encumbering two regional malls located in Macon, Georgia (the "Macon Mall") and Burlington, North Carolina (the "Burlington Mall"). The Macon & Burlington Mall Pool Loan represents approximately 3.9% of the Cut-Off Date Pool Balance. The Macon & Burlington Mall Pool Loan was originated on June 30, 2005, and has an aggregate principal balance as of the Cut-Off Date of $141,200,000. The Macon & Burlington Mall Pool Loan provides for interest-only payments for the first 12 months of its term, and thereafter, fixed monthly payments of principal and interest. The Macon & Burlington Mall Pool Loan has a remaining term of 119 months and matures on July 11, 2015. The Macon & Burlington Mall Pool Loan may be prepaid on or after April 11, 2015, and the Macon & Burlington Mall Pool Loan permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Macon Mall, LLC and Burlington Mall, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Macon & Burlington Mall Pool Loan. The sponsor of the borrowers is David Lichtenstein, the founding principal of the Lightstone Group. Founded in 1988, the Lightstone Group owns a diversified portfolio of over 16,000 residential units and office, industrial and retail properties totaling approximately 25 million square feet of space in 24 states and Puerto Rico. o THE PROPERTIES. The Mortgaged Properties consist of two regional malls, with one located in Macon, Georgia and the other in Burlington, North Carolina. As of May 24, 2005 and June 1, 2005, the average occupancy rate for the Mortgaged Properties securing the Macon & Burlington Mall Pool Loan was approximately 89.6%. The Macon Mall Mortgaged Property is an approximately 762,398 square foot regional mall situated on approximately 53.0 acres. The Mortgaged Property was built in 1975. The Mortgaged Property is located in Macon, Georgia. The largest tenant is J.C. Penney Company, Inc. ("JC Penney"), occupying approximately 169,042 square feet, or approximately 22.2% of the net rentable area. JC Penney sells family apparel, jewelry, shoes, accessories, and home furnishings to customers through department stores, catalog and the Internet. In addition, the department stores provide services, such as salon, optical, portrait photography and custom decorating. As of July 19, 2005, JC Penney was rated "Ba1" (Moody's), "BB+" (S&P) and "BB+" (Fitch). The JC Penney lease expires in February 2007. The second largest tenant is Parisian, occupying approximately 100,726 square feet, or approximately 13.2% of the net rentable area. Parisian, operated by Saks, Inc., is a department store offering fashion apparel, shoes, accessories, jewelry, cosmetics and decorative home furnishings. As of July 19, 2005, Saks, Inc. was rated "B2" (Moody's), "CCC+" (S&P) and "B+" (Fitch). The Parisian lease expires in February 2017. The third largest tenant is Linens n Things, Inc. ("Linens n Things"), occupying approximately 28,000 square feet, or approximately 3.7% of the net rentable area. Linens n Things operates a chain of retail stores that offer home textiles, housewares and home accessories in the United States and Canada. The Linens n Things lease expires in January 2014. The Burlington Mall Mortgaged Property is an approximately 419,194 square foot regional mall situated on approximately 41.0 acres. The Mortgaged Property was built in 1969 and renovated in 2004. The Mortgaged Property is located in Burlington, North Carolina, within the Greensboro-Winston Salem-High Point, NC metropolitan statistical area. The largest tenant is Sears, Roebuck and Co. ("Sears"), occupying approximately 110,435 square feet, or approximately 26.3% of the net rentable area. Sears offers a wide range of home merchandise, apparel and automotive products and services throughout Sears-branded and affiliated stores in the U.S. and Canada. As of July 19, 2005, Sears was rated "Ba1" (Moody's), "BB+" (S&P) and "BB" (Fitch). The Sears lease expires in July 2009 and the lease terms provide for the rent to be determined as a percentage of store sales. The second largest tenant is Belk, occupying approximately 88,000 square feet, or approximately 21.0% of the net rentable area. Belk is a privately owned department store chain offering fashion apparel, shoes, accessories, jewelry, cosmetics, and decorative home furnishings. The Belk lease expires in November 2009. The third largest tenant is JC Penney, occupying approximately 40,388 square feet, or approximately 9.6% of the net rentable area. JC Penney sells family apparel, jewelry, shoes, accessories, and home furnishings to customers through department stores, catalog, and the Internet. In addition, the department stores provide services, such as salon, optical, portrait photography, and custom decorating. As of July 19, 2005, JC Penney was rated "Ba1" (Moody's), "BB+" (S&P) and "BB+" (Fitch). The JC Penney lease expires in February 2008. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 56 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MACON & BURLINGTON MALL POOL - -------------------------------------------------------------------------------- o MEZZANINE DEBT. Two mezzanine loans in an original aggregate amount of $27,150,000 were originated on June 30, 2005. The mezzanine loans are not assets of the Trust Fund and are secured by a pledge of the equity interests in the borrowers. o MANAGEMENT. Prime Retail, L.P., an affiliate of the Lightstone Group, is the property manager for the Mortgaged Properties securing the Macon & Burlington Mall Pool Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 57 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 58 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MILLENNIUM PARK PLAZA - -------------------------------------------------------------------------------- [PICTURE OF MILLENNIUM PARK [PICTURE OF MILLENNIUM PARK PLAZA OMITTED] PLAZA OMITTED] [PICTURE OF MILLENNIUM PARK PLAZA OMITTED] [PICTURE OF MILLENNIUM PARK PLAZA OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 59 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MILLENNIUM PARK PLAZA - -------------------------------------------------------------------------------- [MAP OF MILLENNIUM PARK PLAZA OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 60 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MILLENNIUM PARK PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $140,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Donald P. Barry Sr., Margaret H. Barry, Donald P. Barry, Jr., Sean T. Barry & James W. Purcell TYPE OF SECURITY Fee MORTGAGE RATE 5.130% MATURITY DATE August 11, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes OTHER * $5,500,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $12,570 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $140,000,000 CUT-OFF DATE BALANCE/SF $ 194 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 80.0% UW DSCR ON NCF 1.56x - -------------------------------------------------------------------------------- * Reserve funded at closing to be used for future planned upgrades and renovations, as well as potential TI/LC costs. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Chicago, IL PROPERTY TYPE Mixed Use -- Multifamily/Office SIZE (SF) 720,349 OCCUPANCY AS OF JUNE 15, 2005 93.2% YEAR BUILT / YEAR RENOVATED 1982 / 2005 APPRAISED VALUE $175,000,000 PROPERTY MANAGEMENT BJB Partners UW ECONOMIC OCCUPANCY 93.4% UW REVENUES $16,917,997 UW TOTAL EXPENSES $5,469,740 UW NET OPERATING INCOME (NOI) $11,448,257 UW NET CASH FLOW (NCF) $11,239,265 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 61 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MILLENNIUM PARK PLAZA - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ La Strada .............................. NR/NR/NR 20,752 2.9% $ 5.15 $ 106,873 0.7% December 2006 Broadwing Communication ................ NR/NR/NR 13,397 1.9 $ 44.18 591,879 3.8 July 2006 Qwest/Equis . .......................... NR/NR/NR 12,223 1.7 $ 29.46 360,090 2.3 March 2010 Health Club ............................ NR/NR/NR 8,500 1.2 $ 0.00 0 0.0 MTM MCI/Real Estate ........................ NR/NR/NR 8,420 1.2 $ 32.39 272,724 1.8 July 2008 Non-major tenants . .................... 18,648 2.6 $ 31.18 581,528 3.8 Executive Suites -- Multiple Tenants. .. 41,559 5.8 $ 32.57 1,353,577 8.7 Vacant Commercial ...................... 7,425 1.0 0 0.0 ------ ----- ----------- ----- TOTAL COMMERCIAL ...................... 130,924 18.2% $ 3,266,670 21.1% ======= ===== =========== ===== Occupied Multifamily (516 units) ....... 547,890 76.1% $12,232,056 78.9% Vacant Multifamily (35 units) .......... 41,535 5.8 0 0.0 ------- ----- ----------- ----- TOTAL MULTIFAMILY ..................... 589,425 81.8% $12,232,056 78.9% ======= ===== =========== ===== PROPERTY TOTAL ......................... 720,349 100.0% $15,498,726 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------ UNIT MIX - ------------------------------------------------------------------------------------------------------ NO. OF APPROXIMATE APPROXIMATE UNIT MIX UNITS UNIT SIZE (SF) NRA (SF) % OF NRA QUOTED RENT - ------------------------------------------------------------------------------------------------------ Studio ............ 58 660 38,280 6.5% $ 1,403 1 BR/1 BA ......... 261 874 228,230 38.7 $ 1,744 2 BR/2 BA ......... 232 1,392 322,915 54.8 $ 2,474 --- ------- ----- TOTAL ............. 551 1,070 589,425 100.0% $2,015 / $1.88/SF === ======= ===== - ------------------------------------------------------------------------------------------------------ </TABLE> This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 62 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MILLENNIUM PARK PLAZA - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Millennium Park Plaza Loan") is secured by a first mortgage encumbering a mixed use complex located in Chicago, Illinois. The Millennium Park Plaza Loan represents approximately 3.8% of the Cut-Off Date Pool Balance. The Millennium Park Plaza Loan was originated on July 21, 2005, and has a principal balance as of the Cut-Off Date of $140,000,000. The Millennium Park Plaza Loan provides for interest-only payments for the entire term. The Millennium Park Plaza Loan has a remaining term of 120 months and matures on August 11, 2015. The Millennium Park Plaza Loan may be prepaid on or after June 11, 2015 and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Millennium Park Plaza, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Millennium Park Plaza Loan. The sponsors are the five partners of BJB Partners, Donald P. Barry Sr., Margaret H. Barry, Donald P. Barry Jr., Sean T. Barry and James W. Purcell. BJB Partners was founded in 1972, is based in Chicago, Illinois, and currently owns more than 5,000 multifamily units and approximately 1,650,000 square feet of commercial space in the Chicago, Illinois area. o THE PROPERTY. The Mortgaged Property is an approximately 720,349 square foot mixed use complex situated on approximately 0.6 acres. The Mortgaged Property consists of a 551-unit high-rise multifamily building, as well as approximately 130,924 square feet of office and retail space. The Mortgaged Property was constructed in 1982 and renovated in 2005. As of June 15, 2005, the occupancy rate for the Mortgaged Property securing the Millennium Park Plaza Loan was approximately 93.2%. The Mortgaged Property includes such amenities as a fitness center with swimming pool and spa on the 38th floor, a second exercise room as well as a business center on the first floor and a rooftop sundeck. o LOCKBOX ACCOUNT. The loan documents do not require a lockbox account. o PROPERTY MANAGEMENT. BJB Partners, an affiliate of the sponsors, is the property manager for the Mortgaged Property securing the Millennium Park Plaza Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 63 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 64 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 200 PUBLIC SQUARE - -------------------------------------------------------------------------------- [PICTURE OF 200 PUBLIC SQUARE OMITTED] [PICTURE OF 200 PUBLIC SQUARE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 65 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 200 PUBLIC SQUARE - -------------------------------------------------------------------------------- [MAP OF 200 PUBLIC SQUARE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 66 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 200 PUBLIC SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $115,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR HGGP CAPITAL, LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.180% MATURITY DATE July 11, 2012 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 84 / 360 REMAINING TERM / AMORTIZATION 83 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $211,250 TI/LC $7,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $22,229 TI/LC $75,000 ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $115,000,000 CUT-OFF DATE BALANCE/SF $97 CUT-OFF DATE LTV 75.7% MATURITY DATE LTV 71.3% UW DSCR ON NCF 1.71x - -------------------------------------------------------------------------------- * Future mezzanine debt permitted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Cleveland, OH PROPERTY TYPE Office -- CBD SIZE (SF) 1,191,462 OCCUPANCY AS OF JUNE 1, 2005 87.8% YEAR BUILT / YEAR RENOVATED 1985 / NA APPRAISED VALUE $151,900,000 PROPERTY MANAGEMENT Harbor Group Management Co. UW ECONOMIC OCCUPANCY 87.7% UW REVENUES $23,811,631 UW TOTAL EXPENSES $10,108,396 UW NET OPERATING INCOME (NOI) $13,703,235 UW NET CASH FLOW (NCF) $12,904,008 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 67 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 200 PUBLIC SQUARE - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ BP America(2) .................... Aa1/AA+AA+ 243,338 20.4% $ 15.04 $ 3,660,650 18.4% September 2008 Benesch, Friedlander ............. NR/NR/NR 115,390 9.7 $ 24.38 2,813,208 14.1 July 2009 Hahn Loeser & Parks .............. NR/NR/NR 70,015 5.9 $ 19.07 1,335,186 6.7 September 2012 Management Recruiters(3) ......... NR/NR/NR 51,774 4.3 $ 13.50 698,949 3.5 February 2011 National City Bank(4) ............ A1/A/AA- 51,242 4.3 $ 16.50 845,493 4.2 Septemer 2013 Non-major tenants ................ 514,377 43.2 $ 20.58 10,587,949 53.1 Vacant ........................... 145,326 12.2 0 0.0 --------- ----- ------------ ----- TOTAL ............................ 1,191,462 100.0% $ 19,941,435 100.0% ========= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) The BP America space is comprised of both dark and sublet space, and is net of the space sublet by National City Bank. Approximately 152,712 SF is dark, as a result of BP being acquired by Amoco and relocating out of Cleveland. BP America, however, is obligated and continues to pay rent on its leased space. In addition, approximately 90,626 SF is sublet to three tenants: i) Marsh and McClennan occupies approximately 59,293 SF, ii) Davel Communication occupies approximately 16,668 SF and iii) Mercer Consulting occupies approximately 14,665 SF. (3) Tenant has downsized after the acquisition by Philadelphia based CDI Corp., and thus is only currently utilizing approximately 26,089 SF, although they remain obligated and continue to pay on approximately all 51,774 SF. (4) National City Bank is subleasing their approximate 51,242 SF of space from BP America through September 2008, but has entered into a lease extension in their own name through September 2013. <TABLE> - ------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------ # OF WA BASE % OF TOTAL CUMULATIVE CUMULATIVE % LEASES RENT/SF TOTAL SF SF % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING ROLLING(1) ROLLING(1) RENT ROLLING(1) ROLLING(1) - ------------------------------------------------------------------------------------------------------------ 2005(2) 6 $ 20.91 18,514 1.6% 1.6% 1.4% 1.4% 2006 11 $ 21.64 106,455 8.9% 10.5% 11.6% 12.9% 2007 5 $ 25.58 58,206 4.9% 15.4% 7.5% 20.4% 2008 14 $ 15.52 271,848 22.8% 38.2% 21.2% 41.6% 2009 8 $ 23.15 150,366 12.6% 50.8% 17.5% 59.0% 2010 7 $ 21.72 69,498 5.8% 56.6% 7.6% 66.6% 2011 6 $ 16.66 78,570 6.6% 63.2% 6.6% 73.1% 2012 5 $ 18.27 99,419 8.3% 71.6% 9.1% 82.3% 2013 2 $ 18.31 89,243 7.5% 79.1% 8.2% 90.5% 2014 4 $ 19.66 59,930 5.0% 84.1% 5.9% 96.4% 2015 2 $ 16.46 44,087 3.7% 87.8% 3.6% 100.0% Thereafter 0 $ 0.00 0 0.0% 87.8% 0.0% 100.0% Vacant 0 NA 145,326 12.2% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------ </TABLE> (1) Calculated based on the approximate square footage occupied by each tenant. (2) The WA Base Rent/SF Rolling for 2005 does not include approximately 5,322 SF occupied by the property management company, Harbor Group Management Co., as this tenant does not pay any rent. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 68 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 200 PUBLIC SQUARE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "200 Public Square Loan") is secured by a first mortgage encumbering an office building located in Cleveland, Ohio. The 200 Public Square Loan represents approximately 3.1% of the Cut-Off Date Pool Balance. The 200 Public Square Loan was originated on June 24, 2005, and has a principal balance as of the Cut-Off Date of $115,000,000. The 200 Public Square Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The 200 Public Square Loan has a remaining term of 83 months and matures on July 11, 2012. The 200 Public Square Loan may be prepaid on or after May 11, 2012, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Cleveland Financial Associates, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 200 Public Square Loan. The sponsor is HGGP Capital, LLC ("Harbor Group"). Harbor Group is a full-service, diversified real estate investment concern that owns and manages office buildings, shopping centers, multi-family and industrial space throughout the United States. o THE PROPERTY. The Mortgaged Property is an approximately 1,191,462 square foot office building situated on approximately 2.8 acres. The Mortgaged Property was constructed in 1985, and is located in Cleveland, Ohio. As of June 1, 2005, the occupancy rate for the Mortgaged Property securing the 200 Public Square Loan was approximately 87.8%. The largest tenant is BP America ("BP"), leasing approximately 243,338 square feet, or approximately 20.4% of the net rentable area. BP is one of the world's largest oil and petrochemicals groups and one of Great Britain's largest companies. BP is an international company, having operations in over 70 countries. As of July 19, 2005, BP was rated "Aa1" (Moody's), "AA+" (S&P) and "AA+" (Fitch). The BP lease expires in September 2008. BP is no longer in occupancy of their space, though they are current on their rent and obligated to pay through September 2008. They have sublet approximately 90,626 square feet of their space to three tenants: Marsh and McClennan (approximately 59,293 SF), Davel Communication (approximately 16,668 SF) and Mercer Consulting (approximately 14,665 SF). BP leases an additional approximate 51,242 square feet through September 2008, which is sublet to National City Bank, who has signed a direct lease renewal to run from October 2008 through September 2013. The second largest tenant is Benesch, Friedlander, Coplan & Aronoff LLP ("BFCA"), occupying approximately 115,390 square feet, or approximately 9.7% of the net rentable area. BFCA is a law firm with offices in Cleveland, Ohio and Columbus, Ohio. The company has a national client base and is an Ohio member of TerraLex, an international network of more than 138 law firms and 9,000 lawyers. The BFCA lease expires in July 2009. The third largest tenant is Hahn Loeser & Parks ("HLP"), occupying approximately 70,015 square feet, or approximately 5.9% of the net rentable area. Founded in 1920, HLP is a full-service law firm that provides counseling to a wide spectrum of clients, including Fortune 500 corporations and privately-held businesses, non-profit institutions, governmental entities and individuals. The HLP lease expires in September 2012. o LOCKBOX 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 200 Public Square Loan, (i) if the debt service coverage ratio, as computed by the mortgagee, is less than 1.20x or (ii) upon the occurrence of an event of default under the loan documents, the amounts in the lockbox will be swept daily into a mortgagee-designated lockbox account. o MANAGEMENT. Harbor Group Management Co., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the 200 Public Square Loan. Harbor Group Management Co. is a diversified property management company managing shopping centers, apartment complexes, office buildings and industrial space in 13 states plus the District of Columbia. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 69 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 70 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO - -------------------------------------------------------------------------------- [PICTURE OF [PICTURE OF [PICTURE OF [PICTURE OF EXTRA SPACE EXTRA SPACE EXTRA SPACE EXTRA SPACE PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] [PICTURE OF [PICTURE OF [PICTURE OF [PICTURE OF EXTRA SPACE EXTRA SPACE EXTRA SPACE EXTRA SPACE PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] [PICTURE OF [PICTURE OF [PICTURE OF [PICTURE OF EXTRA SPACE EXTRA SPACE EXTRA SPACE EXTRA SPACE PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] [PICTURE OF [PICTURE OF [PICTURE OF EXTRA SPACE EXTRA SPACE EXTRA SPACE PORTFOLIO OMITTED] PORTFOLIO OMITTED] PORTFOLIO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 71 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO - -------------------------------------------------------------------------------- [MAP OF EXTRA SPACE PORTFOLIO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 72 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $100,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.7% NUMBER OF MORTGAGE LOANS 15 LOAN PURPOSE Acquisition SPONSOR Extra Space Storage LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.260% MATURITY DATE August 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 60 / IO LOCKBOX Springing UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $722,564 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $14,113 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $100,000,000 CUT-OFF DATE BALANCE/SF $91 CUT-OFF DATE LTV 77.4% MATURITY DATE LTV 77.4% UW DSCR ON NCF 1.69x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 15 LOCATION Various PROPERTY TYPE Self Storage SIZE (SF) 1,100,988 OCCUPANCY AS OF APRIL 30, 2005 80.9% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $129,175,000 PROPERTY MANAGEMENT Extra Space Management LLC UW ECONOMIC OCCUPANCY 80.7% UW REVENUES $14,917,680 UW TOTAL EXPENSES $5,849,473 UW NET OPERATING INCOME (NOI) $9,068,207 UW NET CASH FLOW (NCF) $8,898,861 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 73 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO SUMMARY - ------------------------------------------------------------------------------------------------------------------- CUT-OFF DATE CUT-OFF DATE YEAR BUILT / NET RENTABLE BALANCE PER PROPERTY NAME BALANCE RENOVATED UNITS AREA SQUARE FOOT OCCUPANCY* - ------------------------------------------------------------------------------------------------------------------- Extra Space -- New York, NY .... $ 16,400,000 1921 / 1999 1,453 73,863 $ 222 90.6% Extra Space -- North Bergen, NJ 11,000,000 2000 1,074 85,955 $ 128 89.8% Extra Space -- Hackensack, NJ .. 9,500,000 1980 1,372 120,920 $ 79 90.6% Extra Space -- Toms River, NJ .. 8,300,000 1999 676 73,337 $ 113 82.1% Extra Space -- Seattle, WA ..... 7,400,000 1999 757 67,175 $ 110 84.3% Extra Space -- Linden, NJ ...... 6,700,000 1999 578 61,093 $ 110 87.4% Extra Space -- Parlin, NJ ...... 6,700,000 1999 779 76,505 $ 88 78.4% Extra Space -- Beaverton, OR ... 6,200,000 1987 571 67,530 $ 92 72.1% Extra Space -- Plainville, MA .. 5,400,000 1998 553 69,675 $ 78 80.5% Extra Space -- Stoneham, MA .... 5,400,000 2002 760 61,875 $ 87 77.6% Extra Space -- New Paltz, NY ... 5,000,000 1990 735 69,056 $ 72 67.8% Extra Space -- Sandy, UT ....... 4,000,000 1994 543 83,150 $ 48 86.7% Extra Space -- Everett, MA ..... 3,750,000 1900 / 2000 835 69,789 $ 54 59.8% Extra Space -- Denver, CO ...... 2,250,000 1998 603 67,915 $ 33 75.9% Extra Space -- West Valley City, UT ............................ 2,000,000 1995 424 53,150 $ 38 78.5% ------------ ----- ------- TOTAL/WEIGHTED AVERAGE ......... $100,000,000 11,713 1,100,988 $ 91 80.9% ============ ====== ========= - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------ UW UNDERWRITTEN NET APPRAISED PROPERTY NAME OCCUPANCY % CASH FLOW APPRAISED VALUE VALUE PER SF LTV DSCR - ------------------------------------------------------------------------------------------------------------------------ Extra Space -- New York, NY .... 83.3% $ 1,566,148 $ 21,000,000 $ 284 78.1% 1.82x Extra Space -- North Bergen, NJ 78.4% 934,692 14,100,000 $ 164 78.0% 1.62x Extra Space -- Hackensack, NJ .. 91.4% 816,197 12,200,000 $ 101 77.9% 1.63x Extra Space -- Toms River, NJ .. 85.0% 785,274 10,600,000 $ 145 78.3% 1.80x Extra Space -- Seattle, WA ..... 86.6% 721,269 9,500,000 $ 141 77.9% 1.85x Extra Space -- Linden, NJ ...... 80.7% 597,742 8,575,000 $ 140 78.1% 1.70x Extra Space -- Parlin, NJ ...... 83.7% 593,303 8,550,000 $ 112 78.4% 1.68x Extra Space -- Beaverton, OR ... 78.7% 551,164 8,000,000 $ 118 77.5% 1.69x Extra Space -- Plainville, MA .. 80.1% 497,842 6,900,000 $ 99 78.3% 1.75x Extra Space -- Stoneham, MA .... 74.5% 499,610 6,900,000 $ 112 78.3% 1.76x Extra Space -- New Paltz, NY ... 70.1% 407,373 6,400,000 $ 93 78.1% 1.55x Extra Space -- Sandy, UT ....... 89.6% 362,411 5,100,000 $ 61 78.4% 1.72x Extra Space -- Everett, MA ..... 65.1% 237,822 5,400,000 $ 77 69.4% 1.21x Extra Space -- Denver, CO ...... 73.4% 188,939 3,450,000 $ 51 65.2% 1.60x Extra Space -- West Valley City, UT ............................ 78.3% 139,074 2,500,000 $ 47 80.0% 1.32x ----------- ------------- TOTAL/WEIGHTED AVERAGE ......... 80.7% $ 8,898,861 $ 129,175,000 $ 117 77.4% 1.69X =========== ============= - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * Occupancy as of April 30, 2005 for all the Mortgaged Properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 74 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EXTRA SPACE PORTFOLIO - -------------------------------------------------------------------------------- o THE LOANS. The 15 Mortgage Loans (the "Extra Space Self Storage Portfolio Loans") are secured by 15 first mortgages or first deeds of trust encumbering 15 self storage properties located in seven states. The Extra Space Self Storage Portfolio Loans represent approximately 2.7% of the Cut-Off Date Pool Balance. The Extra Space Self Storage Portfolio Loans were originated on July 14, 2005, and have a principal balance as of the Cut-Off Date of $100,000,000. Each Extra Space Self Storage Portfolio Loan is cross-collateralized and cross-defaulted with each of the other Extra Space Self Storage Portfolio Loans. Each Extra Space Self Storage Portfolio Loan provides for interest-only payments for the entire loan term. The Extra Space Self Storage Portfolio Loans have a remaining term of 60 months and mature on August 11, 2010. The Extra Space Self Storage Portfolio Loans may be prepaid on or after June 11, 2010, and permit defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower for each of the Extra Space Self Storage Portfolio Loans is Extra Space Properties Fifty Three LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Extra Space Self Storage Portfolio Loans. The sponsor of the borrower is Extra Space Storage LLC. Extra Space Storage LLC is a publicly traded self storage operator with a geographically diverse portfolio of approximately 630 properties owned or under management upon closing the recent Storage USA acquisition. o THE PROPERTIES. The Mortgaged Properties consist of 15 self storage facilities containing, in the aggregate, approximately 1,100,988 square feet. As of April 30, 2005, the average occupancy rate for the Mortgaged Properties securing the Extra Space Self Storage Portfolio Loans was approximately 80.9%. o LOCKBOX ACCOUNT. At any time during the term of the Extra Space Self Storage Portfolio Loans, (i) if the debt service coverage ratio, as computed by the mortgagee, is less than 1.15x for a 12 consecutive month period or (ii) upon the occurrence of an event of default under the loan documents, the borrower must notify the tenants that any and all tenant payments due under the applicable tenant leases will be directly deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Extra Space Management LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Properties securing the Extra Space Self Storage Portfolio Loans. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 75 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 76 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- [PICTURE OF PRENTISS POOL OMITTED] [PICTURE OF PRENTISS POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 77 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- [MAP OF PRENTISS POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 78 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $100,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Prentiss Properties TYPE OF SECURITY Fee MORTGAGE RATE 4.840% MATURITY DATE August 10, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX Springing ONE-TIME RESERVE* Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $100,000,000 CUT-OFF DATE BALANCE/SF $ 217 CUT-OFF DATE LTV 79.9% MATURITY DATE LTV 70.4% UW DSCR ON NCF 1.22x - -------------------------------------------------------------------------------- * The borrower is required to fund $3,000,000 in cash or post a letter of credit if BearingPoint terminates its lease prior to September 2014. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 2 LOCATION McLean, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 460,492 OCCUPANCY AS OF JULY 1, 2005 95.2% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $125,200,000 PROPERTY MANAGEMENT Prentiss Properties Management, L.P. UW ECONOMIC OCCUPANCY 92.6% UW REVENUES $12,747,947 UW TOTAL EXPENSES $4,346,318 UW NET OPERATING INCOME (NOI) $8,401,628 UW NET CASH FLOW (NCF) $7,743,165 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 79 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- 1676 INTERNATIONAL DRIVE <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ BearingPoint, Inc. ................. B2/B-/NR 239,206 79.9% $ 26.70 $ 6,386,549 75.0% September 2014 Pillsbury Winthrop Shaw Pittman LLP NR/NR/NR 25,602 8.6 $ 35.43 907,079 10.7 June 2009 Davis Carter Scott ................. NR/NR/NR 17,673 5.9 $ 34.22 604,770 7.1 March 2009 Educap ............................. NR/NR/NR 9,466 3.2 $ 36.59 346,361 4.1 March 2009 Molinaro Koger ..................... NR/NR/NR 7,466 2.5 $ 35.90 268,019 3.1 March 2009 Non-major tenants .................. 0 0.0 $ 0.00 0 0.0 Vacant ............................. 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL .............................. 299,413 100.0% $ 8,512,778 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ---------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* % OF SF ROLLING* RENT ROLLING* ROLLING* - ---------------------------------------------------------------------------------------------------------------------------- 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2009 6 $ 35.32 60,207 20.1% 20.1% 25.0% 25.0% 2010 0 $ 0.00 0 0.0% 20.1% 0.0% 25.0% 2011 0 $ 0.00 0 0.0% 20.1% 0.0% 25.0% 2012 0 $ 0.00 0 0.0% 20.1% 0.0% 25.0% 2013 0 $ 0.00 0 0.0% 20.1% 0.0% 25.0% 2014 5 $ 26.70 239,206 79.9% 100.0% 75.0% 100.0% 2015 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 80 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- 8260 GREENSBORO DRIVE <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - -------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - -------------------------------------------------------------------------------------------------------------------------------- DDL Omni Engineering ............. NR/NR/NR 28,789 17.9% $ 19.51 $ 561,793 16.9% November 2011 Red Hat .......................... NR/B/NR 16,950 10.5 $ 25.00 423,750 12.8 August 2010 Vitalspring Technology ........... NR/NR/NR 13,653 8.5 $ 24.00 327,672 9.9 March 2007 F5 Networks, Inc. ................ NR/NR/NR 12,122 7.5 $ 34.20 414,572 12.5 March 2007 Tyson's Corner Childrens ......... NR/NR/NR 8,219 5.1 $ 23.24 191,050 5.8 May 2016 Non-major tenants . .............. 59,179 36.7 $ 23.62 1,397,743 42.1 Vacant . ......................... 22,167 13.8 0 0.0 ------ ----- ----------- ----- TOTAL ............................ 161,079 100.0% $ 3,316,580 100.0% ======= ===== =========== ===== - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* % OF SF ROLLING* RENT ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------------------------ 2005 4 $ 25.62 8,623 5.4% 5.4% 6.7% 6.7% 2006 2 $ 39.78 2,833 1.8% 7.1% 3.4% 10.1% 2007 9 $ 26.15 41,846 26.0% 33.1% 33.0% 43.1% 2008 3 $ 21.91 4,089 2.5% 35.6% 2.7% 45.8% 2009 6 $ 23.49 19,727 12.2% 47.9% 14.0% 59.7% 2010 2 $ 23.51 24,786 15.4% 63.3% 17.6% 77.3% 2011 3 $ 19.51 28,789 17.9% 81.1% 16.9% 94.2% 2012 0 $ 0.00 0 0.0% 81.1% 0.0% 94.2% 2013 0 $ 0.00 0 0.0% 81.1% 0.0% 94.2% 2014 0 $ 0.00 0 0.0% 81.1% 0.0% 94.2% 2015 0 $ 0.00 0 0.0% 81.1% 0.0% 94.2% Thereafter 2 $ 23.24 8,219 5.1% 86.2% 5.8% 100.0% Vacant 0 NA 22,167 13.8% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 81 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- PRENTISS POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Prentiss Pool Loan") is secured by a first deed of trust encumbering two office buildings located in McLean, Virginia. The Prentiss Pool Loan represents approximately 2.7% of the Cut-Off Date Pool Balance. The Prentiss Pool Loan was originated on July 14, 2005, and has a principal balance as of the Cut-Off Date of $100,000,000. The Prentiss Pool Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The Prentiss Pool Loan has a remaining term of 120 months and matures on August 10, 2015. The Prentiss Pool Loan may be prepaid on or after June 10, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Prentiss Properties International Drive, L.P. and Prentiss Properties Greensboro, L.P., each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Prentiss Pool Loan. The sponsor of the borrowers is Prentiss Properties, a full service real estate company, founded in 1987, with in-house expertise in areas such as acquisitions, development, facilities management, property management and leasing. Prentiss Properties owns interests in a total of 133 office and industrial properties with approximately 18.4 million net rentable square feet, of which the Washington DC area represents approximately 27.6%. o THE PROPERTIES. The Prentiss Pool Loan consists of two adjacent properties, located in McLean, Virginia, within the Washington, DC metropolitan statistical area. The Mortgaged Property located at 1676 International Drive ("1676 International Drive") is an approximately 299,413 square foot office building situated on approximately 4.4 acres. The Mortgaged Property was constructed in 1998. As of July 1, 2005, the occupancy rate for 1676 International Drive was 100.0%, The largest tenant at 1676 International Drive is BearingPoint, Inc. ("BearingPoint"), occupying approximately 239,206 square feet, or approximately 79.9% of the net rentable area. BearingPoint, formerly known as KPMG Consulting, provides business consulting, systems integration and managed services to Global 2000 companies, medium-sized businesses, and government organizations. KPMG International, one of the Big 4 accounting firms, and the former corporate parent of BearingPoint, is the guarantor on the BearingPoint lease. The BearingPoint lease expires in September 2014. The second largest tenant is Pillsbury Winthrop Shaw Pittman LLP ("Pillsbury"), occupying approximately 25,602 square feet, or approximately 8.6% of the net rentable area. Pillsbury is a global law firm that provides representation to corporations, government entities, emerging growth companies and other organizations. The Pillsbury lease expires in June 2009. The third largest tenant is Davis, Carter, Scott, occupying approximately 17,673 square feet, or approximately 5.9% of the net rentable area. Davis, Carter, Scott is a full-service architectural and interior architectural firm serving local and national clientele including large and small corporations, law firms, major hotel chains, regional governments, associations, and property developers. The Davis, Carter, Scott lease expires in March 2009. The Mortgaged Property located at 8260 Greensboro Drive ("8260 Greensboro Drive") is an approximately 161,079 square foot office building situated on approximately 2.0 acres. The Mortgaged Property was constructed in 1980 and renovated in 2003. As of July 1, 2005, the occupancy rate for 8260 Greensboro Drive was approximately 86.2%. The largest tenant is DDL Omni Engineering ("DDL Omni"), occupying approximately 28,789 square feet, or approximately 17.9% of the net rentable area. DDL Omni provides engineering, information technology, planning and training, war-gaming, integrated logistic support, test and evaluation, and environmental services to a wide variety of government and commercial clients. The DDL Omni lease expires in November 2011. The second largest tenant is Red Hat. Red Hat occupies 16,950 square feet, or approximately 10.5% of the net rentable area. Red Hat is a leading platform for open source computing, and is certified by recognized enterprise hardware and software vendors. The Red Hat Lease expires in August 2010. The third largest tenant is Vitalspring Technology ("Vitalspring"), occupying approximately 13,653 square feet, or approximately 8.5% of the net rentable area. Vitalspring is an enterprise software company which provides business performance solutions that enable large, self-insured corporations and government agencies to better manage and control healthcare benefits costs. The Vitalspring lease expires in March 2007. o LOCKBOX ACCOUNT. At any time during the term of the Prentiss Pool Loan, upon the occurrence of an event of default under the loan documents, the borrower must notify the tenants that any and all tenant payments due under the applicable tenant leases will be directly deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Prentiss Properties Management, L.P. ("Prentiss"), an affiliate of the sponsor, is the property manager for the Mortgaged Properties securing the Prentiss Pool Loan. Prentiss manages approximately 28 million square feet of office and industrial properties owned by Prentiss Properties Trust and its affiliates, as well as third parties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 82 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1701 NORTH FORT MYER - -------------------------------------------------------------------------------- [PICTURE OF 1701 NORTH FORT MYER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 83 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1701 NORTH FORT MYER - -------------------------------------------------------------------------------- [MAP OF 1701 NORTH FORT MYER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 84 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1701 NORTH FORT MYER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $86,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners III, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 4.970% MATURITY DATE July 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC(1) $2,577,690 ONGOING MONTHLY RESERVES TAX/INSURANCE Springing REPLACEMENT Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $86,500,000 CUT-OFF DATE BALANCE/SF $308 CUT-OFF DATE LTV 75.9% MATURITY DATE LTV 75.9% UW DSCR ON NCF 1.54x - -------------------------------------------------------------------------------- (1) Equal to the aggregate outstanding TI and rent abatements owed to the tenant. (2) Future mezzanine debt permitted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 280,431 OCCUPANCY AS OF JUNE 13, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1970 / 2003 APPRAISED VALUE $114,000,000 PROPERTY MANAGEMENT Rosslyn Manager LLC UW ECONOMIC OCCUPANCY 96.0% UW REVENUES $9,535,512 UW TOTAL EXPENSES $2,401,333 UW NET OPERATING INCOME (NOI) $7,134,179 UW NET CASH FLOW (NCF) $6,635,634 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 85 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1701 NORTH FORT MYER - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET DATE OF RATINGS* RENTABLE RENTABLE ACTUAL % OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT ACTUAL RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ GSA (Secretary of State) ......... Aaa/AAA/AAA 280,259 99.9% $ 33.15 $ 9,291,297 99.9% June 2014 MCI .............................. B2/B+/B 172 0.1 $ 44.65 7,679 0.1 MTM Vacant . ......................... 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL ............................ 280,431 100.0% $ 9,298,976 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- CUMULATIVE WA BASE % OF TOTAL CUMULATIVE % OF ACTUAL % OF ACTUAL # OF LEASES RENT/SF TOTAL SF SF % OF SF RENT RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ---------------------------------------------------------------------------------------------------------------------- 2005 1 $ 44.65 172 0.1% 0.1% 0.1% 0.1% 2006 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2007 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2008 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2009 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2010 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2011 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2012 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2013 0 $ 0.00 0 0.0% 0.1% 0.0% 0.1% 2014 1 $ 33.15 280,259 99.9% 100.0% 99.9% 100.0% 2015 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 86 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1701 NORTH FORT MYER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "1701 North Fort Myer Loan") is secured by a first mortgage encumbering an office building located in Arlington, Virginia. The 1701 North Fort Myer Loan represents approximately 2.4% of the Cut-Off Date Pool Balance. The 1701 North Fort Myer Loan was originated on June 13, 2005, and has a principal balance as of the Cut-Off Date of $86,500,000. The 1701 North Fort Myer Loan provides for interest-only payments for the entire term. The 1701 North Fort Myer Loan has a remaining term of 59 months and matures on July 11, 2010. The 1701 North Fort Myer Loan may be prepaid with the payment of a yield maintenance charge prior to April 11, 2010, and may be prepaid without the payment of a yield maintenance charge on or after April 11, 2010. o THE BORROWERS. The borrowers are Lynn Estates Property Associates, LLC and Berkley Property Associates, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the 1701 North Fort Myer Loan. The sponsor is Beacon Capital Strategic Partners III, L.P., an office-focused private equity fund, with over $1 billion of committed equity capital. o THE PROPERTY. The Mortgaged Property is an approximately 280,431 square foot office building situated on approximately 1.4 acres. The Mortgaged Property was constructed in 1970 and renovated in 2003. The Mortgaged Property is located in Arlington, Virginia, within the Washington, DC-MD-VA-WV metropolitan statistical area. As of June 13, 2005, the occupancy rate for the Mortgaged Property securing the 1701 North Fort Myer Loan was approximately 100.0%. The largest tenant is the General Services Administration ("GSA"), occupying approximately 280,259 square feet, or approximately 99.9% of the net rentable area. The GSA secures the buildings, products, services, technology and other workplace essentials for the federal government, with the space in this building being occupied by the Secretary of the State. As of July 15, 2005, the GSA was rated "Aaa" (Moody's), "AAA" (S&P) and "AAA" (Fitch). The GSA lease expires in June 2014. The other tenant is MCI, Inc. ("MCI"), occupying approximately 172 square feet, or approximately 0.1% of the net rentable area. MCI, formerly known as WorldCom, is a global communications company. As of July 15, 2005, MCI was rated "B2" (Moody's), "B+" (S&P) and "B" (Fitch). The MCI lease is on a month-to-month basis. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Rosslyn Manager LLC is the property manager for the Mortgaged Property securing the 1701 North Fort Myer Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 87 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 88 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THE FORUM AT CARLSBAD - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $85,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Stanley E. Thomas TYPE OF SECURITY Fee MORTGAGE RATE 4.810% MATURITY DATE July 11, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $85,000,000 CUT-OFF DATE BALANCE/SF $322 CUT-OFF DATE LTV 68.8% MATURITY DATE LTV 68.8% UW DSCR ON NCF 1.72x - -------------------------------------------------------------------------------- * Future secured debt permitted. [PICTURE OF THE FORUM AT CARLSBAD OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Carlsbad, CA PROPERTY TYPE Retail -- Anchored SIZE (SF) 264,199 OCCUPANCY AS OF MAY 25, 2005 100.0% YEAR BUILT / YEAR RENOVATED 2003 / NA APPRAISED VALUE $123,500,000 PROPERTY MANAGEMENT Thomas Enterprises, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $9,373,283 UW TOTAL EXPENSES $2,198,021 UW NET OPERATING INCOME (NOI) $7,175,261 UW NET CASH FLOW (NCF) $7,027,198 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 89 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THE FORUM AT CARLSBAD - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - -------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - -------------------------------------------------------------------------------------------------------------------------- Bed, Bath & Beyond ......... NR/BBB/NR 28,000 10.8% $ 23.00 $ 644,000 8.3% January 2014 Borders .................... NR/NR/NR 23,000 8.9 $ 18.00 414,000 5.4 November 2018 Jimbo's Naturally .......... NR/NR/NR 18,000 6.9 $ 20.00 360,000 4.7 December 2018 Anthropologie .............. NR/NR/NR 10,790 4.2 $ 29.36 316,837 4.1 January 2016 Ulta ....................... NR/NR/NR 10,666 4.1 $ 30.00 319,980 4.1 August 2014 Non-major tenants .......... 168,743 65.1 $ 33.60 5,669,510 73.4 Vacant ..................... 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL ...................... 259,199 100.0% $ 7,724,327 100.0% ======= ===== =========== ===== - -------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - --------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - --------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - --------------------------------------------------------------------------------------------------------------------- 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 1 $ 36.00 6,786 2.6% 2.6% 3.2% 3.2% 2009 4 $ 35.88 6,155 2.4% 5.0% 2.9% 6.0% 2010 8 $ 34.56 27,065 10.4% 15.4% 12.1% 18.1% 2011 13 $ 36.90 26,594 10.3% 25.7% 12.7% 30.8% 2012 4 $ 36.00 12,320 4.8% 30.4% 5.7% 36.6% 2013 2 $ 32.43 10,080 3.9% 34.3% 4.2% 40.8% 2014 13 $ 28.52 95,321 36.8% 71.1% 35.2% 76.0% 2015 4 $ 33.01 17,088 6.6% 77.7% 7.3% 83.3% Thereafter 5 $ 22.30 57,790 22.3% 100.0% 16.7% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - --------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 90 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1101 WILSON - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $84,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners III, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 4.970% MATURITY DATE July 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC $3,285,000 LA FITNESS(1) $1,370,859 ONGOING MONTHLY RESERVES TAX/INSURANCE Springing REPLACEMENT Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $84,500,000 CUT-OFF DATE BALANCE/SF $255 CUT-OFF DATE LTV 69.8% MATURITY DATE LTV 69.8% UW DSCR ON NCF 1.46x - -------------------------------------------------------------------------------- (1) Equal to one year of rent for LA Fitness, who signed a letter of intent for a 15-year lease for approximately 47,000 SF. Funds from this escrow will flow through the waterfall for the first year of the loan term, or until the lease is executed and the tenant is in occupancy and paying rent. (2) Future mezzanine debt permitted. [PICTURE OF 1101 WILSON OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 331,304 OCCUPANCY AS OF MAY 15, 2005 78.0% YEAR BUILT / YEAR RENOVATED 1965 / 2002 APPRAISED VALUE $121,000,000 PROPERTY MANAGEMENT Rosslyn Manager LLC UW ECONOMIC OCCUPANCY 78.3% UW REVENUES $10,102,259 UW TOTAL EXPENSES $3,920,564 UW NET OPERATING INCOME (NOI) $6,181,695 UW NET CASH FLOW (NCF) $6,115,434 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 91 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1101 WILSON - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ % OF NET % OF RATINGS(1) NET RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ Freedom Forum ....................... NR/NR/NR 96,580 29.2% $ 29.00 $ 2,800,828 34.7% Multiple Spaces(2) General Services Administration ..... Aaa/AAA/AAA 50,779 15.3 $ 28.40 1,441,904 17.9 Multiple Spaces(3) NatureServe ......................... NR/NR/NR 25,961 7.8 $ 35.20 913,896 11.3 June 2006 Health Communications ............... NR/NR/NR 17,665 5.3 $ 34.62 611,572 7.6 July 2006 TASC (The Analytic Sciences Corp) ... NR/NR/NR 17,665 5.3 $ 35.00 618,264 7.7 July 2007 Non-major tenants ................... 49,916 15.1 $ 33.65 1,679,702 20.8 Vacant .............................. 72,738 22.0 0 0.0 ------- ----- ----------- ----- TOTAL ............................... 331,304 100.0% $ 8,066,166 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (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 8,255 SF expire in June 2007 and approximately 88,325 SF expire in June 2009. (3) Under the terms of multiple leases, approximately 3,698 SF expire in October 2006, approximately 20,762 SF expire in February 2007, approximately 12,093 SF expire in June 2010 and approximately 14,226 SF expire in June 2013. <TABLE> - -------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - -------------------------------------------------------------------------------------------------- CUMULATIVE # OF WA BASE % OF CUMULATIVE % OF % OF LEASES RENT/SF TOTAL SF TOTAL SF % OF SF ACTUAL RENT ACTUAL RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - -------------------------------------------------------------------------------------------------- 2005 4 $ 16.19 2,600 0.8% 0.8% 0.5% 0.5% 2006 4 $ 34.36 57,898 17.5% 18.3% 24.7% 25.2% 2007 3 $ 28.85 46,682 14.1% 32.4% 16.7% 41.9% 2008 0 $ 0.00 0 0.0% 32.4% 0.0% 41.9% 2009 3 $ 30.53 97,974 29.6% 61.9% 37.1% 79.0% 2010 3 $ 31.98 36,658 11.1% 73.0% 14.5% 93.5% 2011 0 $ 0.00 0 0.0% 73.0% 0.0% 93.5% 2012 1 $ 31.20 953 0.3% 73.3% 0.4% 93.9% 2013 1 $ 30.06 14,226 4.3% 77.6% 5.3% 99.2% 2014 0 $ 0.00 0 0.0% 77.6% 0.0% 99.2% 2015 1 $ 43.05 1,575 0.5% 78.0% 0.8% 100.0% Thereafter 0 $ 0.00 0 0.0% 78.0% 0.0% 100.0% Vacant 0 NA 72,738 22.0% 100.0% 0.0% 100.0% - -------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MARRIOTT-LOS ANGELES, CA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $82,600,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR DiamondRock Hospitality Limited Partnership and Bloodstone TRS, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.300% MATURITY DATE July 11, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Springing UP-FRONT RESERVES(1) FF&E $7,896,568 MONTHLY RESERVES(2) TAX / INSURANCE Springing FF&E 4% of gross revenues ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $82,600,000 CUT-OFF DATE BALANCE/ROOM $82,271 CUT-OFF DATE LTV 63.4% MATURITY DATE LTV 63.4% UW DSCR ON NCF 2.74x - -------------------------------------------------------------------------------- (1) Pursuant to the terms of the management agreement, the borrower has granted to the mortgagee a security interest in all of the borrower's interest in the amounts on deposit with the property manager. (2) Ongoing tax, insurance and FF&E reserves are collected and held by the property manager, pursuant to the management agreement. [PICTURE OF MARRIOTT-LOS ANGELES, CA OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Los Angeles, CA PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 1,004 OCCUPANCY AS OF APRIL 30, 2005 79.4% YEAR BUILT / YEAR RENOVATED 1973 / 1999 APPRAISED VALUE $130,300,000 PROPERTY MANAGEMENT Marriott Hotel Services, Inc. UW ECONOMIC OCCUPANCY 79.0% UW REVENUES $51,627,650 UW TOTAL EXPENSES $37,570,914 UW NET OPERATING INCOME (NOI) $14,056,737 UW NET CASH FLOW (NCF) $11,991,631 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 93 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- MARRIOTT-LOS ANGELES, CA - -------------------------------------------------------------------------------- ------------------------------------------------- TENANT SUMMARY ------------------------------------------------- GUESTROOM MIX NO. OF ROOMS ------------------------------------------------- King .......................... 537 Double Double ................. 445 Suites ........................ 22 ------ TOTAL ......................... 1004 ====== MEETING/BANQUET ROOMS SQUARE FEET ------------------------------------------------- Marquis Ballroom .............. 12,350 Imperial Ballroom ............. 10,575 Hall of Cities ................ 12,875 Capriccio Hall ................ 4,550 Executive Suites .............. 2,500 California Suites ............. 2,400 Boardroom ..................... 350 Outdoor Meeting Space ......... 10,400 ------ TOTAL ......................... 56,000 ====== FOOD AND BEVERAGE SEATING ------------------------------------------------- JW's Steakhouse ............... 105 Latitude 33 ................... 280 Champions Sports Bar .......... 189 Starbucks Coffee .............. 0 ------ TOTAL ......................... 574 ====== ------------------------------------------------- ------------------------------------------------- FINANCIAL SCHEDULE ------------------------------------------------- Year ........................... 2004 - 2005 Latest Period .................. T12-4/30/05 Occupancy ...................... 79.4% ADR ............................ $97.33 REVPAR ......................... $77.28 UW Occupancy ................... 79.0% UW ADR ......................... $104.79 UW REVPAR ...................... $82.78 ------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 94 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1400 KEY & 1401 WILSON - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $67,100,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners III, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 4.970% MATURITY DATE July 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes ONGOING MONTHLY RESERVES TI/LC $29,931 TAX/INSURANCE Springing REPLACEMENT Springing ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $67,100,000 CUT-OFF DATE BALANCE/SF $187 CUT-OFF DATE LTV 69.2% MATURITY DATE LTV 69.2% UW DSCR ON NCF 1.83x - -------------------------------------------------------------------------------- * Future mezzanine debt permitted. [PICTURE OF 1400 KEY & 1401 WILSON OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 359,175 OCCUPANCY AS OF MAY 15, 2005 99.3% YEAR BUILT / YEAR RENOVATED 1964 / NA APPRAISED VALUE $97,000,000 PROPERTY MANAGEMENT Rosslyn Manager LLC UW ECONOMIC OCCUPANCY 96.0% UW REVENUES $10,174,929 UW TOTAL EXPENSES $3,511,783 UW NET OPERATING INCOME (NOI) $6,663,146 UW NET CASH FLOW (NCF) $6,116,876 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 95 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1400 KEY & 1401 WILSON - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ General Services Administration ....... Aaa/AAA/AAA 202,861 56.5% $ 26.77 $ 5,431,250 56.6% Multiple Spaces(2) Veridian .............................. A2/A/A 65,916 18.4 $ 26.52 1,748,092 18.2 October 2008 Gold's Gym Inc. ....................... NR/NR/NR 17,225 4.8 $ 18.36 316,251 3.3 September 2014 Computer Science Corp ................. A3/A/A 14,508 4.0 $ 33.34 483,697 5.0 June 2006 Information Technology Assoc .......... NR/NR/NR 14,508 4.0 $ 32.24 467,771 4.9 September 2010 Non-major tenants . ................... 41,718 11.6 $ 27.46 1,145,423 11.9 Vacant ................................ 2,439 0.7 0 0.0 ------- ----- ----------- ----- TOTAL ................................. 359,175 100.0% $ 9,592,483 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 2,548 SF expire in June 2006, approximately 10,543 SF expire in October 2008, approximately 29,016 SF expire in March 2009, approximately 25,976 SF expire in July 2009, approximately 47,156 SF expire in March 2010, approximately 5,389 SF expire in June 2010, approximately 75,609 SF expire in July 2010 and approximately 6,624 SF expire in March 2015. <TABLE> - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - ---------------------------------------------------------------------------------------------------------------------- 2005 4 $ 24.30 3,441 1.0% 1.0% 0.9% 0.9% 2006 3 $ 32.39 20,893 5.8% 6.8% 7.1% 7.9% 2007 2 $ 40.90 984 0.3% 7.0% 0.4% 8.3% 2008 7 $ 26.80 101,557 28.3% 35.3% 28.4% 36.7% 2009 2 $ 27.60 54,992 15.3% 50.6% 15.8% 52.5% 2010 8 $ 26.86 149,221 41.5% 92.2% 41.8% 94.3% 2011 0 $ 0.00 0 0.0% 92.2% 0.0% 94.3% 2012 0 $ 0.00 0 0.0% 92.2% 0.0% 94.3% 2013 0 $ 0.00 0 0.0% 92.2% 0.0% 94.3% 2014 1 $ 18.36 17,225 4.8% 97.0% 3.3% 97.6% 2015 2 $ 27.16 8,423 2.3% 99.3% 2.4% 100.0% Thereafter 0 $ 0.00 0 0.0% 99.3% 0.0% 100.0% Vacant 0 NA 2,439 0.7% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 96 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- WESTFIELD SAN FRANCISCO CENTRE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $60,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Westfield America, Inc. TYPE OF SECURITY Leasehold MORTGAGE RATE 4.780% MATURITY DATE July 6, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Yes SHADOW RATING (MOODY'S/S&P/FITCH)(1) Baa2/AA-/BBB+ ONGOING MONTHLY RESERVES TAX/INSURANCE Springing REPLACEMENT/ROLLOVER Springing ADDITIONAL FINANCING(2) Pari Passu Debt $60,000,000 PARI PASSU NOTES(3) ----------------------- CUT-OFF DATE BALANCE $120,000,000 CUT-OFF DATE BALANCE/SF $241 CUT-OFF DATE LTV 53.1% MATURITY DATE LTV 53.1% UW DSCR ON NCF 2.47x - -------------------------------------------------------------------------------- (1) Moody's, S&P and Fitch have confirmed that the Westfield San Francisco Centre Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) Future unsecured debt permitted. (3) LTV ratios, DSC ratio and Cut-Off Balance/SF were derived based on the aggregate indebtedness of the Westfield San Francisco Centre Loan and the Westfield San Francisco Centre Pari Passu Companion Loan. [PICTURE OF WESTFIELD SAN FRANCISCO CENTRE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Francisco, CA PROPERTY TYPE Retail -- Anchored SIZE (SF) 498,103 OCCUPANCY AS OF JUNE 15, 2005 99.3% YEAR BUILT / YEAR RENOVATED 1988 / NA APPRAISED VALUE $226,000,000 PROPERTY MANAGEMENT Westfield Corporation, Inc. UW ECONOMIC OCCUPANCY 98.0% UW REVENUES $22,908,428 UW TOTAL EXPENSES $8,629,716 UW NET OPERATING INCOME (NOI) $14,278,713 UW NET CASH FLOW (NCF) $14,155,652 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 97 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- WESTFIELD SAN FRANCISCO CENTRE - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ ANCHOR TENANTS -- COLLATERAL Nordstrom ......................... Baa1/A-/A- 312,000 62.6% $ 0.00 % Rent 0.0% October 2018 ------- ----- ----- TOTAL ANCHOR OWNED ............... 312,000 62.6% 0.0% ======= ===== ===== TOP 5 IN-LINE TENANTS Abercrombie & Fitch ............... NR/NR/NR 24,515 4.9% $ 77.49 $ 1,899,667 13.5% January 2007 Champs ............................ NR/NR/NR 11,793 2.4 $ 0.00 % Rent 0.0 June 2006 American Eagle Outfitters ......... NR/NR/NR 8,415 1.7 $ 120.00 1,009,800 7.2 November 2008 J. Crew ........................... Caa2/B-/NR 8,415 1.7 $ 65.36 550,004 3.9 January 2006 Foot Locker ....................... Ba2/BB+/NR 7,059 1.4 $ 76.00 536,484 3.8 January 2009 ------- ----- ------------- ----- TOTAL TOP 5 TENANTS .............. 60,197 12.1% $ 66.38 $ 3,995,956 28.4% ======= ===== ============= ===== NON-MAJOR TENANTS ................. 122,154 24.5 $ 82.42 10,068,131 71.6 ------- ----- ------------- ----- OCCUPIED COLLATERAL TOTAL ......... 494,351 99.2% $ 28.45 $ 14,064,086 100.0% ======= ===== ============= ===== VACANT SPACE ...................... 3,752 0.8 ------- ----- COLLATERAL TOTAL .................. 498,103 100.0% ======= ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - --------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE CUMULATIVE WA BASE CUMULATIVE % OF # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF % OF ACTUAL ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING(1) SF ROLLING(1) RENT ROLLING(1) ROLLING(1) - --------------------------------------------------------------------------------------------------------------------- 2005 6 $ 81.63 4,199 0.8% 0.8% 2.4% 2.4% 2006(2) 11 $ 87.03 29,248 5.9% 6.7% 10.8% 13.2% 2007 1 $ 77.49 24,515 4.9% 11.6% 13.5% 26.7% 2008 4 $ 99.39 13,695 2.7% 14.4% 9.7% 36.4% 2009 7 $ 76.54 25,235 5.1% 19.5% 13.7% 50.2% 2010 15 $ 67.86 29,681 6.0% 25.4% 14.3% 64.5% 2011 6 $ 79.74 21,016 4.2% 29.6% 11.9% 76.4% 2012 12 $ 94.43 25,099 5.0% 34.7% 16.9% 93.2% 2013 2 $ 116.06 2,387 0.5% 35.1% 2.0% 95.2% 2014 2 $ 130.28 3,292 0.7% 35.8% 3.0% 98.3% 2015 1 $ 82.00 1,422 0.3% 36.1% 0.8% 99.1% Thereafter(3) 2 $ 50.00 314,562 63.2% 99.2% 0.9% 100.0% Vacant 0 NA 3,752 0.8% 100.0% 0.0% 100.0% - --------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Calculated based on the approximate square footage occupied by each tenant. (2) The WA Base Rent/SF Rolling for 2006 does not include approximately 11,793 SF occupied by Champs and approximately 9 SF occupied by Innovus. These spaces are leased for a percentage of sales and therefore have not been reported. (3) The WA Base Rent/SF Rolling for leases expiring beyond 2015 does not include approximately 312,000 SF occupied by Nordstrom. This space is leased for a percentage of store sales and therefore has not been reported. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 98 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 101 AVENUE OF THE AMERICAS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $59,813,870 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Allen Silverman and Edward J. Minskoff Equities TYPE OF SECURITY Leasehold MORTGAGE RATE 5.3385% MATURITY DATE December 11, 2011 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 79 / 360 REMAINING TERM / AMORTIZATION 76 / 357 LOCKBOX Yes SHADOW RATING (MOODY'S/S&P/FITCH)(1) Baa3/BBB-/BBB- UP-FRONT RESERVES TAX Yes ONGOING MONTHLY RESERVES TAX Yes TI/LC(2) Springing GROUND RENT(3) 1/12 of annual ground rent expense REPLACEMENT Springing ADDITIONAL FINANCING Pari Passu Debt $ 89,720,804 PARI PASSU NOTES(4) ------------------- CUT-OFF DATE BALANCE $149,534,674 CUT-OFF DATE BALANCE/SF $364 CUT-OFF DATE LTV 59.8% MATURITY DATE LTV 54.0% UW DSCR ON NCF 1.70x - -------------------------------------------------------------------------------- (1) Moody's, S&P and Fitch have confirmed that the 101 Avenue of the Americas Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) Escrowed monthly for the final 26 months of the loan term for the potential roll associated with the original lease expiration in December 2011. (3) One twelfth of annual ground rent, as estimated by mortgagee, to be collected monthly until February 2008, $100,478 in February 2008, followed by $645,000 per month until $12,355,478 is on deposit for payment of special additional rent due under the terms of the ground lease. (4) LTV ratios, DSC ratio and Cut-Off Balance/SF were derived based on the aggregate indebtedness of the 101 Avenue of the Americas Loan and the 101 Avenue of the Americas Pari Passu Companion Loan. [PICTURE OF 101 AVENUE OF THE AMERICAS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 411,097 OCCUPANCY AS OF APRIL 15, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1990 / NA APPRAISED VALUE $250,000,000 PROPERTY MANAGEMENT Tenant managed UW ECONOMIC OCCUPANCY 100.0% UW REVENUES $17,076,249 UW TOTAL EXPENSES $0 UW NET OPERATING INCOME (NOI) $17,076,249 UW NET CASH FLOW (NCF) $17,076,249 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 99 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 101 AVENUE OF THE AMERICAS - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET ACTUAL % OF DATE OF RATINGS RENTABLE RENTABLE RENT ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ Building Service Local 32B-32J ......... NR/NR/NR 411,097 100.0% $ 41.54 $ 17,076,249 100.0% December 2011 Vacant ................................. 0 0.0 0 0.0 ------- ----- ------------ ----- TOTAL .................................. 411,097 100.0% $ 17,076,249 100.0% ======= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- % OF CUMULATIVE WA BASE CUMULATIVE ACTUAL % OF ACTUAL # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF RENT RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - ---------------------------------------------------------------------------------------------------------------------- 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2009 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2010 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2011 1 $ 41.54 411,097 100.0% 100.0% 100.0% 100.0% 2012 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% 2013 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% 2014 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% 2015 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- RENAISSANCE WORTHINGTON HOTEL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $57,400,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR DiamondRock Hospitality Company TYPE OF SECURITY Both MORTGAGE RATE 5.400% MATURITY DATE July 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Springing UP-FRONT RESERVES(1) FF&E $873,552 GROUND RENT $3,051 ONGOING MONTHLY RESERVES(2) TAX/INSURANCE Springing GROUND RENT 1/12 of the annual ground rent expense FF&E 4% of previous month's gross revenues ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $57,400,000 CUT-OFF DATE BALANCE/ROOM $113,889 CUT-OFF DATE LTV 70.0% MATURITY DATE LTV 63.8% UW DSCR ON NCF 1.67x - -------------------------------------------------------------------------------- (1) Pursuant to the terms of the management agreement, borrower has granted to the mortgagee a security interest in all of borrower's interest in the amounts on deposit with the property manager. (2) Ongoing tax, insurance and FF&E reserves are collected and held by the property manager, pursuant to the management agreement. [PICTURE OF RENAISSANCE WORTHINGTON HOTEL OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Fort Worth, TX PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 504 OCCUPANCY AS OF APRIL 30, 2005 73.0% YEAR BUILT / YEAR RENOVATED 1981 / 2004 APPRAISED VALUE $82,000,000 PROPERTY MANAGEMENT Renaissance Hotel Management Company, LLC UW ECONOMIC OCCUPANCY 74.5% UW REVENUES $34,485,791 UW TOTAL EXPENSES $26,637,278 UW NET OPERATING INCOME (NOI) $7,848,513 UW NET CASH FLOW (NCF) $6,469,082 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 101 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- RENAISSANCE WORTHINGTON HOTEL - -------------------------------------------------------------------------------- -------------------------------------------------- RENAISSANCE WORTHINGTON HOTEL -------------------------------------------------- GUESTROOM MIX NO. OF ROOMS -------------------------------------------------- King ........................... 162 Double Double .................. 302 Studio Suite ................... 2 Hospitality Suite .............. 3 Murphy Bed Parlors ............. 10 One Bedroom Suite .............. 25 ------ TOTAL .......................... 504 ====== MEETING/BANQUET ROOMS SQUARE FEET -------------------------------------------------- Trinity Ballroom ............... 5,452 Elm Fork Rooms ................. 1,936 West Fork Rooms ................ 1,936 Trinity Central ................ 1,269 Rio Grande Room ................ 12,600 Grand Ballroom ................. 10,530 Pecos Rooms .................... 4,290 Brazos Rooms ................... 4,446 Terrace ........................ 11,288 Bur Oak ........................ 864 Post Oak ....................... 864 Red Oak ........................ 368 Charter Oak Board Room ......... 450 Treaty Oak Board Room .......... 667 Live Oak Rooms ................. 2,280 ------ TOTAL .......................... 59,240 ====== FOOD AND BEVERAGE SEATING -------------------------------------------------- Chisholm Club .................. 233 Kalamatas ...................... 120 Kalamatas Lounge ............... 80 Room Service ................... 0 ------ TOTAL .......................... 433 ====== -------------------------------------------------- -------------------------------------------------- FINANCIAL SCHEDULE -------------------------------------------------- Year .................. 2004 - 2005 Latest Period ......... T12-4/30/05 Occupancy ............. 73.0% ADR ................... $142.31 REVPAR ................ $103.83 UW Occupancy .......... 74.5% UW ADR ................ $148.33 UW REVPAR ............. $110.51 -------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 102 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1501 & 1515 WILSON - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $48,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners III, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 4.970% MATURITY DATE July 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Springing REPLACEMENT Springing ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $48,000,000 CUT-OFF DATE BALANCE/SF $197 CUT-OFF DATE LTV 73.8% MATURITY DATE LTV 73.8% UW DSCR ON NCF 1.60x - -------------------------------------------------------------------------------- * Future mezzanine debt permitted. [PICTURE OF 1501 & 1515 WILSON OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 243,225 OCCUPANCY AS OF JUNE 13, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1967 / NA APPRAISED VALUE $65,000,000 PROPERTY MANAGEMENT Rosslyn Manager LLC UW ECONOMIC OCCUPANCY 96.3% UW REVENUES $6,744,374 UW TOTAL EXPENSES $2,625,194 UW NET OPERATING INCOME (NOI) $4,119,180 UW NET CASH FLOW (NCF) $3,815,352 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 103 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- 1501 & 1515 WILSON - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF DATE OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ General Services Administration ......... Aaa/AAA/AAA 72,798 29.9% $ 24.62 $ 1,792,411 28.0% Multiple Spaces(2) Advanced Management Technology Incorporated .......................... NR/NR/NR 41,841 17.2 $ 26.38 1,103,796 17.2 Multiple Spaces(3) Kastle Systems, Inc. .................... NR/NR/NR 40,162 16.5 $ 26.74 1,073,836 16.8 December 2010 Professional Risk Management Services, Inc. ........................ NR/NR/NR 13,176 5.4 $ 27.92 367,813 5.7 Multiple Spaces(4) LCG, Inc. ............................... NR/NR/NR 12,469 5.1 $ 24.74 308,483 4.8 June 2010 Non-major tenants ....................... 62,779 25.8 $ 27.96 1,755,314 27.4 Vacant .................................. 0 0.0 0 0.0 ------ ----- ----------- ----- TOTAL ................................... 243,225 100.0% $ 6,401,653 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (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 2,605 SF expire in April 2010, approximately 30,782 SF expire in March 2012 and approximately 39,411 SF expire in October 2013. (3) Under the terms of multiple leases, approximately 864 SF is MTM and approximately 40,977 SF expire in November 2015. (4) Under the terms of multiple leases, approximately 1,727 SF is MTM and approximately 11,449 SF expire in October 2009. <TABLE> - ------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------------------ 2005 6 $ 19.82 5,966 2.5% 2.5% 1.8% 1.8% 2006 5 $ 33.78 15,415 6.3% 8.8% 8.1% 10.0% 2007 2 $ 23.48 12,071 5.0% 13.8% 4.4% 14.4% 2008 1 $ 30.42 1,455 0.6% 14.4% 0.7% 15.1% 2009 2 $ 28.29 23,226 9.5% 23.9% 10.3% 25.4% 2010 5 $ 26.07 55,236 22.7% 46.6% 22.5% 47.9% 2011 1 $ 30.98 7,533 3.1% 49.7% 3.6% 51.5% 2012 2 $ 28.73 37,347 15.4% 65.1% 16.8% 68.3% 2013 2 $ 20.88 42,499 17.5% 82.5% 13.9% 82.1% 2014 1 $ 34.55 1,500 0.6% 83.2% 0.8% 82.9% 2015 1 $ 26.65 40,977 16.8% 100.0% 17.1% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 104 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- U-HAUL PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER CWCapital CUT-OFF DATE BALANCE $44,937,023 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS(1) 6 LOAN PURPOSE Refinance SPONSOR Amerco Real Estate Company TYPE OF SECURITY Fee MORTGAGE RATE 5.520% MATURITY DATE July 1, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 300 REMAINING TERM / AMORTIZATION 119 / 299 LOCKBOX Yes UP-FRONT RESERVES ENGINEERING $3,113,626 ENVIRONMENTAL $2,886,374 TAX/INSURANCE Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Yes(2) REPLACEMENT $42,963(3) ADDITIONAL FINANCING(4) Pari Passu Debt $194,727,099 Mezzanine Debt $50,000,000 PARI PASSU NOTES(5) ------------------- CUT-OFF DATE BALANCE $239,664,122 CUT-OFF DATE BALANCE/SF $70 CUT-OFF DATE LTV 74.0% MATURITY DATE LTV 56.6% UW DSCR ON NCF 1.42x - -------------------------------------------------------------------------------- (1) The U-Haul Portfolio is evidenced by 12 cross-collateralized and cross-defaulted promissory notes, 6 of which comprise the U-Haul Portfolio Loan and 6 of which comprise the U-Haul Portfolio Pari Passu Companion Loan. (2) Once capped amount of $2,104,380 is collected, monthly reserves are waived, provided that no event of default exists and specified DSC ratio is met. (3) Once capped amount of $515,561 is collected, monthly reserves are waived, provided no event of default exists and specified DSC ratio is met. (4) The Mortgage Loan documents permit future mezzanine debt, $20,000,000 of which is in process to be funded while additional advances, up to $30,000,000, are permitted at the mezzanine lender's sole discretion. (5) LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the U-Haul Portfolio Loan and the U-Haul Portfolio Pari Passu Companion Loan. [PICTURE OF U-HAUL PORTFOLIO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 161 LOCATION Various PROPERTY TYPE Self Storage SIZE (SF) 3,416,349 OCCUPANCY AS OF MARCH 31, 2005 82.2% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $323,929,000 PROPERTY MANAGEMENT U-Haul International UW ECONOMIC OCCUPANCY 86.0% UW REVENUES $40,803,931 UW TOTAL EXPENSES $15,303,697 UW NET OPERATING INCOME (NOI) $25,500,234 UW NET CASH FLOW (NCF) $25,156,527 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 105 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 106 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EVANSVILLE PAVILION - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $43,760,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Christopher P. White TYPE OF SECURITY Fee MORTGAGE RATE 5.090% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 118 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes OCCUPANCY(1) $1,767,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $43,760,000 CUT-OFF DATE BALANCE/SF $160 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 71.2% UW DSCR ON NCF 1.21x - -------------------------------------------------------------------------------- (1) To be released when the property achieves (i) 1.20x DSCR and (ii) 95% economic occupancy from tenants in-place and paying rent. (2) Future mezzanine debt permitted. [PICTURE OF EVANSVILLE PAVILION OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Evansville, IN PROPERTY TYPE Retail -- Anchored SIZE (SF) 273,997 OCCUPANCY AS OF MAY 20, 2005 97.1% YEAR BUILT / YEAR RENOVATED 2003 / NA APPRAISED VALUE $54,700,000 PROPERTY MANAGEMENT Premier Properties USA, Inc. UW ECONOMIC OCCUPANCY 95.5% UW REVENUES $4,540,700 UW TOTAL EXPENSES $931,288 UW NET OPERATING INCOME (NOI) $3,609,412 UW NET CASH FLOW (NCF) $3,447,424 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 107 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- EVANSVILLE PAVILION - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------ Dick's Sporting Goods ......... NR/B+/NR 45,624 16.7% $ 11.50 $ 524,676 14.1% January 2018 TJ Maxx ....................... A3/A/NR 30,000 10.9 $ 8.75 262,500 7.0 August 2012 Linens N Things ............... NR/NR/NR 28,169 10.3 $ 11.93 336,056 9.0 January 2013 Babies R Us ................... Ba2/B+/BB 24,600 9.0 $ 4.78 117,588 3.2 January 2014 Borders ....................... NR/NR/NR 23,000 8.4 $ 16.10 370,300 9.9 January 2023 Non-major tenants ............. 114,644 41.8 $ 18.46 2,116,868 56.8 Vacant ........................ 7,960 2.9 0 0.0 ------- ----- ----------- ----- TOTAL ......................... 273,997 100.0% $ 3,727,988 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - ------------------------------------------------------------------------------------------------------------------------ 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 3 $ 18.94 10,438 3.8% 3.8% 5.3% 5.3% 2009 3 $ 18.88 6,409 2.3% 6.1% 3.2% 8.5% 2010 5 $ 22.90 12,727 4.6% 10.8% 7.8% 16.4% 2011 1 $ 21.00 4,400 1.6% 12.4% 2.5% 18.8% 2012 3 $ 11.26 40,807 14.9% 27.3% 12.3% 31.1% 2013 5 $ 16.37 54,347 19.8% 47.1% 23.9% 55.0% 2014 3 $ 9.52 50,955 18.6% 65.7% 13.0% 68.0% 2015 4 $ 17.22 17,330 6.3% 72.0% 8.0% 76.0% Thereafter 2 $ 13.04 68,624 25.0% 97.1% 24.0% 100.0% Vacant 0 NA 7,960 2.9% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 108 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o GENERAL. For a detailed presentation of certain characteristics of the Mortgage Loans and Mortgaged Properties, on an individual basis and in tabular format, see Annex A-1 to the preliminary prospectus supplement. See Annex A-2 to the preliminary prospectus supplement for certain information regarding multifamily Mortgaged Properties. See Annex A-3 to the preliminary prospectus supplement for certain information with respect to capital improvement, replacement and tenant improvement reserve accounts. See Annex A-4 to the preliminary prospectus supplement for certain information relating to the commercial tenants of the Mortgaged Properties. See Annex A-5 to the preliminary prospectus supplement for certain information relating to cross-collateralized and cross-defaulted Mortgage Loans. See Annexes A-6, A-7 and A-8 to the preliminary prospectus supplement for certain information relating to the Monument I at WorldGate Loan, Tollway Office Center II Loan and the Rapp Collins Worldwide Loan monthly debt service payments. See Annex A-9 to the preliminary prospectus supplement for certain information relating to the U-Haul Portfolio Loans and the related Mortgaged Properties. <TABLE> - --------------------------------------------------------------------------------------------------------- SIGNIFICANT SPONSOR CONCENTRATION - --------------------------------------------------------------------------------------------------------- # OF LOANS/ AGGREGATE CUT-OFF SPONSOR PROPERTIES LOAN NUMBERS DATE BALANCE - --------------------------------------------------------------------------------------------------------- Beacon Capital Strategic Partners III, L.P. ............ 7/7 3, 9, 11, 13, 17, 21 and 70 $518,000,000 Regency Centers Corporation 25, 27, 34, 41, 45, 46, 47, and Macquarie 56, 58, 59, 65, 69, 77, 78, Country Wide Trust ............ 16/17 80 and 81 $255,831,000 AMC, Inc. ....................... 1/1 1 $204,416,548S NGP Capital Partners III LLC and Rubicon US REIT, Inc. ..... 1/14 2 $194,500,000 - --------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- % OF CUT-OFF WEIGHTED WEIGHTED DATE POOL AVERAGE CUT-OFF AVERAGE UW WEIGHTED AVERAGE SPONSOR BALANCE DATE LTV DSCR ON NCF MORTGAGE RATE - --------------------------------------------------------------------------------------------------------- Beacon Capital Strategic Partners III, L.P. ............ 14.1% 72.8% 1.57x 4.970% Regency Centers Corporation and Macquarie Country Wide Trust ............ 7.0% 73.6% 1.61x 5.111% AMC, Inc. ....................... 5.6% 56.0% 2.28x 5.720% NGP Capital Partners III LLC and Rubicon US REIT, Inc. ..... 5.3% 79.9% 1.27x 5.460% - --------------------------------------------------------------------------------------------------------- </TABLE> o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. Nine (9) groups of Mortgage Loans, representing approximately 8.5% of the Cut-Off Date Pool Balance, are cross-collateralized and cross-defaulted with one or more Mortgage Loans in the Mortgage Pool as indicated in Annex A-5 to the preliminary prospectus supplement. As of the Closing Date, no Mortgage Loan (other than the Co-Lender Loans described below) will be cross-collateralized or cross-defaulted with any loan that is not included in the Mortgage Pool. The Master Servicer or the Special Servicer, as the case may be, will determine whether to enforce the cross-default and cross-collateralization rights upon a mortgage loan default with respect to any of these Mortgage Loans. The Certificateholders will not have any right to participate in or control any such determination. No other Mortgage Loans are subject to cross-collateralization or cross-default provisions. o SUBORDINATE FINANCING. <TABLE> - ----------------------------------------------------------------------------------------------------------------- EXISTING SUBORDINATE FINANCING - ----------------------------------------------------------------------------------------------------------------- % OF CUT-OFF DATE EXISTING SUBORDINATE FINANCING # OF LOANS LOAN NUMBERS POOL BALANCE - ----------------------------------------------------------------------------------------------------------------- Secured by Mortgaged Property/Mezzanine Debt secured by Ownership Interests in Borrower ................ 1 28 0.7% Unsecured Debt .............................................. 0 NA 0.0% Mezzanine Debt Secured by Ownership Interests in Borrower ... 4 2, 5, 23 and 29 10.7% - ----------------------------------------------------------------------------------------------------------------- </TABLE> This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 109 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C20 - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ FUTURE SUBORDINATE FINANCING - ------------------------------------------------------------------------------------------------------------------------------------ % OF CUT-OFF DATE FUTURE SUBORDINATE FINANCING # OF LOANS LOAN NUMBERS POOL BALANCE - ------------------------------------------------------------------------------------------------------------------------------------ Secured by Mortgaged Property ............................ 4 10, 67, 83 and 102 3.1% Unsecured Debt ........................................... 5 14, 23, 51, 140 and 146 3.2% 2, 3, 7, 9, 11, 13, 17, 18, 21, 42, 54, 61, 64, 70, 73, 87, 95, 96, 100, 101, Mezzanine Debt Secured by Ownership Interests in Borrower 25 108, 120, 147, 183 and 195 27.4% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> See "RISK FACTORS--Additional Debt on Some Mortgage Loans Creates Additional Risks" in the preliminary prospectus supplement. o CO-LENDER LOANS. Fifteen (15) Companion Loans, which will not be part of the trust fund, are each secured by the same Mortgage as a Mortgage Loan that will be part of the trust fund. The 15 Mortgage Loans (the "Co-Lender Loans") (identified as loan numbers 1, 2, 3, 14, 15, 19, 32, 38, 62, 87, 95, 96, 100, 101 and 108 on Annex A-1 to the prospectus supplement) related to such Companion Loans are expected to have an aggregate Cut-Off Date Balance of $845,329,038, representing approximately 23.1% of the Cut-Off Date Pool Balance. Each Co-Lender Loan is cross-defaulted with its related Companion Loan(s). No Companion Loan will be part of the trust fund. Each of these Co-Lender Loans and its related Companion Loans are subject to intercreditor agreements. NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura Securities International, Inc. (collectively, the "Underwriters") nor Wachovia Securities International Limited is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the Issuer or information that would permit identification of the Issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES DEUTSCHE BANK SECURITIES GOLDMAN, SACHS & CO. MERRILL LYNCH & CO. NOMURA 110
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