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COBALT CMBS Commercial Mortgage Trust 2007-C3 · FWP · COBALT CMBS Commercial Mortgage Trust 2007-C3 · On 7/20/07

Filed On 7/20/07, 8:36pm ET   ·   Accession Number 950136-7-5033   ·   SEC File 333-140740-02

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 7/23/07  COBALT CMBS Com'l Mtge Tr 2007-C3 FWP         7/20/07    1:640K COBALT CMBS Com'l Mtge Tr 2007-C3 Capital Systems 01/FA

Free Writing Prospectus   —   Rule 163/433
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free Writing Prospectus                             HTML    789K 


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
9Structure Overview
15Cut-Off Date Balance
"Mortgage Rate
16Original Term to Maturity
"Original Amortization Term
"Original Interest-Only Term
"Seasoning
"Remaining Term to Maturity
"Remaining Amortization Term
"Prepayment Provision Summary
17Fifteen Largest Mortgage Loans
30Major Tenants

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INFORMATION IN THESE MATERIALS MAY BE AMENDED OR COMPLETED PRIOR TO SALE, DATED JULY 20, 2007. CMBS NEW ISSUE STRUCTURAL AND COLLATERAL TERM SHEET $1,852,940,000 (APPROXIMATE) SERIES 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-PB, CLASS A-4, CLASS A-1A, CLASS IO, CLASS A-M, CLASS A-J, CLASS B, CLASS C AND CLASS D -------------------------------------------------------------------------------- COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 Issuing Entity CWCAPITAL COMMERCIAL FUNDING CORP. Depositor CWCAPITAL LLC WACHOVIA BANK, NATIONAL ASSOCIATION CITIGROUP GLOBAL MARKETS REALTY CORP. Sponsors and Mortgage Loan Sellers WACHOVIA BANK, NATIONAL ASSOCIATION Master Servicer CWCAPITAL ASSET MANAGEMENT LLC Special Servicer WELLS FARGO BANK, N.A. Trustee [LOGO] WACHOVIA SECURITIES [LOGO] citi Co-Lead and Joint Bookrunning Manager Co-Lead and Joint Bookrunning Manager This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
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TABLE OF CONTENTS Transaction Structure Transaction Terms ...................................................... 3 Structure Overview ..................................................... 8 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics ................................................ 11 Property Type .......................................................... 12 Property Location ...................................................... 13 Cut-Off Date Balance ................................................... 14 Mortgage Rate .......................................................... 14 Underwritten Debt Service Coverage Ratio ............................... 14 Cut-Off Date Loan-to-Value Ratio ....................................... 14 Maturity Date or ARD Loan-to-Value Ratio ............................... 14 Original Term to Maturity .............................................. 15 Remaining Term to Maturity ............................................. 15 Original Amortization Term ............................................. 15 Remaining Amortization Term ............................................ 15 Original Interest-Only Term ............................................ 15 Prepayment Provision Summary ........................................... 15 Seasoning .............................................................. 15 Shadow Rated Loans ..................................................... 15 Fifteen Largest Mortgage Loans ........................................... 16 Charles River Plaza North .............................................. 17 Irvine EOP San Diego Portfolio ......................................... 25 2 Rector Street ........................................................ 33 90 John Street ......................................................... 39 Sheraton Suites -- Alexandria, VA ...................................... 45 Arbors at Broadlands ................................................... 51 Tradewinds Hospitality Portfolio ....................................... 55 Express Scripts Office Property ........................................ 63 Falcon Ridge Town Center Phase I ....................................... 69 3660 Wilshire Boulevard ................................................ 75 Zale Corporation Headquarters Building ................................. 80 Walgreens Portfolio .................................................... 82 Sheraton Suites -- Wilmington, DE ...................................... 84 Alameda Media Center ................................................... 86 Vista Village Phase I .................................................. 88 Additional Mortgage Loan Information ..................................... 90
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRANSACTION STRUCTURE -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE FREE WRITING PROSPECTUS, DATED JULY 20, 2007. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-1A, Class IO, Class A-M, 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, institutional accredited investors or purchasers in offshore transactions in reliance in Regulation S. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is the related payment date of such mortgage loan in August 2007, with respect to each mortgage loan that has a payment date in August 2007. With respect to each mortgage loan that has its first payment date in September 2007, the later of the related date of origination and August 1, 2007. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 124 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $2,016,804,393 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 150 properties (the "Mortgaged Properties") located throughout 33 states, the District of Columbia and the Territory of Guam. The Mortgage Pool will be deemed to consist of 2 loan groups ("Loan Group 1" and "Loan Group 2" and, together, the "Loan Groups"). Loan Group 1 will consist of all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily properties with an aggregate principal balance as of the Cut-Off Date of $1,648,992,446 (the "Cut-Off Date Group 1 Balance"). Loan Group 2 will consist of 30 Mortgage Loans that are secured by multifamily properties with an aggregate principal balance as of the Cut-Off Date of $367,811,947 (the "Cut-Off Date Group 2 Balance" and, together with the Cut-Off Date Group 1 Balance, the "Cut-Off Date Pool Balance"). The Mortgage Pool will include 6 mortgage loans that are part of a split loan structure. Except as described below, all information presented in this term sheet with respect to a mortgage loan with one or more pari passu or subordinate companion loans was calculated without regard to the related pari passu or subordinate companion loans, unless otherwise indicated. The loan amount used in this term sheet for purposes of calculating the loan-to-value ratio, debt service coverage ratio and loan balance per square foot for each of the mortgage loans in a split loan structure with pari passu companion loans is the aggregate principal balance of the mortgage loan and the related pari passu companion loans, excluding any related junior companion loans outside the trust. DEPOSITOR CWCapital Commercial Funding Corp. UNDERWRITERS Wachovia Capital Markets, LLC and Citigroup Global Markets 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. MORTGAGE LOAN SELLERS CWCapital LLC ("CWCapital"), Wachovia Bank, National AND SPONSORS Association ("Wachovia") and Citigroup Global Markets Realty Corp. ("CGMRC"). NUMBER OF AGGREGATE PERCENTAGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE MORTGAGE LOAN SELLER LOANS BALANCE POOL BALANCE -------------------------------------- --------- -------------- ------------- Wachovia Bank, National Association 30 $ 981,139,334 48.6% CWCapital LLC* 62 562,527,525 27.9 Citigroup Global Markets Realty Corp. 32 473,137,534 23.5 --- -------------- ----- TOTAL 124 $2,016,804,393 100.0% === ============== ===== ____________ * For purposes of the information contained herein, although certain Mortgage Loans were sold to the Depositor by CWCapital Mortgage Securities I LLC or CWCapital Mortgage Securities VI LLC, all references to "mortgage loan seller" or "seller" with respect to such Mortgage Loans will be deemed to refer to CWCapital. Prior to this securitization, those Mortgage Loans were originated and closed or purchased by CWCapital and subsequently sold by CWCapital to CWCapital Mortgage Securities I or CWCapital Mortgage Securities VI LLC. The representations and warranties made by CWCapital in connection with the sale of these Mortgage Loans to CWCapital Mortgage Securities I LLC or CWCapital Mortgage Securities VI LLC will be separately made to the Depositor by CWCapital and the sole recourse to cure a material document defect or a material breach in respect of such Mortgage Loans or to repurchase or replace any of those Mortgage Loans, if defective, will be solely against CWCapital. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 3
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- TRUSTEE Wells Fargo Bank, N.A. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER CWCapital Asset Management LLC RATING AGENCIES Fitch, Inc. ("Fitch") and Standard & Poor's Ratings Services, a division of the McGraw Hill Companies, Inc. ("S&P"). DENOMINATIONS $25,000 minimum for Offered Certificates other than the Class IO Certificates. $1,000,000 minimum for the Class IO Certificates. CLOSING DATE On or about August 10, 2007. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in September 2007. DETERMINATION DATE The 11th day of each month, or if such 11th day is not a business day, the next succeeding business day, commencing, with respect to the Offered Certificates, in September 2007. INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance or Notional Amount of such Class. Interest will be distributed on each Distribution Date in sequential order of Class designations with the Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-1A and Class IO Certificates and Class A-4FL REMIC II Regular Interest ranking pari passu in entitlement to interest. The Offered Certificates will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates is the calendar month preceding the month in which the Distribution Date occurs. PRINCIPAL Principal will be distributed on each Distribution Date DISTRIBUTIONS in accordance with the priorities set forth in "DESCRIPTION OF THE OFFERED CERTIFICATES--Payments" in the free writing prospectus, dated July 20, 2007 (the "Prospectus Supplement"). Generally, the Class A-1, Class A-2, Class A-3 and Class A-PB Certificates and Class A-4 Certificates and Class A-4FL REMIC II Regular Interest, pro rata, in that order will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 after the Certificate Balance of the Class A-PB Certificates has been reduced to the planned principal balance for the related payment date set forth in the Prospectus Supplement and from Loan Group 2 after the Certificate Balance of the Class A-1A Certificates has been reduced to zero. 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, and after the Certificate Balance of the Class A-4 Certificates and Class A-4FL REMIC II Regular Interest has been reduced to zero, from Loan Group 1. If, due to losses, the Certificate Balance of the Class A-M through Class P Certificates are reduced to zero, but any two or more of the Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-4FL and Class A-1A Certificates remain outstanding, payments of principal to the Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4 and Class A-1A Certificates and Class A-4FL REMIC II Regular Interest will be made on a pro rata basis. The Class IO Certificates will not be entitled to distributions of principal. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 4
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to 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 Certificates in that order, then to the Class A-J Certificates and Class A-JFL REMIC II Regular Interest, on a pro rata basis, then to the Class A-M Certificates and the Class A-MFL REMIC II Regular Interest, on a pro rata basis. Any remaining losses will be allocated pro rata to the Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-1A Certificates and the Class A-4FL REMIC II Regular Interest. 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. Generally, the Class A-1, Class A-2, Class A-3, Class A-PB and Class A-4 Certificates and Class A-4FL REMIC II Regular Interest will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 2 until the Certificate Balances of the Class A-4, Class A-1A and Class A-4FL REMIC II Regular Interest have been reduced to zero. On each Distribution Date, the holders of each Class of Offered Certificates, and the Class E, Class F, Class G and Class H Certificates and the Class A-4FL REMIC II Regular Interest, the Class A-JFL REMIC II Regular Interest and the Class A-MFL REMIC II Regular Interest 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. However, as long as the related swap agreements are in effect and there is no continuing payment default there under, any prepayment premiums allocable to the Class A-4FL REMIC II Regular Interest, Class A-MFL REMIC II Regular Interest and Class A-JFL REMIC II Regular Interest will be payable to the related swap counterparties. The portion, if any, of the Prepayment Premiums or Yield Maintenance Charges remaining after any payments described above will be distributed to the holders of the Class IO Certificates. ADVANCES The Master Servicer, and if the Master Servicer fails to do so, the Trustee, will be obligated to make P&I Advances and Servicing Advances, including delinquent property taxes and insurance, on the Mortgage Loans, but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to any Appraisal Reductions that may occur. 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. If there is an Appraisal Reduction Amount for a given Mortgage Loan, the P&I Advance for such Mortgage Loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Subordinate Certificates in reverse order of priority of the Classes. An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed of. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 5
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust Fund in whole, but not in part, and purchase the remaining assets of the Trust Fund on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans then outstanding is less than 1% of the Cut-Off Date Principal 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 R-I Certificates and Class R-II Certificates) are held by a single Certificateholder. CONTROLLING CLASS The Class of Sequential Pay Certificates (a) which bears the latest alphabetical Class designation and (b) the Certificate Balance of which is greater than 25% of its original Certificate Balance; provided, however, if no Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest alphabetical Class designation. CONTROLLING CLASS The representative appointed by the holder of the REPRESENTATIVE 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 UNDER THE POOLING AND SERVICING AGREEMENT--The Directing Holders" in the Prospectus Supplement for more information. ERISA The Offered Certificates are expected to be ERISA eligible. SMMEA The Offered Certificates will not constitute "mortgage related securities" within the meaning of the Secondary Mortgage Market Enhancement Act of 1984, as amended. TAX The Offered Certificates will be treated as regular interests in a REMIC. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 6
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- WACHOVIA CAPITAL MARKETS, LLC CITIGROUP GLOBAL MARKETS INC Charles Culbreth Paul Vanderslice (704) 383-7716 (Phone) (212) 723-6156 (Phone) (704) 715-0066 (Fax) (212) 723-8599 (Fax) Bill White Angela Vleck (704) 715-8440 (Phone) (212) 816-8087 (Phone) (704) 715-1214 (Fax) (212) 816-8307 (Fax) Chris Campbell (704) 715-8440 (Phone) (704) 715-1214 (Fax) This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 7
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 --------------------------------------------------------------------------------  STRUCTURE OVERVIEW -------------------------------------------------------------------------------- OFFERED CERTIFICATES EXPECTED APPROX. ASSSUMED RATINGS % OF APPROX. WEIGHTED FINAL ------------- CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS FITCH S&P BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE ------------------------------------------------------------------------------------------------------------------------------- A-1 AAA AAA $ 13,910,000 0.690% 30.000% 2.87 09/07 - 05/12 05/15/12 Fixed A-2 AAA AAA $ 107,675,000 5.339% 30.000% 4.89 05/12 - 08/12 08/15/12 WAC(3) A-3 AAA AAA $ 93,863,000 4.654% 30.000% 6.89 06/14 - 07/14 07/15/14 WAC(3) A-PB AAA AAA $ 45,466,000 2.254% 30.000% 7.30 08/12 - 01/17 01/15/17 WAC(3) A-4 AAA AAA $ 783,039,000 38.826% 30.000% 9.77 01/17 - 06/17 06/15/17 WAC(3) A-1A AAA AAA $ 367,811,000 18.237% 30.000% 8.18 09/07 - 06/17 06/15/17 WAC(3) IO(4) AAA AAA $2,016,804,393 N/A N/ A N/A N/A N/A Variable IO A-M AAA AAA $ 201,680,000 10.000% 20.000% 9.87 06/17 - 07/17 07/15/17 WAC(3) A-J AAA AAA $ 153,781,000 7.625% 12.375% 9.93 07/17 - 07/17 07/15/17 WAC(3) B AA AA $ 40,336,000 2.000% 10.375% 9.93 07/17 - 07/17 07/15/17 WAC(3) C AA- AA- $ 20,168,000 1.000% 9.375% 9.93 07/17 - 07/17 07/15/17 WAC(3) D A A $ 25,211,000 1.250% 8.125% 9.98 07/17 - 08/17 08/15/17 WAC(3) ------------------------------------------------------------------------------------------------------------------------------- NON-OFFERED CERTIFICATES(5) EXPECTED RATINGS APPROX. ASSSUMED ------------- % OF APPROX. WEIGHTED FINAL CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS FITCH S&P BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE ------------------------------------------------------------------------------------------------------------------------------- A-4FL(6) AAA AAA TBD TBD 30.000% (5) (5) (5) Floating(7) A-MFL(6) AAA AAA TBD TBD 20.000% (5) (5) (5) Floating(7) A-JFL(6) AAA AAA TBD TBD 12.375% (5) (5) (5) Floating(7) E A- A- $ 20,168,000 1.000% 7.125% (5) (5) (5) WAC(3) F BBB+ BBB+ $ 25,210,000 1.250% 5.875% (5) (5) (5) WAC(3) G BBB BBB $ 22,689,000 1.125% 4.750% (5) (5) (5) WAC(3) H BBB- BBB- $ 25,210,000 1.250% 3.500% (5) (5) (5) WAC(3) J BB+ BB+ $ 7,563,000 0.375% 3.125% (5) (5) (5) Fixed(8) K BB BB $ 5,042,000 0.250% 2.875% (5) (5) (5) Fixed(8) L BB- BB- $ 10,084,000 0.500% 2.375% (5) (5) (5) Fixed(8) M B+ B+ $ 5,042,000 0.250% 2.125% (5) (5) (5) Fixed(8) N B B $ 2,521,000 0.125% 2.000% (5) (5) (5) Fixed(8) O B- B- $ 5,042,000 0.250% 1.750% (5) (5) (5) Fixed(8) P NR NR $ 35,293,393 1.750% 0.000% (5) (5) (5) Fixed(8) ------------------------------------------------------------------------------------------------------------------------------- (1) Subject to a permitted variance of plus or minus 5.0%. (2) As of the Cut-Off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates (or, in the case of ARD Loans, their Anticipated Repayment Dates) and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the Prospectus Supplement. (3) The pass-through rate applicable to each of the Class A-2, Class A-3, Class A-PB, Class A-4, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates for any distribution date will be a rate equal to the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement), for such date. (4) The Class IO Certificates will not have certificate balances and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of each of the components of the Class IO Certificates as described in the Prospectus Supplement. The interest rate applicable to the Class IO Certificates for each distribution date will be as described in the Prospectus Supplement. (5) Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (6) The assets of the trust fund will include separate interest rate swap agreements relating to the Class A-4FL REMIC II Regular Interest, Class A-MFL REMIC II Regular Interest and Class A-JFL REMIC II Regular Interest. (7) The pass-through rates for the Class A-4FL, Class A-MFL and Class A-JFL Certificates will be based on LIBOR plus a specified percentage; provided that interest payments made under the respective swap contract are subject to reduction as described in the Prospectus Supplement. The initial LIBOR rate will be determined by linear interpolation between (i) 1 month LIBOR and (ii) 2 month LIBOR and subsequent LIBOR rates will be determined two LIBOR business days before the start of the interest accrual periods for Class A-4FL REMIC II Regular Interest, Class A-MFL REMIC II Regular Interest and Class A-JFL REMIC II Regular Interest. Under circumstances described in the Prospectus Supplement, the pass-through rate for the Class A-4FL REMIC II Regular Interest, the Class A-MFL REMIC II Regular Interest and the Class A-JFL REMIC II Regular Interest may convert to a rate described herein in clauses (i), (ii), the (iii) and (iv) above. Interest payments with respect to the Class A-4FL, Class A-MFL and Class A-JFL Certificates will be subject to reduction if the weighted average net mortgage rate of the mortgage loans declines below the fixed rate per annum at which interest is payable by the trust to the respective swap counterparties. (8) The pass-through rate applicable to the Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificates will equal the lesser of the initial pass-through rate for that class (as described in the table above) and the weighted average net mortgage pass-through rate of the mortgage loans. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 8
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 --------------------------------------------------------------------------------  STRUCTURE OVERVIEW -------------------------------------------------------------------------------- LOAN GROUP 1 SHORT-TERM COLLATERAL SUMMARY* -------------------------------------------------------------------------------------------------------------------------------- LOAN GROUP 1 SHORT-TERM COLLATERAL SUMMARY -------------------------------------------------------------------------------------------------------------------------------- WEIGHTED WEIGHTED WEIGHTED AVERAGE AVERAGE AVERAGE WEIGHTED CUT-OFF DATE BALLOON PROPERTY REMAINING REMAINING CUT-OFF AVERAGE CLASS PROPERTY NAME BALANCE BALANCE TYPE TERM IO TERM DATE LTV DSCR -------------------------------------------------------------------------------------------------------------------------------- CLASS A-1 CLASS A-1 TOTAL BALLOON PAYMENT $ 0 CLASS A-1 AMORTIZATION 13,910,000 ------------ TOTAL CLASS A-1 CERTIFICATE BALANCE $ 13,910,000 ============ CLASS A-2 Sheraton - East Hartford, CT $15,000,000 $ 15,000,000 Hospitality 57 57 74.3% 1.47x Greens Crossroads $13,000,000 12,508,813 Retail 57 21 75.6% 1.18x Hilton Garden Inn - Frederick, MD $19,500,000 18,522,947 Hospitality 58 10 75.0% 1.22x The Crane Building $11,700,000 11,456,488 Mixed Use 59 35 73.6% 1.32x Eighth Avenue Shops $10,950,000 10,950,000 Retail 59 59 79.3% 1.17x Staverton West $ 8,400,000 8,400,000 Industrial 59 59 80.0% 1.38x University Plaza Retail Center $ 1,087,000 1,087,000 Retail 59 59 79.1% 1.41x The Encino Courtyard $27,462,000 27,462,000 Retail 60 60 64.4% 1.34x ------------ CLASS A-2 TOTAL BALLOON PAYMENT $105,387,248 59 43 73.0% 1.30x CLASS A-2 AMORTIZATION 2,287,752 ------------ TOTAL CLASS A-2 CERTIFICATE BALANCE $107,675,000 ============ CLASS A-3 Express Scripts Office Property $45,000,000 $ 43,862,752 Office 82 58 71.9% 1.49x Tradewinds Hospitality Portfolio $50,000,000 50,000,000 Hospitality 83 83 38.9% 3.60x ------------ CLASS A-3 TOTAL BALLOON PAYMENT $ 93,862,752 83 71 54.5% 2.60x CLASS A-3 AMORTIZATION 248 ------------ TOTAL CLASS A-3 CERTIFICATE BALANCE $ 93,863,000 ============ CLASS A-PB CLASS A-PB TOTAL BALLOON PAYMENT $ 0 CLASS A-PB AMORTIZATION 45,466,000 ------------ TOTAL CLASS A-PB CERTIFICATE BALANCE $ 45,466,000 ============ ------------------------------------------------------------------------------------------------------------------------------ * The information presented above is intended to depict the assumed effect of the repayment of certain Mortgage Loans on certain classes of the Certificates. As of the Cut-Off Date, the balloon balances, total balloon payments and remaining class amortization were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the Prospectus Supplement. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 9
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 10
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE -------------------------------------------------------------------------------- ALL GENERAL CHARACTERISTICS MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 ------------------------------------------------------------------------------------------------------------------------------ Number of Mortgage Loans ......................................................... 124 94 30 Number of Mortgaged Properties ................................................... 150 116 34 Aggregate Balance of all Mortgage Loans ..........................................$2,016,804,393 $1,648,992,446 $367,811,947 Number of Mortgage Loans with Balloon Payments(1) ................................ 65 54 11 Aggregate Balance of Mortgage Loans with Balloon Payments(1) ..................... $772,248,271 $692,710,181 $79,538,090 Number of Mortgage Loans with Anticipated Repayment Date(2) ...................... 15 14 1 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(2) ........... $124,967,450 $121,032,593 $3,934,857 Number of Interest-Only Mortgage Loans(3) ........................................ 44 26 18 Aggregate Balance of Interest-Only Mortgage Loans(3) .............................$1,119,588,672 $835,249,672 $284,339,000 Average Balance of Mortgage Loans ................................................ $16,264,552 $17,542,473 $12,260,398 Minimum Balance of Mortgage Loans ................................................ $1,087,000 $1,087,000 $3,065,000 Maximum Balance of Mortgage Loans ................................................ $145,000,000 $145,000,000 $50,375,000 Weighted Average LTV Ratio(4)(5) ................................................. 71.2% 71.0% 72.4% Minimum LTV Ratio(4)(5) .......................................................... 35.0% 35.0% 55.9% Maximum LTV Ratio(4)(5) .......................................................... 86.8% 86.8% 81.2% Weighted Average LTV at maturity or Anticipated Repayment Date(4)(5) ............. 68.6% 68.1% 70.9% Weighted Average DSCR(5) ......................................................... 1.35x 1.37x 1.27x Minimum DSCR(5) .................................................................. 1.00x 1.00x 1.15x Maximum DSCR(5) .................................................................. 3.60x 3.60x 1.49x Weighted Average Mortgage Loan Interest Rate ..................................... 5.848% 5.846% 5.860% Minimum Mortgage Loan Interest Rate .............................................. 5.482% 5.482% 5.504% Maximum Mortgage Loan Interest Rate .............................................. 6.871% 6.540% 6.871% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) 110 112 99 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ........ 57 57 57 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ........ 122 122 120 Weighted Average Occupancy Rate (6) .............................................. 95.3% 96.4% 91.4% ------------------------------------------------------------------------------------------------------------------------------ (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 ratios for 8 Mortgage Loans, Irvine EOP San Diego Portfolio, Sheraton Suites -- Alexandria, VA, Arbors at Broadlands, Sheraton Suites -- Wilmington, DE, Sheraton Suites -- Kansas City, MO, Hilton Garden Inn -- College Park, GA, Semoran North Apartments and The Woods of North Bend, representing 18.8% of the Cut-Off Date Pool Balance, (17.3% of the Cut-Off Date Loan Group 1 Balance and 25.3% of the Cut-Off Date Loan Group 2 Balance), such ratios were calculated using the "as-stabilized" or "as-complete" appraised values. See Annex A-1 to the Prospectus Supplement. (5) For purposes of determining the DSC ratios or LTV ratios for 7 Mortgage Loans, 4001 Brandywine Street, NW, Alvarado Apartments, Greens Crossroads, 321 Ballenger Center Drive, Dorado Heights Apartments, Landmark Apartments and Rite Aid -- Bronx, NY, representing 3.9% of the Cut-Off Date Pool Balance (2.8% of the Cut-Off Date Loan Group 1 Balance and 9.2% of the Cut-Off Date Loan Group 2 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. In the case of certain mortgage loans, rental amounts payable under master leases were included in determining net cash flow, which was used to calculate debt service coverage ratios. See "RISK FACTORS--Risks Related to the Underlying Mortgage Loans--Risks Relating to Net Cash Flow and Debt Service Coverage Ratios" in the Prospectus Supplement. (6) Does not include 17 hospitality properties, representing, by allocated loan amount, 15.9% of the Cut-Off Date Balance (19.4% of the Cut-Off Date Group 1 Balance). In certain cases, occupancy includes space for which leases have been executed, but tenant is not in or has not taken occupancy including, in limited cases, spaces leased but not occupied by an affiliate of the borrower or spaces that are leased under master leases with affiliates of the related borrower. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 11
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* -------------------------------------------------------------------------------- [PIE CHART OMITTED] Office 40.9% Retail 19.0% Multifamily 18.2% Hospitality 15.9% Industrial 3.1% Mixed Use 2.4% Self Storage 0.5% PROPERTY TYPE(1) % OF % OF % OF CUT-OFF CUT-OFF CUT-OFF WTD. AVG. WTD. AVG. NUMBER OF AGGREGATE DATE DATE DATE CUT-OFF CUT-OFF WTD. AVG. MORTGAGED CUT-OFF DATE POOL GROUP 1 GROUP 2 DATE LTV DATE DSC MORTGAGE PROPERTY TYPE PROPERTIES BALANCE BALANCE BALANCE BALANCE RATIO(2)(3) RATIO(3) RATE ------------------------------------------------------------------------------------------------------------------------------ Office 38 $ 823,958,080 40.9% 50.0% 0.0% 72.5% 1.27x 5.811% Retail 47 382,725,125 19.0 23.2 0.0 72.4% 1.29x 5.814% Retail - Anchored 10 201,357,651 10.0 12.2 0.0 70.9% 1.35x 5.800% Retail - Single Tenant 22 105,865,931 5.2 6.4 0.0 75.9% 1.23x 5.725% Retail - Unanchored 13 67,550,111 3.3 4.1 0.0 71.4% 1.18x 6.012% Retail - Shadow Anchored(4) 2 7,951,433 0.4 0.5 0.0 72.1% 1.23x 5.657% Multifamily 34 367,811,947 18.2 0.0 100.0 72.4% 1.27x 5.860% Hospitality 17 319,889,670 15.9 19.4 0.0 65.5% 1.74x 5.912% Industrial 6 62,546,182 3.1 3.8 0.0 74.1% 1.33x 5.880% Mixed Use 6 48,823,389 2.4 3.0 0.0 67.1% 1.22x 6.230% Self Storage 2 11,050,000 0.5 0.7 0.0 66.0% 1.36x 5.652% 150 $2,016,804,393 100.0% 100.0% 100.0% 71.2% 1.35X 5.848% ------------------------------------------------------------------------------------------------------------------------------ (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 on Mortgaged property is based on allocated amounts (allocating the mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents. (2) For purposes of determining the LTV ratios for 8 Mortgage Loans, Irvine EOP San Diego Portfolio, Sheraton Suites -- Alexandria, VA, Arbors at Broadlands, Sheraton Suites -- Wilmington, DE, Sheraton Suites -- Kansas City, MO, Hilton Garden Inn -- College Park, GA, Semoran North Apartments and The Woods of North Bend, (representing 18.8% of the Cut-Off Date Pool Balance, 17.3% of the Cut-Off Date Loan Group 1 Balance and 25.3% of the Cut-Off Date Loan Group 2 Balance), such ratios were calculated using the "as-stabilized" or "as-complete" appraised value. See Annex A-1 to the Prospectus Supplement. (3) For purposes of determining the DSC or LTV ratios for 7 Mortgage Loans, 4001 Brandywine Street, NW, Alvarado Apartments, Greens Crossroads, 321 Ballenger Center Drive, Dorado Heights Apartments, Landmark Apartments and Rite Aid -- Bronx, NY, representing 3.9% of the Cut-Off Date Pool Balance (2.8% of the Cut-Off Loan Group 1 Balance and 9.2% of the Cut-Off Date Loan Group 2 Balance) such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. In the case of certain mortgage loans, rental amounts payable under master leases were included when determining net cash flow, which was used to calculate debt service coverage ratios. See "RISK FACTORS -- Risks Related to the Underlying Mortgage Loans - Risks Relating to Net Cash Flow and Debt Service Coverage Ratios" in the Prospectus Supplement. (4) A Mortgaged Property is classified as shadow anchored if it contains a store or business that materially affects the draw of customers to a retail property, but which may be located at a nearby property or on a portion of that retail property that does not secure the related mortgage loan. * The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 12
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* -------------------------------------------------------------------------------- [MAP OF AMERICA OMITTED] PROPERTY LOCATION(1)(2) % OF % OF NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE WTD. AVG. WTD. AVG. WTD. AVG. MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 CUT-OFF DATE CUT-OFF DATE MORTGAGE STATE PROPERTIES BALANCE POOL BALANCE BALANCE BALANCE LTV RATIO(3)(4) DSC RATIO(4) RATE ----------------------------------------------------------------------------------------------------------------------------- CA 21 $ 402,663,993 20.0% 23.4% 4.4% 70.0% 1.32x 5.818% Southern(5) 20 398,184,993 19.7 23.2 4.4 69.9% 1.32x 5.818% Northern(5) 1 4,479,000 0.2 0.3 0.0 77.2% 1.15x 5.820% NY 7 184,240,344 9.1 11.2 0.0 74.6% 1.22x 5.959% TX 13 180,316,281 8.9 6.0 22.3 73.5% 1.18x 5.891% FL 18 179,561,257 8.9 7.2 16.5 61.8% 1.98x 5.828% VA 8 166,544,114 8.3 6.8 14.8 75.1% 1.31x 5.787% MA 2 147,800,000 7.3 9.0 0.0 72.8% 1.33x 5.617% GA 6 102,911,765 5.1 4.6 7.5 69.9% 1.34x 5.803% Other 75 652,766,640 32.4 31.9 34.5 71.9% 1.29x 5.904% ----------------------------------------------------------------------------------------------------------------------------- 150 $2,016,804,393 100.0% 100.0% 100.0% 71.2% 1.35X 5.848% ----------------------------------------------------------------------------------------------------------------------------- (1) The Mortgaged Properties are located in 33 states, the District of Columbia and the Territory of Guam. (2) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than on Mortgaged Property is based on allocated amounts (allocating the mortgage loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents. (3) For purposes of determining the LTV ratios for 8 Mortgage Loans, Irvine EOP San Diego Portfolio, Sheraton Suites -- Alexandria, VA, Arbors at Broadlands, Sheraton Suites -- Wilmington, DE, Sheraton Suites -- Kansas City, MO, Hilton Garden Inn -- College Park, GA, Semoran North Apartments and The Woods of North Bend, (representing 18.8% of the Cut-Off Date Pool Balance, 17.3% of the Cut-Off Date Loan Group 1 Balance and 25.3% of the Cut-Off Date Loan Group 2 Balance), such ratios were calculated using the "as-stabilized" or "as-complete" appraised value. See Annex A-1 to the Prospectus Supplement. (4) For purposes of determining the DSC or LTV ratios for 7 Mortgage Loans, 4001 Brandywine Street, NW, Alvarado Apartments, Greens Crossroads, 321 Ballenger Center Drive, Dorado Heights Apartments, Landmark Apartments and Rite Aid -- Bronx, NY, representing 3.9% of the Cut-Off Date Pool Balance (2.8% of the Cut-Off Loan Group 1 Balance and 9.2% of the Cut-Off Date Loan Group 2 Balance) such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. In the case of certain mortgage loans, rental amounts payable under master leases were included determining net cash flow, which was used to calculate debt service coverage ratios. See "RISK FACTORS -- Risks related to the Underlying Mortgage Loans - Risks relating to Net Cash Flow and Debt Service Coverage Rations" in the Prospectus Supplement. (5) For purposes of determining whether a Mortgaged Property is in Northern California or Southern California, Mortgaged properties north of San Luis Obispo County, Kern County and San Bernardino County were included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. * The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 13
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* --------------------------------------------------------------------------------  CUT-OFF DATE BALANCE --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 CUT-OFF DATE BALANCES LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- $1,087,000 - $2,000,000 ......... 1 $ 1,087,000 0.1% 0.1% 0.0% $2,000,001 - $3,000,000 ......... 7 19,041,995 0.9 1.2 0.0 $3,000,001 - $4,000,000 ......... 12 41,941,007 2.1 1.7 3.7 $4,000,001 - $5,000,000 ......... 10 45,704,692 2.3 1.9 3.8 $5,000,001 - $6,000,000 ......... 10 55,726,832 2.8 2.4 4.6 $6,000,001 - $7,000,000 ......... 7 46,688,089 2.3 2.1 3.5 $7,000,001 - $8,000,000 ......... 8 60,962,257 3.0 2.8 4.1 $8,000,001 - $9,000,000 ......... 7 60,630,000 3.0 3.7 0.0 $9,000,001 - $10,000,000 ........ 7 66,832,195 3.3 2.9 5.3 $10,000,001 - $15,000,000 ....... 19 235,897,070 11.7 8.8 24.6 $15,000,001 - $20,000,000 ....... 7 122,900,054 6.1 6.4 4.9 $20,000,001 - $25,000,000 ....... 8 181,251,711 9.0 7.2 17.2 $25,000,001 - $30,000,000 ....... 5 134,978,993 6.7 4.9 14.7 $30,000,001 - $35,000,000 ....... 2 64,437,500 3.2 3.9 0.0 $35,000,001 - $40,000,000 ....... 3 112,450,000 5.6 6.8 0.0 $40,000,001 - $45,000,000 ....... 4 170,500,000 8.5 10.3 0.0 $45,000,001 - $50,000,000 ....... 1 50,000,000 2.5 3.0 0.0 $50,000,001 - $55,000,000 ....... 1 50,375,000 2.5 0.0 13.7 $55,000,001 - $60,000,000 ....... 2 113,400,000 5.6 6.9 0.0 $90,000,001 - $100,000,000 ...... 1 100,000,000 5.0 6.1 0.0 $100,000,001 - $145,000,000 ..... 2 282,000,000 14.0 17.1 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: $1,087,000 MAX: $145,000,000 AVERAGE: $16,264,552 --------------------------------------------------------------------------------------------- UNDERWRITTEN DEBT SERVICE COVERAGE RATIO(1) --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 UNDERWRITTEN DSCRS LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 1.00x - 1.04x ................... 3 $ 61,260,000 3.0% 3.7% 0.0% 1.05x - 1.09x ................... 4 68,124,000 3.4 4.1 0.0 1.10x - 1.14x ................... 7 39,712,000 2.0 2.4 0.0 1.15x - 1.19x ................... 30 338,675,899 16.8 16.1 19.9 1.20x - 1.24x ................... 25 333,690,001 16.5 12.4 35.1 1.25x - 1.29x ................... 7 90,552,295 4.5 3.4 9.5 1.30x - 1.34x ................... 17 411,191,951 20.4 22.6 10.4 1.35x - 1.39x ................... 8 209,103,256 10.4 9.4 14.7 1.40x - 1.44x ................... 6 142,842,000 7.1 8.4 1.1 1.45x - 1.49x ................... 9 194,045,726 9.6 9.7 9.3 1.50x - 1.54x ................... 1 21,956,711 1.1 1.3 0.0 1.55x - 1.59x ................... 4 42,737,600 2.1 2.6 0.0 1.60x - 1.64x ................... 1 10,220,070 0.5 0.6 0.0 2.30x - 3.60x ................... 2 52,692,884 2.6 3.2 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 1.00X MAX: 3.60X WTD.AVERAGE: 1.35X ---------------------------------------------------------------------------------------------  MORTGAGE RATE --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MORTGAGE RATES LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 5.482% - 5.500% ................. 1 $ 8,250,000 0.4% 0.5% 0.0% 5.501% - 5.750% ................. 49 913,091,144 45.3 45.6 43.7 5.751% - 6.000% ................. 36 662,484,360 32.8 33.2 31.2 6.001% - 6.250% ................. 18 227,887,422 11.3 10.4 15.5 6.251% - 6.500% ................. 15 158,758,272 7.9 8.1 6.8 6.501% - 6.750% ................. 4 41,333,195 2.0 2.2 1.4 6.751% - 6.871% ................. 1 5,000,000 0.2 0.0 1.4 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 5.482% MAX: 6.871% WTD.AVERAGE: 5.848% --------------------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO(1)(2) --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 CUT-OFF DATE LTV RATIOS LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 35.03% - 40.00% ................. 3 $ 54,969,884 2.7% 3.3% 0.0% 50.01% - 55.00% ................. 3 20,568,433 1.0 1.2 0.0 55.01% - 60.00% ................. 3 34,365,000 1.7 1.2 3.9 60.01% - 65.00% ................. 14 194,232,172 9.6 7.3 20.2 65.01% - 70.00% ................. 19 543,468,238 26.9 31.0 8.9 70.01% - 75.00% ................. 24 474,220,049 23.5 24.6 18.4 75.01% - 80.00% ................. 54 582,530,618 28.9 24.9 46.8 80.01% - 85.00% ................. 3 103,250,000 5.1 5.9 1.7 85.01% - 86.79% ................. 1 9,200,000 0.5 0.6 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 35.0% MAX: 86.8% WTD.AVERAGE: 71.2% --------------------------------------------------------------------------------------------- MATURITY DATE OR ARD LOAN-TO-VALUE RATIO(1)(2) --------------------------------------------------------------------------------------------- % OF CUT-OFF RANGE OF NUMBER OF AGGREGATE DATE % OF % OF MATURITY DATE OR ARD MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 LTV RATIOS LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 31.05% - 40.00% ................. 3 $ 54,969,884 2.7% 3.3% 0.0% 40.01% - 50.00% ................. 3 20,568,433 1.0 1.2 0.0 50.01% - 55.00% ................. 3 29,775,000 1.5 0.9 3.9 55.01% - 60.00% ................. 11 163,122,389 8.1 9.9 0.0 60.01% - 65.00% ................. 22 241,768,736 12.0 9.0 25.3 65.01% - 70.00% ................. 28 563,544,952 27.9 30.3 17.5 70.01% - 75.00% ................. 33 600,805,000 29.8 32.9 15.8 75.01% - 80.00% ................. 18 236,050,000 11.7 6.0 37.5 80.01% - 85.00% ................. 2 97,000,000 4.8 5.9 0.0 85.01% - 86.79% ................. 1 9,200,000 0.5 0.6 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 31.1% MAX: 86.8% WTD.AVERAGE: 68.6% --------------------------------------------------------------------------------------------- (1) For purposes of determining the DSC or LTV ratios for 7 Mortgage Loans, 4001 Brandywine Street, NW, Alvarado Apartments, Greens Crossroads, 321 Ballenger Center Drive, Dorado Heights Apartments, Landmark Apartments and Rite Aid -- Bronx, NY, representing 3.9% of the Cut-Off Date Pool Balance (2.8% of the Cut-Off Loan Group 1 Balance and 9.2% of the Cut-Off Date Loan Group 2 Balance) such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. In the case of certain mortgage loans, rental amounts payable under master leases were included determining net cash flow, which was used to calculate debt service coverage ratios. See "RISK FACTORS -- Risks related to the Underlying Mortgage Loans - Risks relating to Net Cash Flow and Debt Service Coverage Ratios" in the Prospectus Supplement. (2) For purposes of determining the LTV ratios for 8 Mortgage Loans, Irvine EOP San Diego Portfolio, Sheraton Suites -- Alexandria, VA, Arbors at Broadlands, Sheraton Suites -- Wilmington, DE, Sheraton Suites -- Kansas City, MO, Hilton Garden Inn -- College Park, GA, Semoran North Apartments and The Woods of North Bend, (representing 18.8% of the Cut-Off Date Pool Balance, 17.3% of the Cut-Off Date Loan Group 1 Balance and 25.3% of the Cut-Off Date Loan Group 2 Balance), such ratios were calculated using the "as-stabilized" or "as-complete" appraised value. See Annex A-1 to the Prospectus Supplement. * The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 14
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* --------------------------------------------------------------------------------  ORIGINAL TERM TO MATURITY --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF ORIGINAL MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS TO MATURITY (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 60 - 60 ......................... 15 $ 218,495,000 10.8% 6.5% 30.3% 61 - 84 ......................... 2 95,000,000 4.7 5.8 0.0 109 - 120 ....................... 106 1,566,309,393 77.7 79.4 69.7 121 - 126 ....................... 1 137,000,000 6.8 8.3 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 60 MAX: 126 WEIGHTED AVERAGE: 112 ---------------------------------------------------------------------------------------------  ORIGINAL AMORTIZATION TERM --------------------------------------------------------------------------------------------- % OF CUT-OFF RANGE OF NUMBER OF AGGREGATE DATE % OF % OF ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 300 - 300 ....................... 2 $ 11,013,251 0.5% 0.7% 0.0% 349 - 360 ....................... 78 886,202,470 43.9 48.7 22.7 Non-Amortizing .................. 44 1,119,588,672 55.5 50.7 77.3 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN(1): 300 MAX: 360 WEIGHTED AVERAGE(1): 359 --------------------------------------------------------------------------------------------- (1) Excludes the non-amortizing loans.  ORIGINAL INTEREST-ONLY TERM --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TYPE OF IO PERIOD LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- Non-Amortizing .................. 44 $ 1,119,588,672 55.5% 50.7% 77.3% Partial Interest Only ........... 62 747,717,751 37.1 41.4 17.8 Amortizing 1 - 12 ........................ 4 33,400,651 1.7 2.0 0.0 13 - 24 ....................... 7 39,287,000 1.9 2.2 0.9 25 - 36 ....................... 14 117,311,000 5.8 6.4 3.3 37 - 48 ....................... 3 44,570,000 2.2 2.3 2.0 49 - 60 ....................... 30 479,379,100 23.8 26.8 10.0 61 - 72 ....................... 2 19,270,000 1.0 1.2 0.0 73 - 84 ....................... 2 14,500,000 0.7 0.5 1.7 Amortizing - No Partial Interest Only Period ............ 18 149,497,970 7.4 8.0 4.9 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 12 MAX(2): 84 WEIGHTED AVERAGE(2): 52 --------------------------------------------------------------------------------------------- (2) Partial Interest Only period excludes non-amortizing loans that do not benefit from a Partial Interest Only Period.  SEASONING --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 SEASONING (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 0 - 12 ......................... 124 $ 2,016,804,393 100.0% 100.0% 100.0% 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 0 MAX: 7 WEIGHTED AVERAGE: 2 --------------------------------------------------------------------------------------------- * The sum of aggregate percentage calculations may not equal 100% due to rounding.  REMAINING TERM TO MATURITY --------------------------------------------------------------------------------------------- % OF CUT-OFF RANGE OF NUMBER OF AGGREGATE DATE % OF % OF REMAINING TERMS TO MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MATURITY OR ARD (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 57 - 60 ......................... 15 $ 218,495,000 10.8% 6.5% 30.3% 61 - 84 ......................... 2 95,000,000 4.7 5.8 0.0 109 - 120 ....................... 106 1,566,309,393 77.7 79.4 69.7 121 - 122 ....................... 1 137,000,000 6.8 8.3 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN: 57 MAX: 122 WEIGHTED AVERAGE: 110 ---------------------------------------------------------------------------------------------  REMAINING AMORTIZATION TERM --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF RANGE OF REMAINING STATED MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 AMORTIZATION TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- 297 - 300 ....................... 2 $ 11,013,251 0.5% 0.7% 0.0% 349 - 360 ....................... 78 886,202,470 43.9 48.7 22.7 Non-Amortizing .................. 44 1,119,588,672 55.5 50.7 77.3 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- MIN(1): 297 MAX: 360 WEIGHTED AVERAGE(1): 359 ---------------------------------------------------------------------------------------------  PREPAYMENT PROVISION SUMMARY --------------------------------------------------------------------------------------------- % OF CUT-OFF NUMBER OF AGGREGATE DATE % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE BALANCE --------------------------------------------------------------------------------------------- Lockout/Defeasance/Open ......... 92 $ 1,362,662,009 67.6% 67.4% 68.5% Lockout/Yield Maintenance/Open .............. 22 284,122,384 14.1 14.3 13.1 Lockout/Defeasance or Yield Maintenance/Open .............. 3 213,700,000 10.6 13.0 0.0 Yield Maintenance/Open .......... 5 99,520,000 4.9 1.9 18.4 Yield Maintenance/ Defeasance/Open ............... 1 50,000,000 2.5 3.0 0.0 Lockout/Defeasance/ Prepayment Premium/Open .................. 1 6,800,000 0.3 0.4 0.0 --------------------------------------------------------------------------------------------- 124 $ 2,016,804,393 100.0% 100.0% 100.0% --------------------------------------------------------------------------------------------- SHADOW RATED LOANS(3) --------------------------------------------------------------------------------------------- CUT-OFF % OF DATE INITIAL % OF LOAN POOL GROUP 1 LOAN NAME BALANCE BALANCE BALANCE FITCH S&P --------------------------------------------------------------------------------------------- Tradewinds Hospitality Portfolio ......... $50,000,000 2.5% 3.0% BBB- BBB- Cherry Hill Theatres ............ 11,000,000 0.5 0.7 NR AA- The Dahlmann Campus Inn 2,692,884 0.1 0.2 BBB A- --------------------------------------------------------------------------------------------- $63,692,884 3.2% 3.9% --------------------------------------------------------------------------------------------- (3) Fitch and S&P have confirmed that the Mortgage Loans detailed in this table have, in the context of their inclusion in the mortgage pool, credit characteristics consistent with an investment grade obligation. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 15
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT--OFF DATE --------------------------------------------------------------------------------  FIFTEEN LARGEST MORTGAGE LOANS -------------------------------------------------------------------------------- The following table and summaries describe the fifteen largest Mortgage Loans or pools of Mortgage Loans in the Mortgage Pool by Cut-Off Date Balance: FIFTEEN LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE NUMBER OF % OF % OF MORTGAGE CUT-OFF CUT-OFF MORTGAGE LOANS / DATE DATE LOAN MORTGAGED LOAN CUT-OFF DATE POOL GROUP LOAN NAME SELLER PROPERTIES GROUP BALANCE BALANCE BALANCE -------------------------------- -------- ---------- ----- ------------ ------- ------- Charles River Plaza North(2) ... CGMRC 1/1 1 $145,000,000 7.2% 8.8% Irvine EOP San Diego Portfolio(3) ................. Wachovia 1/7 1 137,000,000 6.8 8.3% 2 Rector Street ................ Wachovia 1/1 1 100,000,000 5.0 6.1% 90 John Street ................. Wachovia 1/1 1 57,000,000 2.8 3.5% Sheraton Suites - Alexandria, VA ........................... Wachovia 1/1 1 56,400,000 2.8 3.4% Arbors at Broadlands ........... Wachovia 1/1 2 50,375,000 2.5 13.7% Tradewinds Hospitality Portfolio .................... CWCapital 1/3 1 50,000,000 2.5 3.0% Express Scripts Office Property ..................... Wachovia 1/1 1 45,000,000 2.2 2.7% Falcon Ridge Town Center Phase I ...................... Wachovia 1/1 1 43,500,000 2.2 2.6% 3660 Wilshire Boulevard ........ Wachovia 1/1 1 41,000,000 2.0 2.5% ----- ------------ ---- 10/18 $725,275,000 36.0% ===== ============ ==== Zale Corporation Headquarters Building ..................... Wachovia 1/1 1 $ 41,000,000 2.0% 2.5% Walgreens Portfolio ............ Wachovia 1/11 1 40,000,000 2.0 2.4% Sheraton Suites - Wilmington, DE ........................... Wachovia 1/1 1 36,450,000 1.8 2.2% Alameda Media Center ........... CGMRC 1/1 1 36,000,000 1.8 2.2% Vista Village Phase I .......... Wachovia 1/1 1 33,200,000 1.6 2.0% ----- ------------ ---- 5/15 $186,650,000 9.3% ===== ============ ==== 15/33 $911,925,000 45.2% ===== ============ ==== WEIGHTED CUT-OFF DATE WEIGHTED AVERAGE WEIGHTED BALANCE WEIGHTED AVERAGE LTV RATIO AVERAGE PER SF/UNIT/ AVERAGE CUT-OFF DATE AT MATURITY MORTGAGE LOAN NAME PROPERTY TYPE ROOM DSCR LTV RATIO(1) OR ARD(1) RATE -------------------------------- -------------------------- ------------ -------- ------------ ----------- -------- Charles River Plaza North(2) ... Office--Medical Office/Lab $ 818 1.33x 73.0% 73.0% 5.606% Irvine EOP San Diego Portfolio(3) ................. Office--Suburban $ 360 1.37x 69.7% 69.7% 5.775% 2 Rector Street ................ Office--CBD $ 240 1.19x 69.4% 69.4% 6.120% 90 John Street ................. Office--CBD $ 307 1.32x 81.4% 81.4% 5.735% Sheraton Suites - Alexandria, VA ........................... Hospitality--Full Service $228,340 1.42x 71.8% 67.1% 5.950% Arbors at Broadlands ........... Multifamily--Conventional $209,896 1.20x 78.2% 78.2% 5.640% Tradewinds Hospitality Portfolio .................... Hospitality--Full Service $ 62,814 3.60x 38.9% 38.9% 5.728% Express Scripts Office Property ..................... Office--Suburban $ 143 1.49x 71.9% 70.1% 5.660% Falcon Ridge Town Center Phase I ...................... Retail--Anchored $ 187 1.45x 68.4% 68.4% 5.680% 3660 Wilshire Boulevard ........ Office--Suburban $ 153 1.05x 77.4% 72.3% 5.980% 1.47X 70.4% 69.6% 5.785% Zale Corporation Headquarters Building ..................... Office--Suburban $ 114 1.00x 75.9% 71.0% 5.940% Walgreens Portfolio ............ Retail--Single Tenant $ 243 1.29x 80.6% 80.6% 5.610% Sheraton Suites - Wilmington, DE ........................... Hospitality--Full Service $163,453 1.43x 67.0% 62.6% 5.950% Alameda Media Center ........... Office--Suburban $ 338 1.42x 70.6% 70.6% 5.660% Vista Village Phase I .......... Retail--Anchored $ 257 1.47x 65.4% 65.4% 5.710% 1.31X 72.3% 70.3% 5.776% 1.44X 70.8% 69.8% 5.784% __________ (1) For purposes of determining the LTV ratios in the chart above for 4 Mortgage Loans, Irvine EOP San Diego Portfolio, Sheraton Suites -- Alexandria, VA, Arbors at Broadlands and Sheraton Suites -- Wilmington, DE, (representing 13.9% of the Cut-Off Date Pool Balance, 13.9% of the Cut-Off Date Loan Group 1 Balance and 13.7% of the Cut-Off Date Loan Group 2 Balance), such rations were calculated using the "as-stabilized" or "as-complete" appraised value. See Annex A-1 to the Prospectus Supplement. (2) The Charles River Plaza North Loan is part of a split loan structure that includes one pari passu companion loan and a subordinate companion loan that are not included in the Trust Fund. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios, DSC ratio and Loan Balance per square foot/room/unit are based upon the aggregate indebtedness of, or debt service on, such Mortgage Loan and the related pari passu companion loan, but not the subordinate companion loan. (3) One Mortgaged Property in the portfolio, Donovan's Steak House, is classified as retail. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 16
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- [3 PHOTOS OF CHARLES RIVER PLAZA NORTH OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 17
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- [MAP OF CHARLES RIVER PLAZA NORTH OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 18
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER CGM CUT-OFF DATE BALANCE $145,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 7.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Jonathan G. Davis and Paul R. Marcus TYPE OF SECURITY Fee MORTGAGE RATE 5.606% ANTICIPATED REPAYMENT DATE(1) July 6, 2017 MATURITY DATE(1) July 6, 2037 AMORTIZATION TYPE Interest Only, ARD INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION(1) 120 / IO REMAINING TERM / AMORTIZATION(1) 119 / IO LOCKBOX In Place Hard, Springing Cash Management UP-FRONT RESERVES TAX/INSURANCE No / No TI/LC(2) $631,094 CITY LAND PAYMENT RESERVE(3) $3,754,604 ONGOING ANNUAL RESERVES(4) TAX/INSURANCE Springing REPLACEMENT Springing TI/LC Springing ADDITIONAL FINANCING(5) Pari Passu Debt $145,000,000 B-Note $20,000,000 CHARLES RIVER CHARLES RIVER PLAZA NORTH PLAZA NORTH PARI PASSU LOAN LOANS(5) COMBINATION(5) ------------- -------------- CUT-OFF DATE BALANCE $290,000,000 $310,000,000 CUT-OFF DATE BALANCE/SF $818 $874 CUT-OFF DATE LTV 73.0% 78.0% MATURITY DATE LTV 73.0% 78.0% UW DSCR ON NCF 1.33x 1.25x -------------------------------------------------------------------------------- (1) The Charles River Plaza North Loan is an ARD Loan having an Anticipated Repayment Date of July 6, 2017 as detailed further within "The Loan" paragraph found at the end of this Charles River Plaza North Loan section. The original and remaining terms are based on the Anticipated Repayment Date. (2) At closing, the borrower deposited an up-front TI/LC reserve in the amount of $631,094 for the remaining tenant work allowance required to be paid to Massachusetts General Hospital under its lease. (3) At closing, the borrower deposited $3,754,604 to cover the principal amount of unpaid land development payments to the Boston Redevelopment Authority and the borrower may request disbursements from such reserve to make such land development payments due to the Boston Redevelopment Authority. During the first sixty (60) days of the term of the loan, the borrower has the right to substitute a letter of credit in the amount of $4,292,585 for the cash reserve. The letter of credit (if applicable) shall be reduced semi-annually upon receipt of evidence of payment. The reserve or letter of credit will be fully released in the event the Boston Redevelopment Authority releases the borrower from further obligation to make land development payments. (4) The borrower is obligated to make monthly deposits into the Tax/Insurance Reserve, TI/LC Reserve and Replacement Reserve during the existence of certain trigger conditions, including (i) an event of default under the loan documents and (ii) a material default by Massachusetts General Hospital under its lease beyond applicable notice and cure periods. (5) The total original financing amount of the Charles River Plaza North Property was $310,000,000 (collectively, the "Charles River Plaza North Loan Combination") evidenced by two senior pari passu notes totaling $290,000,000 (the "Charles River Plaza North Pari Passu Companion Loans") and a $20,000,000 junior companion note (the "Charles River Plaza North Junior Companion Loan"). One senior pari passu note totaling $145,000,000 (the "Charles River Plaza North Loan") is included in the trust fund. The remaining $145,000,000 pari passu note (the "Charles River Plaza North Pari Passu Companion Loan") and the $20,000,000 Charles River Plaza North Junior Companion Loan are not included in the trust fund. -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Boston, MA PROPERTY TYPE Office -- Medical Office/Lab SIZE (SF) 354,594 OCCUPANCY AS OF MAY 18, 2007 100.0% YEAR BUILT / YEAR RENOVATED 2005 / N/A APPRAISED VALUE $397,300,000 PROPERTY MANAGEMENT Davis Marcus Management, Inc. UW ECONOMIC OCCUPANCY 100.0% UW REVENUES $26,513,701 UW TOTAL EXPENSES $4,464,449 UW NET OPERATING INCOME (NOI) $22,049,252 UW NET CASH FLOW (NCF) $21,978,334 -------------------------------------------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 19
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY ------------------------------------------------------------------------------------------------------------------------ % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL BASE ANNUAL LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF RENT BASE RENT EXPIRATION ------------------------------------------------------------------------------------------------------------------------ MAJOR TENANT Massachusetts General Hospital ............. AA/Aa2/AA 354,594 100.0% $ 57.32 $20,325,994 100.0% May 2029 ------- ----- ----------- ----- PROPERTY TOTAL ......... 354,594 100.0% $ 57.32 $20,325,994 100.0% ======= ===== =========== ===== ------------------------------------------------------------------------------------------------------------------------ * Certain ratings are those of Partners HealthCare System, Inc., which guarantees the lease. --------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE --------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % OF % OF BASE RENT CUMULATIVE % OF YEAR EXPIRING EXPIRING EXPIRING SF EXPIRING* SF EXPIRING* EXPIRING* BASE RENT EXPIRING* --------------------------------------------------------------------------------------------------------------------------- 2029 1 $57.32 354,594 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% --------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 20
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Charles River Plaza North Loan") is secured by a first mortgage encumbering an office building located in Boston, Massachusetts. The Charles River Plaza North Loan represents approximately 7.2% of the Cut-Off Date Pool Balance. The Charles River Plaza North Loan was originated on July 2, 2007 and has a principal balance as of the Cut-Off Date of $145,000,000. The Charles River Plaza North Loan, which is evidenced by a pari passu note, is a portion of a loan combination with an original aggregate principal balance of $310,000,000. The other loans related to the Charles River Plaza North Loan are evidenced by multiple separate notes (the "Charles River Plaza North Pari Passu Companion Loan" and the "Charles River Plaza North Junior Companion Loan" with original principal balances of $145,000,000 and $20,000,000, respectively and, together with the Charles River Plaza North Loan, the "Charles River Plaza North Loan Combination"). The Charles River Plaza North Pari Passu Companion Loan and the Charles River Plaza North Junior Companion Loan will not be assets in the Trust Fund. The Charles River Plaza North Loan, the Charles River Plaza North Pari Passu Companion Loan and the Charles River Plaza North Junior Companion Loan are governed by a co-lender agreement and will be serviced pursuant to the Pooling and Servicing Agreement as described under "SERVICING UNDER THE POOLING AND SERVICING AGREEMENT-Servicing of the Non-Serviced Loan Combinations-Charles River Plaza North" in the Prospectus Supplement. Prior to the Anticipated Repayment Date (defined below), the Charles River Plaza North Loan provides for interest-only payments. The Charles River Plaza North Loan has a remaining term of 119 months, based on an anticipated repayment date of July 6, 2017 (the "Anticipated Repayment Date") and a scheduled maturity date of July 6, 2037 ("Scheduled Maturity Date"); provided, however, that the lender may at its option (the "ARD Option") elect, by written notice to borrower at least sixty (60) days prior to the Anticipated Repayment Date, that the Charles River Plaza North Loan Combination will mature on the Anticipated Repayment Date. If the lender does not exercise the ARD Option, then commencing on the Anticipated Repayment Date: (A) the initial interest rate will be increased to an interest rate per annum equal to the greater of (i) the initial interest rate plus two percent (2%), or (ii) a rate calculated under the loan documents based on the then-current ten-year U.S. treasury yield plus three percent (3%) ("Revised Interest Rate"), provided that the borrower shall continue making monthly payments of interest at the initial interest rate and from and after the Anticipated Repayment Date the ARD Spread Interest (defined below) shall accrue and be deferred, and, to the extent permitted by applicable law, shall earn interest at the applicable interest rate, compounding monthly on each payment date after such ARD Spread Interest first accrues (the aggregate amount of all such ARD Spread Interest and any interest accruing thereon is referred to as "Accrued Additional Interest") and (B) Borrower shall pay to Lender in addition to the ordinary monthly interest payment, all remaining available cash (after payment of operating expenses and reserve deposits due under the Charles River Plaza North Loan Combination) on each payment date to be applied 1) first to reduce the principal balance of the Chares River Plaza North Loan, the Charles River Plaza North Pari Passu Companion Loan and the Charles River Plaza North Junior Companion Loan on a pari passu basis in accordance with their respective principal balances and 2) second to Accrued Additional Interest on each of the foregoing loans on a pari passu basis in accordance with their respective Accrued Additional Interest amounts. "ARD Spread Interest" means that portion of interest accruing on the Charles River Plaza North Loan from and after the Anticipated Repayment Date equal to the excess of interest accruing on the Charles River Plaza North Loan at the Revised Interest Rate over interest accruing on the Charles River Plaza North Loan at the initial interest rate. The Charles River Plaza North Loan may be prepaid on or after April 6, 2017. The Charles River Plaza North Loan permits defeasance with United States government securities beginning after the earlier of July 6, 2010 or two years after the "start up day" (within the meaning of Section 860G(a)(9) of the Internal Revenue Code) of the REMIC trust established in connection with the final securitization involving the Charles River North Loan Combination (the "Charles River Plaza North Release Date"). o THE BORROWER. The borrower is DMP CR Plaza, LLC, a special purpose bankruptcy remote entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Charles River Plaza North Loan. The sponsors of the loan are Jonathan G. Davis and Paul R. Marcus. Mr. Davis is the founder and CEO of The Davis Marcus Company, an affiliate of The Davis Companies. Mr. Marcus is President and Co-Owner of The Davis Marcus Company. Founded in 1976, The Davis Companies is one of the largest privately held real estate investment, development and management firms in New England. The company has had acquisitions and developments of over $1 billion of real estate. Affiliates of The Davis Companies have developed and/or owned nearly eight million square feet of commercial, industrial and residential properties in Massachusetts, Connecticut, New Hampshire, Pennsylvania, New York and Texas. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 21
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- o THE PROPERTY. The Mortgaged Property consists of an approximately 354,594 square foot medical office and laboratory space building situated on approximately 3.4 acres. The Charles River Plaza center was developed in the late 1960's and the Mortgaged Property was constructed in 2005. The Mortgaged Property is located in Boston, Massachusetts, approximately one block from the Mass General main campus. As of May 18, 2007, the occupancy rate for the Mortgaged Property securing the Charles River Plaza North Loan was approximately 100.0%. The Mortgaged Property is one of the two condominium units comprising the condominium project known as The Charles River Plaza Primary Condominium (the "Condominium") and includes an undivided percentage interest of approximately 57% (subject to adjustment from time to time pursuant to the condominium documents) in the common areas of the Condominium. The overall Condominium consists of an underground parking garage with additional surface parking areas and three main buildings. At the time of origination of the Charles River Plaza North Loan Combination, Mass General acquired the other condominium unit comprising the Condominium. The entire property is leased to The General Hospital Corporation, a Massachusetts non-for-profit-corporation d/b/a Massachusetts General Hospital ("Mass General"). Mass General is one of the oldest and largest teaching hospitals of Harvard Medical School. Annual inpatients total approximately 45,000. Outpatient visits total approximately 1,500,000. Mass General has approximately 19,500 employees. Mass General uses the Mortgaged Property for the Center for Integrative and Computational Biology, the Center for Regenerative Medicine and Technology, the Center for Human Genetics and the Center for Physiologic Genomics. Mass General utilizes a total of approximately 1,000,000 square feet of research/laboratory space of which the Mortgaged Property represents approximately a third of such space. The laboratory space is occupied by researchers from Harvard University. In March 1994, Mass General and Brigham and Women's Hospital founded Partners HealthCare System, Inc., a Massachusetts corporation ("Partners"), an affiliation established to create an integrated health care delivery system providing cost-effective care while maintaining the hospital's historic dedication to teaching and research. Partners' physician network currently includes more than 1,000 primary care physicians and approximately 3,500 specialists. In addition to the founding institutions, Partners also includes the North Shore Medical Center, Newton-Wellesley Hospital and Faulkner Hospital. Partners is the guarantor of the Mass General lease at the Mortgaged Property. As of July 12, 2007, Partners was rated "AA" (Fitch) "Aa2" (Moody's) and "AA" (S&P). o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a lender controlled lockbox account and are to be swept daily into a cash collateral deposit account under the control of the lender ("Deposit Account"). So long as no Charles River Plaza North Trigger Event (defined below) exists and the Anticipated Repayment Date has not occurred, funds in the Deposit Account shall be applied to monthly debt service payments due on the Charles River Plaza North Loan Combination and to fund any reserves which may be required under the Charles River Plaza North Loan at such time, and following such application the remaining available cash will be transferred to the Charles River Plaza North Borrower's operating account. Following the occurrence and continuance of a Charles River Plaza North Trigger Event, any funds remaining in the Deposit Account following application for monthly debt service payments, deposits to reserves then required under the Charles River Plaza North Loan and operating expense disbursements will be held by the lender in a supplemental debt service reserve sub-account. Upon the cure of the Charles River Plaza North Trigger Event, any remaining available cash will again be swept daily from the Deposit Account to the Charles River Plaza North Borrower's operating account. A "Charles River Plaza North Trigger Event" means the occurrence of (i) an event of default under the Charles River Plaza North Loan or (ii) the date on which Partners' credit rating is downgraded below an S&P rating of "A" (or an equivalent credit rating from an alternative credit rating agency, if applicable) or there is a termination or reduction in rent payments under the Mass General lease or (3) if a Charles River Plaza North Trigger Event shall have been cured pursuant to a Replacement Cash Trap Cure, upon the occurrence of a Replacement Cash Trap Condition. So long as no Event of Default exists, (1) a Charles River Plaza North Trigger Event resulting from a downgrade of Partners' credit rating shall be deemed cured (a) if Partners achieves an upgrade in its credit rating to "A" or higher from S&P (or an equivalent credit rating from an alternative credit rating agency, as applicable) and maintains such upgrade for two consecutive calendar quarters after the occurrence of the Charles River Plaza North Trigger Event, or (b) if the Replacement Cash Trap Cure (defined below) occurs; (2) a Charles River Plaza North Trigger Event resulting from a termination or rent reduction under the Mass General lease shall be deemed cured if a Replacement Cash Trap Cure occurs, and (3) if a Replacement Cash Trap Cure occurs, and a Replacement Cash Trap Condition is then commenced, such Replacement Cash Trap Condition shall be deemed cured if a Replacement Cash Trap Cure occurs with respect thereto (each a "Cash Trap Cure"). A "Replacement Cash Trap Cure" would occur if (I) the borrower enters into one or more replacement lease(s) approved by the lender and the tenant(s) This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 22
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- CHARLES RIVER PLAZA NORTH -------------------------------------------------------------------------------- thereunder take occupancy, commence rental payments and all leasing commissions and tenant improvement allowances and other leasing costs and tenant inducements under such Leases are paid, and (II) the stabilized underwritten net cash flow of the Mortgaged Property, determined by the lender in its sole discretion on the basis of the annualized rentals under such replacement Leases is sufficient to establish a debt service coverage ratio of 1.20:1.00, and (III) the lender receives, if the lender elects to require it, a rating confirmation with respect to the termination of the Charles River Plaza North Trigger Event and allowance of a Replacement Cash Trap Cure. A "Replacement Cash Trap Condition" means that if a Replacement Cash Trap Cure occurs and the lender later determines that the Mortgaged Property is no longer achieving an underwritten DSCR at least equal to the 1.20:1.00, the lender may declare that a Charles River Plaza North Trigger Event again exists, and such event shall continue thereafter unless and until a Replacement Cash Trap Cure again occurs. o MANAGEMENT. Davis Marcus Management, Inc., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Charles River Plaza North Loan. o PURCHASE OPTION. Mass General has a purchase option with respect to the Mortgaged Property which it may exercise if (i) a major casualty or condemnation occurs at the property and the landlord does not restore the property in accordance with the Mass General lease or (ii) a material portion of the Mass General leased premises is rendered untenantable as a result of the landlord's negligence or misconduct or landlord's failure to fulfill its obligations under the Mass General lease and the landlord does not cure the applicable conditions in accordance with the Mass General lease. Notwithstanding the foregoing, Mass General has no right to exercise its purchase option unless (i) Mass General assumes the Charles River Plaza North Loan Combination in accordance with the Charles River Plaza North Loan documents, (ii) if exercised without a loan assumption after the Charles River Plaza North Release Date and prior to April 6, 2017, the Charles River Plaza North Loan Combination is defeased in accordance with the Charles River Plaza North Loan documents or (iii) if exercised without a loan assumption prior to or on the Charles River Plaza North Release Date or on or after April 6, 2017, the Charles River Plaza North Loan Combination is paid in full in accordance with the prepayment provisions of the Charles River Plaza North Loan documents (including, if such prepayment occurs on or prior to the Charles River Plaza North Release Date, payment of prepayment consideration, calculated under the loan documents as the greater of (i) 2% of the loan amount and (ii) a treasury-based yield maintenance amount). This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 23
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 24
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- [6 PHOTOS OF IRVINE EOP SAN DIEGO PORTFOLIO OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 25
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- [MAP OF IRVINE EOP SAN DIEGO PORTFOLIO OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 26
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $137,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 6.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR The Irvine Company LLC TYPE OF SECURITY Fee PARTIAL RELEASE(1) Yes MORTGAGE RATE 5.775% MATURITY DATE October 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 126 ORIGINAL TERM / AMORTIZATION 126 / IO REMAINING TERM / AMORTIZATION 122 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC(2) $ 3,960,433 DEBT SERVICE(3) $ 1,854,551 CAPEX(2) $ 900,498 ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(4) Springing ADDITIONAL FINANCING(5) B-Note $ 20,000,000 WHOLE MORTGAGE TRUST ASSET LOAN ------------ -------------- CUT-OFF DATE BALANCE $137,000,000 $157,000,000 CUT-OFF DATE BALANCE/SF $360 $412 CUT-OFF DATE LTV 69.7% 79.9% MATURITY DATE LTV 69.7% 79.9% UW DSCR ON NCF(6) 1.37x 1.20x -------------------------------------------------------------------------------- (1) The Irvine EOP San Diego Portfolio Loan allows for partial release subject to certain conditions including, but not limited to: (i) a release price of 110% of the outstanding principal balance, (ii) maintenance of a debt service coverage ratio of no less than 1.20x immediately following the release and (iii) certain other conditions as specified in the related Mortgage Loan documents. (2) The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. Funds in the reserve (up to $180,100 for the CapEx reserve) may be used to pay operating expenses and debt service shortfalls after the debt service reserve has been exhausted. The letter of credit or guaranty may be released upon the achievement of a debt service coverage ratio of at least 1.20x for the trailing 6 months annualized. (3) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amounts held in the debt service reserve will be released as needed to cover the debt service shortfall. The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. The letter of credit or guaranty may be released upon the achievement of a debt service coverage ratio of at least 1.05x for the trailing 6 months annualized. (4) Ongoing annual replacement reserves of $57,144 will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (5) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.10x, (ii) the aggregate loan-to-value ratio shall not exceed 90.0%, (iii) rating agency consent, and (iv) certain other conditions as specified in the related Mortgage Loan documents. -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 7 LOCATION San Diego, CA PROPERTY TYPE(7) Office -- Suburban SIZE (SF) 380,954 OCCUPANCY AS OF JULY 5, 2007 89.9% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE $196,450,000 PROPERTY MANAGEMENT The Irvine Company UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $16,544,524 UW TOTAL EXPENSES $ 5,615,542 UW NET OPERATING INCOME (NOI) $10,928,982 UW NET CASH FLOW (NCF)(6) $10,853,578 -------------------------------------------------------------------------------- (6) The UW NCF was derived based on certain assumptions, including the leases expiring during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such rental rates are not executed, then the property NCF will be negatively affected. The "as-is" debt service coverage ratio for the Trust Asset is 0.98x and the Whole Mortgage Loan is 0.85x. (7) One Mortgaged Property in the portfolio, Donovan's Steak House, is classified as retail. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 27
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- PORTFOLIO SUMMARY -------------------------------------------------------------------------------------- ALLOCATED CUT-OFF NET DATE YEAR BUILT / RENTABLE PROPERTY NAME LOCATION BALANCE RENOVATED AREA (SF) -------------------------------------------------------------------------------------- Nobel Corporate Plaza San Diego, CA $ 35,777,070 1984/NA 103,200 Torrey View Corporate Center San Diego, CA 30,410,510 2001/NA 71,788 Park Plaza Office Building San Diego, CA 22,338,854 1982/NA 71,758 Genesee Bank Building San Diego, CA 17,277,707 1985/NA 47,190 La Jolla Village Building San Diego, CA 15,707,006 1985/NA 43,207 Bank of America Building San Diego, CA 12,652,866 1989/NA 34,811 Donovan's Steak House San Diego, CA 2,835,987 1984/NA 9,000 ------------ ------- TOTAL/AVERAGE $137,000,000 380,954 -------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- ALLOCATED CUT-OFF DATE UNDERWRITTEN APPRAISED BALANCE UW NET CASH APPRAISED VALUE PROPERTY NAME PER SF OCCUPANCY OCCUPANCY FLOW VALUE PER SF --------------------------------------------------------------------------------------------------------- Nobel Corporate Plaza $347 69.6% 95.0% $ 2,766,748 $ 51,100,000 $495 Torrey View Corporate Center $424 100.0% 95.0% 2,341,524 42,350,000 $590 Park Plaza Office Building $311 90.2% 95.0% 1,833,190 36,000,000 $502 Genesee Bank Building $366 100.0% 95.0% 1,405,337 23,700,000 $502 La Jolla Village Building $364 100.0% 95.0% 1,312,699 21,700,000 $502 Bank of America Building $363 100.0% 95.0% 987,324 18,000,000 $517 Donovan's Steak House $315 100.0% 95.0% 206,756 3,600,000 $400 ----------- ------------ TOTAL/AVERAGE $360 89.9% 95.0% $10,853,578 $196,450,000 $516 --------------------------------------------------------------------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 28
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------- PORTFOLIO TENANT SUMMARY ----------------------------------------------------------------------------------------- PROPERTY RATINGS(1) NET RENTABLE TENANT NAME FITCH/MOODY'S/S&P AREA (SF) -----------------------------------------------------------------------------------------  MAJOR TENANTS Santarus ......................... Torrey View NR/NR/NR 24,090 Corporate Center California Bank and Trust ........ La Jolla Village A-/A2/BBB+ 24,050 Building SOLA ............................. Torrey View NR/NR/NR 23,924 Corporate Center Adobe Systems .................... Torrey View NR/NR/NR 23,774 Corporate Center First American Trust(2) .......... Bank of America BBB+/Baa2/BBB+ 10,704 Building CIGNA Healthcare of Nobel Corporate BBB+/Baa2/BBB+ 10,484 California ...................... Plaza US Bank .......................... Genesee Bank AA-/Aa2/AA 10,476 Building Wollan Donald (Donovan's Donovan's Steak NR/NR/NR 9,000 Steak & Chop House) ............. House Bank of America .................. Bank of America AA/Aa1/AA 8,799 Building MHT Cal .......................... Nobel Corporate NR/NR/NR 8,788 Plaza Aviatech ......................... Park Plaza NR/NR/NR 8,264 Office Building Washington Mutual ................ Genesee Bank A/A2/A- 7,927 Building Bowne of Los Angeles ............. Bank of America NR/B2/B+ 7,700 Building Strazzeri Mancini ................ Nobel Corporate NR/NR/NR 7,477 Plaza Michael P. Fake .................. Nobel Corporate NR/NR/NR 6,809 ------- Plaza TOTAL MAJOR TENANTS .............. 192,266 NON-MAJOR TENANTS ................. 150,326 ------- OCCUPIED TOTAL .................... 342,592 VACANT SPACE ...................... 38,362 ------- PROPERTY TOTAL .................... 380,954 ======= ----------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RENTABLE BASE RENT ANNUAL BASE ANNUAL BASE LEASE TENANT AREA PSF RENT RENT EXPIRATION ----------------------------------------------------------------------------------------------------------  MAJOR TENANTS Santarus ......................... 6.3% $ 35.11 $ 845,740 7.8% March 2008 California Bank and Trust ........ 6.3 $ 30.60 735,930 6.8 July 2010 SOLA ............................. 6.3 $ 37.92 907,152 8.4 November 2008 Adobe Systems .................... 6.2 $ 35.11 834,705 7.7 March 2008 First American Trust(2) .......... 2.8 $ 33.00 353,232 3.3 November 2012 CIGNA Healthcare of 2.8 $ 35.80 375,327 3.5 November 2007 California ...................... US Bank .......................... 2.7 $ 27.36 286,675 2.6 January 2009 Wollan Donald (Donovan's 2.4 $ 15.56 140,000 1.3 February 2015 Steak & Chop House) ............. Bank of America .................. 2.3 $ 33.00 290,367 2.7 December 2007 MHT Cal .......................... 2.3 $ 32.75 287,807 2.7 May 2013 Aviatech ......................... 2.2 $ 26.74 220,979 2.0 January 2010 Washington Mutual ................ 2.1 $ 32.16 254,932 2.4 November 2010 Bowne of Los Angeles ............. 2.0 $ 36.00 277,200 2.6 March 2012 Strazzeri Mancini ................ 2.0 $ 31.27 233,806 2.2 February 2011 Michael P. Fake .................. 1.8 $ 31.80 216,526 2.0 January 2009 ----- ----------- ----- TOTAL MAJOR TENANTS .............. 50.5% $ 32.56 $ 6,260,380 57.8% NON-MAJOR TENANTS ................. 39.5 $ 30.41 4,572,083 42.2 ----- ----------- ----- OCCUPIED TOTAL .................... 89.9% $ 31.62 $10,832,463 100.0% =========== ===== VACANT SPACE ...................... 10.1 ----- PROPERTY TOTAL .................... 100.0% ===== ---------------------------------------------------------------------------------------------------------- (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) The First American Trust space is subleased to First American Title. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 29
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- PORTFOLIO LEASE EXPIRATION SCHEDULE ------------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE TOTAL SF % OF TOTAL CUMULATIVE % OF % OF BASE CUMULATIVE % OF YEAR EXPIRING RENT/SF EXPIRING EXPIRING SF EXPIRING* SF EXPIRING* RENT EXPIRING* BASE RENT EXPIRING* ------------------------------------------------------------------------------------------------------------------------------- 2007 10 $ 33.91 35,634 9.4% 9.4% 11.2% 11.2% 2008 11 $ 33.83 104,056 27.3% 36.7% 32.5% 43.7% 2009 17 $ 29.57 66,329 17.4% 54.1% 18.1% 61.8% 2010 8 $ 29.84 57,150 15.0% 69.1% 15.7% 77.5% 2011 8 $ 31.11 30,675 8.1% 77.1% 8.8% 86.3% 2012 3 $ 34.75 23,583 6.2% 83.3% 7.6% 93.9% 2013 1 $ 32.75 8,788 2.3% 85.6% 2.7% 96.5% 2014 1 $ 33.68 3,844 1.0% 86.6% 1.2% 97.7% 2015 2 $ 19.60 12,533 3.3% 89.9% 2.3% 100.0% 2016 0 $ 0.00 0 0.0% 89.9% 0.0% 100.0% 2017 0 $ 0.00 0 0.0% 89.9% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 89.9% 0.0% 100.0% Vacant 0 NA 38,362 10.1% 100.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 30
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- IRVINE EOP SAN DIEGO PORTFOLIO -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Irvine EOP San Diego Portfolio Loan") is secured by deeds of trust encumbering the borrower's fee interest in six suburban office properties and one retail property located in San Diego, California. The Irvine EOP San Diego Portfolio represents approximately 6.8% of the Cut-Off Date Portfolio Balance. The Irvine EOP San Diego Portfolio Loan was originated on March 29, 2007 and has a principal balance as of the Cut-Off Date of $137,000,000. The Irvine EOP San Diego Portfolio Loan is a portion of a whole loan with an original principal balance of $157,000,000. The other loan related to the Irvine EOP San Diego Portfolio Loan is evidenced by a separate subordinate note, dated March 29, 2007 (the "Irvine EOP San Diego Portfolio Subordinate Companion Loan" with an original principal balance of $20,000,000 and, together with the Irvine EOP San Diego Portfolio Loan, comprise the "Irvine EOP San Diego Portfolio Whole Loan"). The Irvine EOP San Diego Portfolio Subordinate Companion Loan will not be an asset of the Trust Fund. The Irvine EOP San Diego Portfolio Loan and the Irvine EOP San Diego Portfolio Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL -- Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The Irvine EOP San Diego Portfolio Loan provides for interest-only payments for the entire loan term. The Irvine EOP San Diego Portfolio Loan has a remaining term of 122 months and matures on October 11, 2017. The Irvine EOP San Diego Portfolio Loan may be prepaid on or after April 11, 2009 and through and including March 11, 2017 with payment of the greater of yield maintenance or 1.0% of the prepaid amount and permits, with no penalty thereafter, defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower is UTC Properties LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Irvine EOP San Diego Portfolio Loan. The sponsor of the borrower is The Irvine Company, a 140-year old privately held real estate investment company known for the planning and creation of communities on the Irvine Ranch in Orange County, California. The company owns office, apartment and retail properties on the Irvine Ranch as well as properties in Silicon Valley, West Los Angeles and North San Diego, California. The Irvine Company maintains a portfolio of approximately 400 office buildings, 39 retail centers, 80 apartment communities, 12 hotels, 5 marinas and 3 golf clubs, along with approximately 44,000 acres of undeveloped land from the original tract. The company has been recognized for its planning, design, architecture and landscaping relating to its developments in Irvine, California and parts of the neighboring cities of Newport Beach, Tustin, Laguna Beach and Orange County, California. o THE PROPERTIES. The Mortgaged Properties consist of 6 suburban office buildings and one retail property, Donovan's Steak House, located in San Diego, California. As of July 5, 2007, the occupancy rate for the Mortgaged Properties securing the Irvine EOP San Diego Portfolio Loan was approximately 89.9%. o RELEASES. The release of an individual Mortgage Property will be permitted subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to, a release price of 110% of the outstanding principal balance and maintenance of a debt service coverage ratio of no less than 1.20x immediately following the release. o SUBSTITUTION. The borrowers may substitute properties of like kind and quality subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to (i) no event of default exists under the related Mortgage Loan documents, (ii) the debt service coverage ratio of the substitute property exceeds the debt service coverage ratio of the substituted property (the borrower may pay down the note to meet such debt service coverage ratio criteria), (iii) the loan-to-value ratio of the substitute property is less than the loan-to-value ratio of the substituted property (the borrower may pay down the note to meet such loan-to-value ratio criteria) and (iv) receipt of a rating agency confirmation if the allocated loan amount of the substitute property exceeds 25% of the original loan amount. o LOCKBOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. The Irvine Company LLC is the property manager for the Mortgaged Property securing the Irvine EOP San Diego Portfolio Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 31
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 32
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 2 RECTOR STREET -------------------------------------------------------------------------------- [3 PHOTOS OF 2 RECTOR STREET OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 33
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 2 RECTOR STREET -------------------------------------------------------------------------------- [MAP OF 2 RECTOR STREET OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 34
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 2 RECTOR STREET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $100,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Laurence Gluck TYPE OF SECURITY Fee MORTGAGE RATE 6.120% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 117 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes TI/LC $5,500,000 DEBT SERVICE(1) $5,000,000 ENGINEERING $587,018 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $104,369 ADDITIONAL FINANCING B-Note $10,000,000 TRUST ASSET WHOLE MORTGAGE LOAN ------------ ------------------- CUT-OFF DATE BALANCE $100,000,000 $110,000,000 CUT-OFF DATE BALANCE/SF $240 $263 CUT-OFF DATE LTV 69.4% 76.4% MATURITY DATE LTV 69.4% 76.4% UW DSCR ON NCF(2) 1.19x 1.08x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office - CBD SIZE (SF) 417,473 OCCUPANCY AS OF APRIL 20, 2007 98.6% YEAR BUILT / YEAR RENOVATED 1909 / 1990 APPRAISED VALUE $144,000,000 PROPERTY MANAGEMENT Stellar Management UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $14,397,012 UW TOTAL EXPENSES $6,997,418 UW NET OPERATING INCOME (NOI) $7,399,594 UW NET CASH FLOW (NCF)(2) $7,295,225 -------------------------------------------------------------------------------- (1) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Provided no event of default has occurred and is continuing, the amount held in the debt service reserve will be released monthly as follows: (i) $250,000 for the first twelve payment dates, (ii) $66,667 for the next twelve payment dates and (iii) $50,000 for the next twelve payment dates. The debt service reserve may be released upon the achievement of a debt service coverage ratio of at least 1.20x for three consecutive months. (2) The UW NCF was derived based on certain assumptions, including that leases expiring during the loan term would be marked to market rents. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" debt service coverage ratio for the Trust Asset is 0.99x and the Whole Mortgage Loan is 0.90x. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 35
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 2 RECTOR STREET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- TENANT SUMMARY -------------------------------------------------------------------------------------- % OF NET RATINGS(1) NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA --------------------------------------------------------------------------------------  MAJOR TENANTS Department of Transportation-City of NY .............................. NR/A2/NR 72,070 17.3% Merrill Lynch ....................... AA-/Aa3/AA- 34,180 8.2 Studio Daniel Liebskind, LLC ........ NR/NR/NR 18,392 4.4 Barry, McTiernan & Moore ............ NR/NR/NR 17,830 4.3 Centurion Securities, LLC ........... NR/NR/NR 17,830 4.3 ------- ----- TOTAL MAJOR TENANTS ................. 160,302 38.4% NON-MAJOR TENANTS .................... 251,494 60.2 ------- ----- OCCUPIED TOTAL ....................... 411,796 98.6% VACANT SPACE ......................... 5,677 1.4 ------- ----- PROPERTY TOTAL ....................... 417,473 100.0% ======= ===== -------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- % OF BASE RENT ANNUAL BASE TOTAL ANNUAL BASE LEASE TENANT PSF RENT RENT EXPIRATION ----------------------------------------------------------------------------------------------------------  MAJOR TENANTS Department of Transportation-City of NY .............................. $ 25.44 $ 1,833,255 15.6% July 2015 Merrill Lynch ....................... $ 25.44 869,454 7.4 August 2015 Studio Daniel Liebskind, LLC ........ $ 24.82 456,481 3.9 Multiple Spaces(2) Barry, McTiernan & Moore ............ $ 32.45 578,583 4.9 November 2012 Centurion Securities, LLC ........... $ 26.00 463,580 3.9 October 2011 ----------- ----- TOTAL MAJOR TENANTS ................. $ 26.21 $ 4,201,353 35.6% NON-MAJOR TENANTS .................... $ 30.17 7,586,543 64.4 ----------- ----- OCCUPIED TOTAL ....................... $ 28.63 $11,787,896 100.0% =========== ===== VACANT SPACE ......................... PROPERTY TOTAL ....................... ---------------------------------------------------------------------------------------------------------- (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 1,000 square feet expire in July 2009 and 17,392 square feet expire in January 2014. ------------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE ------------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE TOTAL SF % OF TOTAL CUMULATIVE % OF % OF BASE CUMULATIVE % OF YEAR EXPIRING RENT/SF EXPIRING EXPIRING SF EXPIRING* SF EXPIRING* RENT EXPIRING* BASE RENT EXPIRING* ------------------------------------------------------------------------------------------------------------------------------- 2007 6 $ 24.99 10,580 2.5% 2.5% 2.2% 2.2% 2008 4 $ 32.37 19,431 4.7% 7.2% 5.3% 7.6% 2009 8 $ 28.44 45,246 10.8% 18.0% 10.9% 18.5% 2010 6 $ 42.42 14,549 3.5% 21.5% 5.2% 23.7% 2011 7 $ 28.46 39,073 9.4% 30.9% 9.4% 33.2% 2012 6 $ 33.18 40,611 9.7% 40.6% 11.4% 44.6% 2013 6 $ 28.40 34,490 8.3% 48.9% 8.3% 52.9% 2014 6 $ 25.99 46,143 11.1% 59.9% 10.2% 63.1% 2015 2 $ 25.44 106,250 25.5% 85.4% 22.9% 86.0% 2016 2 $ 31.92 4,738 1.1% 86.5% 1.3% 87.3% 2017 1 $ 39.00 15,917 3.8% 90.3% 5.3% 92.6% Thereafter 2 $ 25.25 34,768 8.3% 98.6% 7.4% 100.0% Vacant 0 NA 5,677 1.4% 100.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 36
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 2 RECTOR STREET -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "2 Rector Street Loan") is secured by the borrower's fee interest encumbering an office building located in New York, New York. The 2 Rector Street Loan represents approximately 5.0% of the Cut-Off Date Pool Balance. The 2 Rector Street Loan was originated on May 10, 2007 and has a principal balance as of the Cut-Off Date of $100,000,000. The 2 Rector Street Loan is a portion of a whole loan with an original principal balance of $110,000,000. The other loan related to the 2 Rector Street Loan is evidenced by a separate subordinate note, dated May 10, 2007 (the "2 Rector Street Subordinate Companion Loan" with an original principal balance of $10,000,000 and, together with the 2 Rector Street Loan, comprise the "2 Rector Street Whole Loan"). The 2 Rector Street Subordinate Companion Loan will not be an asset of the Trust Fund. The 2 Rector Street Loan and the 2 Rector Street Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The 2 Rector Street Loan provides for interest-only payments for the entire loan term. The 2 Rector Street Loan has a remaining term of 117 months and matures on May 11, 2017. The 2 Rector Street Loan may be prepaid on or after February 11, 2017 and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower is Rector Trinity Associates, L.L.C., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 2 Rector Street Loan. The sponsor of the borrower is Stellar Management ("Stellar"). Stellar owns and operates more than 9,000 apartment units and approximately 3,000,000 square feet of Class A office space. Stellar was founded in 1986 and has since purchased more than $1,350,000,000 in residential and commercial real estate. Stellar employs approximately 350 employees. o THE PROPERTY. The Mortgaged Property is an approximately 417,473 square foot, 26-story office building, situated on approximately 0.4 acres. The Mortgaged Property was constructed in 1909 and most recently renovated in 1990. The Mortgaged Property is located in New York, New York. As of April 20, 2007, the occupancy rate for the Mortgaged Property securing the 2 Rector Street Loan was approximately 98.6%. The largest tenant is the Department of Transportation-City of New York ("NYCDOT"), currently occupying approximately 72,070 square feet, or approximately 17.3% of the net rentable area. NYCDOT is responsible for the management of New York City's transportation infrastructure, including day-to-day maintenance of the city's streets, highways, bridges and sidewalks as well as supervision of the street resurfacing, pothole repair, parking meter installation and maintenance and management of the citywide network of municipal parking facilities. The NYDOT also operates the Staten Island Ferry, the Brooklyn Bridge, Manhattan Bridge, Williamsburg Bridge and the Queensboro Bridge, as well as minor bridges throughout the city. As of July 6, 2007, NYCDOT was rated "A2" (Moody's). The NYCDOT lease expires in July 2015. The second largest tenant is Merrill Lynch, Pierce, Fenner & Smith Incorporated (NYSE: MER), ("Merrill"), currently occupying approximately 34,180 square feet, or approximately 8.2% of the net rentable area. Merrill is an investment firm and offers financial services for private, institutional and government clients, including mutual fund, insurance, annuity, trust and clearing services. Merrill has offices in 37 countries and territories. As of July 6, 2007, Merrill was rated "AA-" (Fitch), "Aa3" (Moody's) and "AA-" (S&P). The Merrill lease expires in August 2015. The third largest tenant is Studio Daniel Libeskind, LLC ("Daniel Libeskind"), occupying approximately 18,392 square feet or approximately 4.4% of the net rentable area. Daniel Libeskind is a contemporary deconstructive architect who has taught at several university architecture schools. Under the terms of multiple leases, approximately 1,000 square feet expire in July 2009 and approximately 17,392 square feet expire in January 2014. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Stellar Management, an affiliate of the borrower, is the property manager for the Mortgaged Property securing the 2 Rector Street Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 37
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 38
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 90 JOHN STREET -------------------------------------------------------------------------------- [3 PHOTOS OF 90 JOHN STREET OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 39
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 90 JOHN STREET -------------------------------------------------------------------------------- [MAP OF 90 JOHN STREET OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 40
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 90 JOHN STREET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $57,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR The Moinian Group TYPE OF SECURITY Fee MORTGAGE RATE 5.735% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 117 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes REPLACEMENT(1) $2,474,257 TI/LC(2) $2,500,000 DEBT SERVICE(3) $1,000,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $ 27,877 TI/LC(2) Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $57,000,000 CUT-OFF DATE BALANCE/SF $307 CUT-OFF DATE LTV 81.4% MATURITY DATE LTV 81.4% UW DSCR ON NCF(4) 1.32x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 185,851 OCCUPANCY AS OF MARCH 1, 2007 89.6% YEAR BUILT / YEAR RENOVATED 1931 / 2000 APPRAISED VALUE $70,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 95.1% UW REVENUES $6,687,441 UW TOTAL EXPENSES $2,145,873 UW NET OPERATING INCOME (NOI) $4,541,568 UW NET CASH FLOW (NCF)(4) $4,330,769 -------------------------------------------------------------------------------- (1) Upon an event default, funds in the reserve may be used to pay debt service shortfalls. After the completion of all the engineering work required under the related Mortgage Loan documents, any funds on deposit in the reserve may be disbursed to the borrower. (2) If at anytime the balance of the TI/LC reserve is $400,000 or less, a monthly deposit of $7,744 will be made each month until the outstanding balance of the TI/LC reserve is at least $750,000. Provided that no event of default exists and the TI/LC reserve is not less than $750,000, the monthy deposit into the TI/LC reserve will be $0. (3) Funds held in in the debt service reserve account will be released as needed to cover any debt service shortfall. At any time that a debt service coverage ratio of 1.20x is achieved during two consecutive calendar quarters, and provided no event of default exists and is continuing, any remaining funds in the debt service reserve account may be transferred to the TI/LC account, as further described in the Mortgage Loan documents. (4) The UW NCF was derived based on certain assumptions, including the leases expiring during the loan term would be marked to market rent, and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" debt service coverage ratio for the Trust Asset is 1.00x. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 41
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 90 JOHN STREET -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TENANT SUMMARY ----------------------------------------------------------------------------------- % OF NET RATINGS* NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA -----------------------------------------------------------------------------------  MAJOR TENANTS IDB Communications Group ......... NR/B1/NR 32,159 17.3% Gold's Gym ....................... NR/NR/NR 23,937 12.9 Kickstart USA .................... NR/NR/NR 17,500 9.4 Legal Services for NYC ........... NR/NR/NR 7,529 4.1 Food Bank for NY ................. NR/NR/NR 7,284 3.9 ------- ----- TOTAL MAJOR TENANTS .............. 88,409 47.6% NON-MAJOR TENANTS .................. 78,093 42.0 ------- ----- OCCUPIED TOTAL ..................... 166,502 89.6% VACANT SPACE ....................... 19,349 10.4 ------- ----- PROPERTY TOTAL ..................... 185,851 100.0% ======= ===== ----------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- % OF TOTAL BASE RENT ANNUAL BASE ANNUAL BASE LEASE TENANT PSF RENT RENT EXPIRATION ---------------------------------------------------------------------------------------------  MAJOR TENANTS IDB Communications Group ......... $ 23.69 $ 761,847 16.9% September 2008 Gold's Gym ....................... $ 30.43 728,403 16.1 January 2018 Kickstart USA .................... $ 25.85 452,375 10.0 September 2012 Legal Services for NYC ........... $ 23.18 174,522 3.9 June 2013 Food Bank for NY ................. $ 26.39 192,225 4.3 May 2010 ---------- ----- TOTAL MAJOR TENANTS .............. $ 26.12 $2,309,372 51.2% NON-MAJOR TENANTS .................. $ 28.22 2,203,622 48.8 ---------- ----- OCCUPIED TOTAL ..................... $ 27.10 $4,512,994 100.0% ========== ===== VACANT SPACE ....................... PROPERTY TOTAL ..................... --------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. ------------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE ------------------------------------------------------------------------------------------------------------------------------ # OF LEASES WA BASE % OF TOTAL CUMULATIVE % OF % OF BASE CUMULATIVE % OF YEAR EXPIRING RENT/SF EXPIRING TOTAL SF EXPIRING SF EXPIRING* SF EXPIRING* RENT EXPIRING* BASE RENT EXPIRING* ------------------------------------------------------------------------------------------------------------------------------ 2007 9 $ 22.38 22,701 12.2% 12.2% 11.3% 11.3% 2008 1 $ 23.69 32,159 17.3% 29.5% 16.9% 28.1% 2009 6 $ 27.95 14,081 7.6% 37.1% 8.7% 36.9% 2010 4 $ 25.39 14,675 7.9% 45.0% 8.3% 45.1% 2011 3 $ 22.64 6,214 3.3% 48.3% 3.1% 48.2% 2012 4 $ 26.12 23,715 12.8% 61.1% 13.7% 62.0% 2013 3 $ 28.02 13,683 7.4% 68.5% 8.5% 70.5% 2014 1 $ 67.07 1,700 0.9% 69.4% 2.5% 73.0% 2015 2 $ 24.16 6,880 3.7% 73.1% 3.7% 76.7% 2016 0 $ 0.00 0 0.0% 73.1% 0.0% 76.7% 2017 1 $ 35.99 4,252 2.3% 75.4% 3.4% 80.1% Thereafter 2 $ 34.04 26,442 14.2% 89.6% 19.9% 100.0% Vacant 0 NA 19,349 10.4% 100.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------ * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 42
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 90 JOHN STREET -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "90 John Street Loan") is secured by a first lien mortgage encumbering the borrower's fee interest in an office building located in New York, New York. The 90 John Street Loan represents approximately 2.8% of the Cut-Off Date Pool Balance. The 90 John Street Loan was originated on April 24, 2007 and has a principal balance as of the Cut-Off Date of $57,000,000. The 90 John Street Loan provides for interest-only payments for the entire loan term. The 90 John Street Loan has a remaining term of 117 months and matures on May 11, 2017. The 90 John Street Loan may be prepaid on or after March 11, 2017 and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower is 90 John Mazal LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 90 John Street Loan. The sponsor of the borrower is The Moinian Group, a development firm headed by Joseph Moinian, which owns and manages over $8 billion in assets and has been involved in greater New York commercial real estate for over 15 years. The Moinian Group currently owns and controls a portfolio of approximately 20 million square feet of office, industrial, retail, residential and hotel properties throughout the United States and abroad, including approximately 13 million square feet in Manhattan. o THE PROPERTY. The Mortgaged Property is an office building of approximately 185,851 square feet, situated on approximately 0.67 acres. The Mortgaged Property was constructed in 1931 and most recently renovated in 2000. The Mortgaged Property is located in New York, New York. As of March 1, 2007, the occupancy rate for the Mortgaged Property securing the 90 John Street Loan was approximately 89.6%. The largest tenant is IDB Communications Group ("IDB"), currently occupying approximately 32,159 square feet, or approximately 17.3% of the net rentable area. IDB is engaged in providing complete end-to-end video broadcast and transmission services and facilities to simple broadcast earth stations. IDB also provides uplink, download, record, studio facilities, network administration, network and system design and transponder leasing from full to part time services. As of July 6, 2007, IDB was rated "B1" (Moody's). The IDB lease expires in September 2008. The second largest tenant is Gold's Gym, currently occupying approximately 23,937 square feet, or approximately 12.9% of the net rentable area. Founded in 1965, Gold's Gym is a co-ed gym and fitness chain, with more than 600 facilities in 43 states and 25 countries. The Gold's Gym lease expires in January 2018. The third largest tenant is Kickstart USA ("Kickstart"), currently occupying approximately 17,500 square feet or approximately 9.4% of the net rentable area. Kickstart is a provider of telecommunications, internet access and other services such as public relations, web design, legal and accounting services. The Kickstart lease expires in September 2012. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Newmark & Company Real Estate, Inc. ("Newmark"), is the property manager for the Mortgaged Property securing the 90 John Street Loan. Newmark is one of the largest independent real estate service firms in the world that provides comprehensive real estate solutions to corporations, property owners, investors and developers. Newmark Knight Frank serves as leasing agent and/or property manager for over 100 million square feet of commercial space worldwide. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 43
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 44
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- ALEXANDRIA, VA -------------------------------------------------------------------------------- [5 PHOTOS OF SHERATON SUITES -- ALEXANDRIA, VA OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 45
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- ALEXANDRIA, VA -------------------------------------------------------------------------------- [MAP OF SHERATON SUITES -- ALEXANDRIA, VA OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 46
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- ALEXANDRIA, VA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $56,400,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR James A. Procaccianti TYPE OF SECURITY Fee MORTGAGE RATE 5.950% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes PIP(1) $4,045,343 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(2) $567,685 ADDITIONAL FINANCING(3) None CUT-OFF DATE BALANCE $56,400,000 CUT-OFF DATE BALANCE/ROOM $228,340 CUT-OFF DATE LTV 71.8% MATURITY DATE LTV 67.1% UW DSCR ON NCF 1.42x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Alexandria, VA PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 247 OCCUPANCY AS OF MAY 31, 2007(4) 75.3% YEAR BUILT / YEAR RENOVATED 1999 / 2004 APPRAISED VALUE $78,600,000 UW ECONOMIC OCCUPANCY 76.0% UW REVENUES $14,764,603 UW TOTAL EXPENSES $8,430,830 UW NET OPERATING INCOME (NOI) $6,333,773 UW NET CASH FLOW (NCF) $5,743,189 -------------------------------------------------------------------------------- (1) The up-front property improvement plan ("PIP") and renovation reserve of $4,045,343 is maintained with the Lender. The PIP includes upgrades to the exterior, guestrooms, common areas, building systems, the food and beverage and recreational facilities, as well as the meeting and banquet areas. (2) Beginning on July 11, 2008, the annual reserve will be equal to 4% of the gross revenue, as further described in the related Mortgage Loan documents. (3) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.15x, (ii) the aggregate loan-to-value ratio shall not exceed 85.0% and (iii) certain other conditions as specified in the related Mortgage Loan documents. (4) Based on the trailing 12-month period ending May 31, 2007. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 47
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- ALEXANDRIA, VA -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- COMPETITIVE SUMMARY ---------------------------------------------------------------------------------------------------------------------------- TTM MARCH 31, 2007* --------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION ---------------------------------------------------------------------------------------------------------------------------- Sheraton Suites -- Alexandria, VA (subject) 247 75.0% $ 170.20 $ 128.11 98.4% 119.3% 117.2% Radisson Old Town Alexandria .............. 253 72.0% $ 145.00 $ 104.40 94.4% 101.6% 95.5% Holiday Inn & Suites ...................... 178 78.0% $ 144.00 $ 112.32 102.3% 100.9% 102.8% Hotel Monaco .............................. 227 75.0% $ 138.00 $ 103.50 98.4% 96.7% 94.7% Hilton Old Town ........................... 247 82.0% $ 184.00 $ 150.88 107.5% 129.0% 138.1% Hampton Inn Alexandria .................... 156 75.0% $ 85.00 $ 63.75 98.4% 59.6% 58.3% Courtyard By Marriott ..................... 176 77.0% $ 98.56 $ 76.19 101.0% 69.1% 69.7% ----- $ 109.28 100.0% 100.0% 100.0% TOTAL/WEIGHTED AVERAGE ................... 1,484 76.3% $ 142.68 ---------------------------------------------------------------------------------------------------------------------------- * Based on the CBRE appraisal dated June 4, 2007. -------------------------------------------------------------------------------- FINANCIAL PERFORMANCE SUMMARY -------------------------------------------------------------------------------- PERIOD OCCUPANCY ADR REV PAR -------------------------------------------------------------------------------- 2005 .......................... 77.8% $ 153.13 $ 119.06 2006. ......................... 76.2% $ 167.81 $ 127.93 T 12 Through May 2007 ......... 75.3% $ 172.38 $ 129.86 UW ............................ 76.0% $ 176.77 $ 134.35 -------------------------------------------------------------------------------- --------------------------------------------- FACILITY SUMMARY --------------------------------------------- GUEST ROOMS NUMBER --------------------------------------------- King Suites ..................... 155 Double Queen .................... 92 ----- TOTAL ........................ 247 ===== FOOD AND BEVERAGE SEATING --------------------------------------------- Fin and Hoof Restaurant ......... 125 Fin and Hoof Lounge ............. 25 Club Floor Lounge ............... 24 ----- TOTAL ........................ 174 ===== MEETING AND BANQUET SPACE SQUARE FEET --------------------------------------------- Conference Center ............... 2,010 Potomac Room .................... 805 Board Room ...................... 532 ----- TOTAL ........................ 3,347 ===== --------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 48
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- ALEXANDRIA, VA -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Sheraton Suites -- Alexandria, VA Loan") is secured by a first mortgage encumbering the borrower's fee interest in a full-service hotel, the Sheraton Suites -- Alexandria, VA located in Alexandria, Virginia. The Sheraton Suites -- Alexandria, VA Loan represents approximately 2.8% of the Cut-Off Date Pool Balance. The Sheraton Suites -- Alexandria, VA Loan was originated on June 6, 2007, and has a principal balance as of the Cut-Off Date of $56,400,000. The Sheraton Suites -- Alexandria Loan provides for interest-only payments for the first 60 months of its term, and thereafter, fixed monthly payments of principal and interest. The Sheraton Suites -- Alexandria, VA Loan has a remaining term of 118 months and matures on June 11, 2017. The Sheraton Suites -- Alexandria, VA Loan may be prepaid on or after January 11, 2008 until and including March 11, 2017, with the payment of the greater of yield maintenance or 1.0% of the prepaid amount and without penalty thereafter. o THE BORROWER. The borrower is PVA V, LLC ("PVA"), a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Sheraton Suites -- Alexandria, VA Loan. The sponsor of the borrower is James A. Procaccianti, President and CEO of The Procaccianti Group ("TPG"). TPG, based in Rhode Island, is a privately held real estate investment company that specializes in acquisition, renovation, and management of investment hospitality real estate. TPG owns approximately 57 hotels, containing approximately 10,361 rooms in over 42 markets. o THE PROPERTY. The Mortgaged Property is a full-service resort hotel containing 247 rooms on approximately 1.4 acres in Alexandria, Virginia. The Mortgaged Property was built in 1999 and renovated in 2004. The Mortgaged Property features approximately 3,347 square feet of meeting space, an indoor swimming pool and Jacuzzi, a restaurant, a business center and a fitness center. As of the trailing twelve months ending May 31, 2007, the occupancy rate for the Mortgaged Property securing the Sheraton Suites -- Alexandria, VA Loan was approximately 75.3%. o LOCK BOX ACCOUNT. The related Mortgage Loan documents do not require a lockbox. o MANAGEMENT. The Mortgaged Property is self-managed by Lenox Hotels, Inc., an affiliate of the sponsor. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 49
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 50
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ARBORS AT BROADLANDS -------------------------------------------------------------------------------- [5 PHOTOS OF ARBORS AT BROADLANDS OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 51
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ARBORS AT BROADLANDS -------------------------------------------------------------------------------- [MAP OF ARBORS AT BROADLANDS OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 52
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ARBORS AT BROADLANDS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $50,375,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Fannie Mae; Bozzuto & Associates, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.640% MATURITY DATE February 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 114 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes DEBT SERVICE RESERVE(1) $1,100,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $57,600 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $50,375,000 CUT-OFF DATE BALANCE/UNIT $209,896 CUT-OFF DATE LTV 78.2% MATURITY DATE LTV 78.2% UW DSCR ON NCF(2) 1.20x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Ashburn, VA PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 240 OCCUPANCY AS OF JULY 9, 2007 74.6% YEAR BUILT / YEAR RENOVATED 2001 / 2006 APPRAISED VALUE $64,400,000 PROPERTY MANAGEMENT Bozzuto Management Company UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $4,653,466 UW TOTAL EXPENSES $1,196,754 UW NET OPERATING INCOME (NOI) $3,456,712 UW NET CASH FLOW (NCF)(2) $3,408,712 -------------------------------------------------------------------------------- (1) There is a shortfall in the related Mortgage Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. Current escrow balance in the Debt Service Reserve is $166,238. (2) The UW NCF was derived based on certain assumptions, including that leases expiring during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" debt service coverage ratio for the Trust Asset is 0.64x. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 53
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ARBORS AT BROADLANDS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- UNIT MIX -------------------------------------------------------------------------------------------------- APPROXIMATE APPROXIMATE UNIT MIX NO. OF UNITS UNIT SIZE (SF) NRA (SF) % OF NRA ACTUAL RENT -------------------------------------------------------------------------------------------------- 1 BR / 1 BA ........... 95 931 88,403 32.8% $1,422 2 BR / 2 BA ........... 121 1,217 147,220 54.7 $1,581 3 BR / 2 BA ........... 24 1,397 33,528 12.5 $1,675 ------------ ---------------------- TOTAL/AVERAGE ......... 240 1,121 269,151 100.0% $1,527/$1.36/SF -------------------------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Arbors at Broadlands Loan") is secured by a first mortgage encumbering the borrower's fee interest in an approximately 240-unit multifamily complex located in Ashburn, Virginia. The Arbors at Broadlands Loan represents approximately 2.5% of the Cut-Off Date Pool Balance. The Arbors at Broadlands Loan was originated on February 6, 2007 and has a principal balance as of the Cut-Off Date of $50,375,000. The Arbors at Broadlands Loan provides for interest-only payments for the entire term of the loan. The Arbors at Broadlands Loan has a remaining term of 114 months and matures on February 11, 2017. The Arbors at Broadlands Loan may be prepaid on or after December 11, 2016, and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower is Broadlands Condominium LLC, a special purpose entity. The sponsors of the borrower are Fannie Mae and Bozzuto & Associates, Inc. Fannie Mae (NYSE: FNM) is a financial services company serving the American home mortgage industry that offers banks and other mortgage lenders financing, credit guarantees, technology and services to facilitate the making of home loans to consumers. Fannie Mae, headquartered in Washington, D.C., employs approximately 5,800 employees, and supports the mortgage industry through its mortgage portfolio, single-family guaranty and housing and community development. As of July 16, 2007, Fannie Mae was rated "AAA" (Fitch) and "Aaa" (Moody's). Bozzuto and Associates, Inc., is a real estate company dedicated to the development, construction and management of multifamily communities. Founded in 1998, the Bozzuto Management Company is responsible for the management and marketing of more than 25,000 rental apartments. o THE PROPERTY. The Mortgaged Property is a 240-unit multifamily complex consisting of 4 and 5-story buildings situated on approximately 14.5 acres. The Mortgaged Property, constructed in 2001 and renovated in 2006, is located in Ashburn, Virginia within the Washington, DC metropolitan statistical area. The Mortgaged Property is located within the planned community called the Broadlands that features a community center, three swimming pools, tennis courts, Stream Valley Park, two elementary schools, a middle school and a daycare center. Individual unit amenities include stainless steel refrigerators, dishwashers and cabinet hung microwaves. The Mortgaged Property also features approximately 455 parking spaces including approximately 406 open parking spaces and approximately 49 spaces in four, single-story parking garages. Project amenities at the Mortgaged Property include a clubhouse, community/business center, fitness center, an outdoor swimming pool and wading pool and playground. As of July 9, 2007, the occupancy rate for the Mortgaged Property securing the Arbors at Broadlands Loan was approximately 74.6%. o LOCKBOX ACCOUNT. The Mortgage Loan documents do not require a lockbox account. o MANAGEMENT. Bozzuto Management Company, an affiliate of the borrower, is the property manager for the Mortgaged Property securing the Arbors at Broadlands Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 54
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- [4 PHOTOS OF TRADEWINDS HOSPITALITY PORTFOLIO OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 55
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- [MAP OF TRADEWINDS HOSPITALITY PORTFOLIO OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 56
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER CWCapital CUT-OFF DATE BALANCE $50,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Tim Boggott & Rick Sherman TYPE OF SECURITY Various PARTIAL RELEASE(1) Yes MORTGAGE RATE 5.728% MATURITY DATE July 1, 2014 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 84 / IO REMAINING TERM / AMORTIZATION 83 / IO LOCKBOX Yes SHADOW RATING (S&P/FITCH)(2) BBB- / BBB- UP-FRONT RESERVES GROUND LEASE(3) $500,000 ONGOING ANNUAL RESERVES TAX/INSURANCE(4) Springing FF&E (4) Springing GROUND LEASE(5) Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $50,000,000 CUT-OFF DATE BALANCE/ROOM(6) $62,814 CUT-OFF DATE LTV(7) 38.9% MATURITY DATE LTV(7) 38.9% UW DSCR ON NCF(8) 3.60x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 3 LOCATION St. Pete Beach, FL PROPERTY TYPE Hospitality - Full Service SIZE (ROOMS)(6) 796 OCCUPANCY(9) 67.3% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE(7) $128,600,000 PROPERTY MANAGEMENT Resort Inns of America, Inc. UW ECONOMIC OCCUPANCY 74.4% UW REVENUES(8) $56,609,821 UW TOTAL EXPENSES(10) $44,907,589 UW NET OPERATING INCOME (NOI)(8) $11,702,232 UW NET CASH FLOW (NCF)(8) $10,450,963 -------------------------------------------------------------------------------- (1) The borrowers are permitted to obtain the release of the Tradewinds Breckenridge Resort Property, as discussed under "--Partial Release" below. (2) S&P and Fitch have confirmed that the Tradewinds Hospitality Portfolio Loan has, in the context of its inclusion in the mortgage pool, credit characteristics consistent with an investment grade obligation. (3) At closing, the borrowers deposited $500,000 into the ground lease reserve, which lender may draw upon in the event the borrowers fail to make the required payments under the ground lease. The loan agreement permits the borrowers to replace the ground lease reserve deposit with a standby letter of credit meeting certain requirements. (4) Upon and after an event of default, the borrowers are required to escrow (a) 1/12th of the estimated annual real estate taxes and insurance monthly and (b) 1/12th of 4.0% of gross revenues on a trailing twelve month basis. (5) Upon and after an event of default, the borrowers are required to escrow 1/12 of 7.12% of room revenues from the Tradewinds Sandpiper Resort Property on a trailing twelve month basis. (6) Includes 288 residential condominium units in the Jacaranda Beach Villas Building, which (except for certain nonresidential condominium units) is not owned by the borrowers, but with respect to which the borrowers are entitled to fees under certain unit rental management agreements. See "--The Properties" below. (7) Excludes the present value of certain unit rental management agreements related to the Jacaranda Beach Villas Building (which, according to the appraisal, is $22,900,000). See "--The Properties" below. (8) Includes fees payable to the borrowers pursuant to certain unit rental management agreements related to the Jacaranda Beach Villas Building. See "--The Properties" below. (9) Based upon the trailing twelve-month period ending March 31, 2007. (10) Includes expenses payable with respect to the Jacaranda Beach Villas Building. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 57
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- COMPETITIVE SUMMARY ---------------------------------------------------------------------------------------------------------------- ESTIMATED 2006(1) ------------------------------------------------------------------ NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION ---------------------------------------------------------------------------------------------------------------- Tradewinds Sandpiper Resort 211 66.0% $141.46 $ 93.43 93.6% 86.2% 80.0% Tradewinds Island Grand Resort(2) 381 89.0% $180.00 $160.20 126.2% 109.7% 137.2% Tradewinds Breckenridge Resort 204 69.0% $138.00 $ 95.22 97.8% 84.1% 81.6% Sirata Beach Resort 380 65.0% $125.00 $ 81.25 92.2% 76.2% 69.6% Don CeSar 277 75.0% $205.00 $153.75 106.3% 125.0% 131.7% Hilton Clearwater 423 63.0% $150.00 $ 94.50 89.3% 91.4% 81.0% Renaissance Viony 360 70.0% $182.00 $127.40 99.3% 111.0% 109.1% Sheraton 390 68.0% $170.00 $115.60 96.4% 103.6% 99.0% Marriott Suites 220 68.0% $185.00 $125.80 96.4% 112.8% 107.8% ----- 2,846 70.5% $164.03 $116.74 100.0% 100.0% 100.0% ---------------------------------------------------------------------------------------------------------------- (1) Based on the HVS appraisal dated April 24, 2007. The appraiser considers the Sirata Beach Resort and the Don CeSar to be the subject's primary competitive set, due mainly to their visibility and accessibility, while the remainder are considered secondary competitors. (2) Includes 288 residential condominium units in the Jacaranda Beach Villas Building, which (except for certain nonresidential condominium units) is not owned by the borrowers, but with respect to which the borrowers are entitled to fees under certain unit rental management agreements. See "--The Properties" below. --------------------------------------------------------------------------------------------------------------------- PORTFOLIO FINANCIAL SUMMARY --------------------------------------------------------------------------------------------------------------------- 2005 2006 UNDERWRITTEN --------------------------- --------------------------- --------------------------- PROPERTY NAME OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR --------------------------------------------------------------------------------------------------------------------- Tradewinds Sandpiper Resort 50.3% $124.65 $ 62.70 66.0% $141.84 $ 93.68 71.0% $152.42 $108.22 Tradewinds Island Grand Resort(1) 75.0% $180.62 $135.52 69.4% $193.02 $133.87 77.0% $195.42 $150.47 Tradewinds Breckenridge Resort 72.3% $188.71 $136.41 68.7% $144.90 $ 99.59 73.0% $155.39 $113.43 --------------------------------------------------------------------------------------------------------------------- (1) The figures set forth in this table with respect to the Tradewinds Island Grand Resort Property include the occupancy, ADR and Rev Par with respect to the 288 residential condomimium units in the Jacaranda Beach Villas Building. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 58
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- ---------------------------------------------------- FACILITY SUMMARY ---------------------------------------------------- GUEST ROOMS NUMBER ---------------------------------------------------- Parlor ............................... 200 Standard ............................. 127 Two Bedroom Suite .................... 43 Penthouse Suite ...................... 5 One Bedroom Suite .................... 65 Deluxe Room .......................... 108 Honeymoon Suite ...................... 2 Villa ................................ 1 Suite ................................ 245 ------ TOTAL ............................. 796 ====== MEETING ROOMS SQUARE FEET ---------------------------------------------------- Island Ballroom ...................... 8,400 Grand Palm Colonnade ................. 8,000 Garden Courtyard ..................... 6,000 Jacaranda Hall ....................... 7,088 Banyan Breezeway ..................... 10,000 Horizons ............................. 2,655 ------ TOTAL ............................. 42,143 ====== FOOD AND BEVERAGE SEATING ---------------------------------------------------- Palm Court at Island Grand ........... 94 Bermudas ............................. 213 Pipers Patio ......................... 70 BR Cudas ............................. 55 Captain Redbeards Sharktooth ......... 55 Flying Bridge ........................ 29 The Sand Bar ......................... 20 Salty's .............................. 17 The Deli ............................. 0 Pizza Hut Express .................... 0 Ice Cream Shoppe ..................... 0 Perk's Up ............................ 14 ------ TOTAL ............................. 567 ====== OTHER AMENITIES ---------------------------------------------------- Outdoor Swimming and Whirlpools Beach Activities Exercise room Putting Green Business Center Tennis Courts Kids Club ---------------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 59
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Tradewinds Hospitality Portfolio Loan") is secured by a first mortgage encumbering certain fee, leasehold and contractual interests in the Island Grand Beach Resort and Sandpiper Hotel and Suites, two independent hotels situated in close proximity, that are marketed as one resort providing full access to the facilities and amenities of each other. Each property is located in St. Pete Beach, Florida. The Tradewinds Hospitality Portfolio Loan represents approximately 2.5% of the Cut-Off Pool Balance. The Tradewinds Hospitality Portfolio Loan was originated on June 11, 2007 and has a principal balance as of the Cut-Off Date of $50,000,000. The Tradewinds Hospitality Portfolio Loan provides for interest-only payments for its entire term. The Tradewinds Hospitality Portfolio Loan has a remaining term of 83 months and matures on July 1, 2014. The Tradewinds Hospitality Portfolio Loan may be prepaid with yield maintenance until the date that is two years following the Closing Date (the "Prepayment Date"), and permits defeasance thereafter. The Tradewinds Hospitality Portfolio Loan may be prepaid without penalty on or after April 1, 2014. In addition, the borrowers have a one-time right, exercisable at any time prior to April 1, 2014, to reduce the then-outstanding principal amount of the Tradewinds Hospitality Portfolio Loan by an amount not less than $5 million and not more than $10 million, subject to the payment of yield maintenance. Furthermore, the borrowers are required to prepay $12,000,000 of the Tradewinds Hospitality Portfolio Loan (with yield maintenance) if they choose to obtain the release of the Tradewinds Breckenridge Resort Property prior to the Prepayment Date, as described under "--Partial Release" below. o THE BORROWERS. The borrowers are RIA-Tradewinds, Inc., RIA-Breckenridge, Inc. and RIA-Sandpiper, Inc., each of which is a special purpose entity. Each of the borrowers is indirectly owned by Fortune Hotels, Inc., a Florida corporation that is jointly controlled by Timothy R. Baggott and Richard Sherman. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Tradewinds Hospitality Portfolio Loan. o THE PROPERTIES. The Mortgaged Property includes four components: (a) the fee simple interest in the Tradewinds Island Grand Resort property (excluding the residential units in the Jacaranda Beach Villas Building) (the "Tradewinds Island Grand Resort Property"), which consists of approximately 93 rentable units situated in four buildings and surrounding amenities, (b) the fee simple interest in the Tradewinds Breckenridge Resort property (the "Tradewinds Breckenridge Resort Property"), which consists of approximately 204 rentable units and amenities situated in a separate building that is part of the Island Grand Beach Resort (but is located on a separate tax parcel), (c) the leasehold interest in the Tradewinds Sandpiper Resort property (the "Tradewinds Sandpiper Resort Property"), which consists of approximately 211 rentable units and surrounding amenities and (d) the contractual rights under certain unit rental management agreements related to the residential units in the Jacaranda Beach Villas condominium building (such agreements, the "Jacaranda Unit Management Agreements" and such building, the "Jacaranda Beach Villas Building"), which is an approximately 288-rentable unit condominium building located on the site of the Tradewinds Island Grand Resort Property. The three properties included in the Mortgaged Property were constructed between 1970 and 1985. The properties are located in St. Pete Beach, Florida, which is bordered on the west by the Gulf of Mexico, on the east by Boca Ciega Bay and is within approximately 30 miles of the Tampa International Airport. The amenities at the properties (which are set forth in greater detail below) include approximately 18-acres of beaches and extensive beach amenities including volleyball, beach cabanas, water bikes and paddleboats. Based upon the trailing twelve-month period ending March 31, 2007, the occupancy rate for the Mortgaged Property securing the Tradewinds Hospitality Portfolio Loan was approximately 67.3%. The Island Grand Beach Resort is comprised of the Tradewinds Island Grand Resort Property and the Tradewinds Breckenridge Resort Property. The Tradewinds Island Grand Resort Property is a full-service lodging facility containing approximately 93 rentable units, among four buildings. (The approximately 288-rentable unit Jacaranda Beach Villas Building is also located on the site of the property, but (except for certain nonresidential condominium units) does not secure the Tradewinds Hospitality Portfolio Loan, as described below.) Additional facilities on this site include approximately 46,000 square feet of indoor and outdoor meeting space, four outdoor swimming pools, two whirlpools, a putting green, a sauna, two tennis courts, five food and beverage outlets and a kids club. The Tradewinds Breckenridge Property consists of approximately 204 rentable units. Amenities include a restaurant, a sports bar, a pizza restaurant, an ice cream shop, a beach bar, a pool area, a fitness center, a spa, a gift shop and meeting space. Sixteen of the approximately 204 rentable units are subject to timeshare/right-to-use contracts through 2012. The timeshare contracts stipulate that the individual owner has the right to use a unit type in the Tradewinds Breckenridge Resort Property This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 60
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- TRADEWINDS HOSPITALITY PORTFOLIO -------------------------------------------------------------------------------- during a specified week of the year for a period of 25 years. The individual owner has prepaid for the right-to-use but is required to pay an annual maintenance fee towards the operation and maintenance of the building. When the timeshare units are not occupied by the timeshare customers they are available as standard hotel inventory. The Tradewinds Sandpiper Resort Property is a full-service lodging facility consisting of approximately 211 rentable units, three food and beverage outlets, two heated outdoor swimming pools, a fitness center, approximately 8,400 square feet of indoor and outdoor meeting space, a retail outlet and surface and garage parking. The Jacaranda Beach Villas Building is located on the site of the Tradewinds Island Grand Resort Property. The residential units in the Jacaranda Beach Villas Building are owned by individual condominium owners, each of which has entered into a separate Jacaranda Unit Management Agreement with RIA-Tradewinds, Inc., as manager. Pursuant to each Jacaranda Unit Management Agreement, each individual condominium unit owner is entitled to use its unit for up to 28 nights of the year. When the condominium units are not being used by the individual owners, they are available as standard hotel inventory. RIA-Tradewinds, Inc. is entitled to receive a management fee, generally equal to 53% of gross rental income with respect to the related condominium unit. The collateral value of the Jacaranda Beach Villas Building consists solely of the Jacaranda Unit Management Agreements and the fees payable thereunder. Except for certain nonresidential condominium units, the building is not owned by the borrowers and does not secure the Tradewinds Hospitality Portfolio Loan. o PARTIAL RELEASE. At any time during the loan term, the borrowers will have the option to obtain the release of the Tradewinds Breckenridge Resort Property, upon the satisfaction of certain conditions, including, without limitation, (i) the Tradewinds Breckenridge Resort Property is being sold pursuant to an arms' length agreement to a third party not affiliated with any of the borrowers or guarantors; (ii) no event of default shall have occurred and be continuing under the loan documents; (iii) the remaining collateral achieves a minimum DSCR of 1.70x based on standard CMBS underwritten income before debt service; (iv) the remaining collateral has a maximum LTV of 40%; and (v) the release has no material impact on the operations of the remaining collateral. Provided the foregoing requirements are met, the Tradewinds Breckenridge Resort Property may be released (a) prior to the Prepayment Date upon prepayment of $12,000,000 and yield maintenance, or (b) on and after the Prepayment Date upon partial defeasance. o LOCKBOX. All payments related to the Mortgaged Property are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Resort Inns of America, Inc., a borrower affiliate, is the property manager for the Mortgaged Property securing the Tradewinds Hospitality Portfolio Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 61
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 62
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- EXPRESS SCRIPTS OFFICE PROPERTY -------------------------------------------------------------------------------- [5 PHOTOS OF EXPRESS SCRIPTS OFFICE PROPERTY OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 63
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- EXPRESS SCRIPTS OFFICE PROPERTY -------------------------------------------------------------------------------- [MAP OF EXPRESS SCRIPTS OFFICE PROPERTY OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 64
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- EXPRESS SCRIPTS OFFICE PROPERTY -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $45,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR NNN Realty Advisors, Inc. TYPE OF SECURITY Leasehold MORTGAGE RATE 5.660% MATURITY DATE June 11, 2014 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 84 / 360 REMAINING TERM / AMORTIZATION 82 / 360 LOCKBOX(1) Springing UP-FRONT RESERVES TAX/INSURANCE Yes FREE RENT(2) $1,744,438 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(3) Yes TI/LC(4) Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $45,000,000 CUT-OFF DATE BALANCE/SF $143 CUT-OFF DATE LTV 71.9% MATURITY DATE LTV 70.1% UW DSCR ON NCF(5) 1.49x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Saint Louis, MO PROPERTY TYPE Office - Suburban SIZE (SF) 315,000 OCCUPANCY AS OF MAY 1, 2007 100.0% YEAR BUILT / YEAR RENOVATED 2007 / NA APPRAISED VALUE $62,600,000 PROPERTY MANAGEMENT Triple Net Properties Realty, Inc. UW ECONOMIC OCCUPANCY 100.0% UW REVENUES $4,785,950 UW TOTAL EXPENSES $81,221 UW NET OPERATING INCOME (NOI) $4,704,729 UW NET CASH FLOW (NCF)(5) $4,657,479 -------------------------------------------------------------------------------- (1) A lockbox will be required (i) upon the occurrence of an event of default or (ii) if the debt service coverage ratio, as computed by the mortgagee, is less than 1.15x. (2) Initial reserve established for Express Scripts rent covering the period of July 2007 through December 2007. (3) Commencing with the forty-ninth (49th) payment date, ongoing deposits of $3,938 per month to the replacement reserve will be required, as further specified in the related Mortgage Loan documents. (4) Commencing with the forty-ninth (49th) payment date, ongoing deposits of $13,125 per month to the TI/LC reserve will be required, as further specified in the related Mortgage Loan documents. (5) The UW NCF was calculated based on the average of the contractual rents with respect to Express Scripts Office Property over the term of the loan. The "as-is" debt service coverage ratio of the Trust Asset is 1.40x. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 65
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- EXPRESS SCRIPTS OFFICE PROPERTY -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY ------------------------------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL BASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF ANNUAL BASE RENT RENT LEASE EXPIRATION ------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANT Express Scripts ....... BBB/NR/BBB 315,000 100.0% $14.15 $4,457,250 100.0% November 2017 ------- ----- PROPERTY TOTAL ......... 315,000 100.0% ======= ===== ------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE ---------------------------------------------------------------------------------------------------------------------- #OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* ---------------------------------------------------------------------------------------------------------------------- 2017 1 $14.15 315,000 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% ---------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 66
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- EXPRESS SCRIPTS OFFICE PROPERTY -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Express Scripts Office Property Loan") is secured by the borrower's leasehold interest in a first mortgage encumbering a suburban office building located in Saint Louis, Missouri. The Express Scripts Office Property Loan represents approximately 2.2% of the Cut-Off Date Pool Balance. The Express Scripts Office Property Loan was originated on June 4, 2007 and has a principal balance as of the Cut-Off Date of $45,000,000. The Express Scripts Office Property Loan provides for interest-only payments for the first 60 months of its term, and, thereafter, fixed monthly payments of principal and interest. The Express Scripts Office Property Loan has a remaining term of 82 months and matures on June 11, 2014. The Express Scripts Office Property Loan may be prepaid on or after March 11, 2014, and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWERS. The borrowers are 31 tenant-in-common special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Express Scripts Office Property Loan. The sponsor of the borrowers is NNN Realty Advisors, Inc. ("NNN"), a nationally-active, full-service commercial real estate asset management and services firm. NNN is headquartered in Santa Ana, California and sponsors real estate investment programs to provide investors with the opportunity to engage in tax-deferred exchanges of real property and to invest in other real estate investment vehicles. NNN provides management services for a diverse portfolio of approximately 136 properties owned by their 114 programs, encompassing over 30 million square feet of office, multi-family, retail and healthcare office properties in 26 states. Triple Net Properties, LLC, an affiliate of the sponsor, is the subject of an investigation, by the Securities and Exchange Commission regarding disclosure in securities offerings and exemptions from registration requirements. See "RISK FACTORS -- Risks Related to the Underlying Mortgage Loans -- Litigation and Other Matters Affecting the Mortgaged Properties or Borrowers in the Prospectus Supplement". o THE PROPERTY. The Mortgaged Property is an approximately 315,000 square foot office building situated on approximately 13.3 acres. The Mortgaged Property, constructed in 2007, is located in Saint Louis, Missouri. As of May 1, 2007, the occupancy rate for the Mortgaged Property securing the Express Scripts Office Property Loan was approximately 100.0%. The sole tenant is Express Scripts, occupying 315,000, or the entire net rentable area. Express Scripts is one of the largest pharmacy benefits management companies in North America, with a network of approximately 57,000 retail pharmacies and several home delivery pharmacies. Express Scripts processes approximately 400 million prescriptions per year, designs formularies and offers services such as disease management programs and consumer drug data analysis. Express Script's major clients include HMOs and other health insurers, self-insured businesses and union benefit plans. As of July 6, 2007, Express Scripts was rated "BBB" (Fitch) and "BBB" (S&P). The Express Scripts lease expires in November 2017. Express Scripts has two 5-year renewal options. Pursuant to the terms of the lease, Express Scripts has the option to terminate the lease after the 103rd calendar month subject to certain conditions including but not limited to (i) 18-months written notice, (ii) payment of a termination fee of $4.66 per square foot and (iii) repayment of the unamortized portion of the TI/LC allowances. Pursuant to the terms of the lease, Express Scripts may contract its leased space by reducing certain portions of the Mortgaged Property as follows: (i) after the 79th month of the lease, the third floor of the west wing upon payment of a breakage fee equal to $18 per square foot reduced; (ii) after the 91st month of the lease, the second floor of the west wing upon payment of a breakage fee equal to $12 per square foot reduced; and (iii) after the 103rd month of the lease, the first floor of the west wing upon payment of a breakage fee equal to $6 per square foot reduced. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases will be deposited into a mortgagee-designated lockbox account if at any time during the term of the Express Scripts Office Property Loan (i) the debt service coverage ratio falls below 1.15x or (ii) upon the occurrence of an event of default. o MANAGEMENT. The Triple Net Properties Realty, Inc., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Express Scripts Office Property Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 67
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 68
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- FALCON RIDGE TOWN CENTER PHASE I -------------------------------------------------------------------------------- [4 PHOTOS OF FALCON RIDGE TOWN CENTER PHASE I OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 69
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- FALCON RIDGE TOWN CENTER PHASE I -------------------------------------------------------------------------------- [MAP OF FALCON RIDGE TOWN CENTER PHASE I OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 70
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- FALCON RIDGE TOWN CENTER PHASE I -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $43,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers TYPE OF SECURITY Fee MORTGAGE RATE 5.680% MATURITY DATE January 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120/IO REMAINING TERM / AMORTIZATION 113/IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE(1) Springing REPLACEMENT(1) Springing TI/LC(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $43,500,000 CUT-OFF DATE BALANCE/SF $187 CUT-OFF DATE LTV 68.4% MATURITY DATE LTV 68.4% UW DSCR ON NCF 1.45x -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Fontana, CA PROPERTY TYPE Retail - Anchored SIZE (SF) 232,754 OCCUPANCY AS OF JULY 12, 2007 100.0% YEAR BUILT / YEAR RENOVATED 2005 / NA APPRAISED VALUE $63,600,000 PROPERTY MANAGEMENT Regency Centers UW ECONOMIC OCCUPANCY 96.4% UW REVENUES $4,960,371 UW TOTAL EXPENSES $1,204,163 UW NET OPERATING INCOME (NOI) $3,756,208 UW NET CASH FLOW (NCF) $3,582,454 -------------------------------------------------------------------------------- (1) Ongoing reserve will be required upon (i) event of default, (ii) transfer of the property (other than to an affiliate of the borrower), (iii) an aggregate debt service cover ratio less than 1.10x and (iv) certain other conditions as specified in the related Mortgage Loan documents. Annual Reserve amounts for replacement reserve and TI/LC reserve are $23,280 and $132,804, respectively. (2) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.25x, (ii) the aggregate loan-to-value ratio shall not exceed 75.0% and (iii) certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 71
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- FALCON RIDGE TOWN CENTER PHASE I -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY ----------------------------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL BASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF ANNUAL BASE RENT RENT LEASE EXPIRATION -----------------------------------------------------------------------------------------------------------------------------  MAJOR TENANTS Stater Brothers .......... NR/B2/B+ 43,718 18.8% $16.10 $ 703,860 17.2% March 2025 Sports Authority ......... NR/NR/B 35,293 15.2 $12.45 439,398 10.8 January 2016 Ross Dress for Less ...... NR/NR/BBB 30,187 13.0 $12.00 362,244 8.9 January 2016 Linens 'n Things ......... CCC/B3/B 28,000 12.0 $13.50 378,000 9.2 February 2017 Michaels ................. NR/B2/B- 24,000 10.3 $13.25 318,000 7.8 February 2015 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ...... 161,198 69.3% $13.66 $2,201,502 53.9% NON-MAJOR TENANTS ......... 71,556 30.7 $26.34 1,885,103 46.1 ------- ----- ---------- ----- OCCUPIED TOTAL ............ 232,754 100.0% $17.56 $4,086,605 100.0% VACANT SPACE .............. 0 0.0 ========== ===== ------- ----- PROPERTY TOTAL ............ 232,754 100.0% ======= ===== ----------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. --------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE --------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* --------------------------------------------------------------------------------------------------------------------------- 2007 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 11 $ 28.21 24,447 10.5% 10.5% 16.9% 16.9% 2011 1 $ 39.00 2,120 0.9% 11.4% 2.0% 18.9% 2012 0 $ 0.00 0 0.0% 11.4% 0.0% 18.9% 2013 0 $ 0.00 0 0.0% 11.4% 0.0% 18.9% 2014 0 $ 0.00 0 0.0% 11.4% 0.0% 18.9% 2015 9 $ 20.82 55,799 24.0% 35.4% 28.4% 47.3% 2016 4 $ 13.61 78,670 33.8% 69.2% 26.2% 73.5% 2017 1 $ 13.50 28,000 12.0% 81.2% 9.2% 82.8% Thereafter 1 $ 16.10 43,718 18.8% 100.0% 17.2% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% --------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 72
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- FALCON RIDGE TOWN CENTER PHASE I -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Falcon Ridge Town Center Phase I Loan") is secured by a first mortgage encumbering the borrower's fee interest in an anchored retail center located in Fontana, California. The Falcon Ridge Town Center Phase I Loan represents approximately 2.2% of the Cut-Off Date Pool Balance. The Falcon Ridge Town Center Phase I Loan was originated on December 20, 2006 and has a principal balance as of the Cut-Off Date of $43,500,000. The Falcon Ridge Town Center Phase I Loan provides for interest-only payments for its entire term. The Falcon Ridge Town Center Phase I Loan has a remaining term of 113 months and matures on January 11, 2017. At the borrower's election, the Falcon Ridge Town Center Phase I Loan may be prepaid with the payment of a yield maintenance charge or defeased with United States government obligations 2 years after Closing Date. The Falcon Ridge Town Center Phase I Loan may be prepaid on or after October 11, 2016, without payment of a yield maintenance charge. o THE BORROWER. The borrower is RRP Falcon Ridge Town Center, LP, a special purpose entity. The sponsor is Regency Realty Group, Inc. ("Regency"). Regency Centers Corporation (NYSE: REG), which is the parent of Regency, was founded in 1963, is an integrated real estate investment trust (REIT) and owns, manages and develops neighborhood shopping centers in 46 metropolitan markets, including 18 of the largest 25 markets in the nation. Regency is an owner, operator and developer of grocery-anchored neighborhood and community shopping centers with an approximately 50 million square foot portfolio. As of July 11, 2007, Regency was rated "BBB+" (Fitch), "Baa3" (Moody's) and "BBB" (S&P). o THE PROPERTY. The Mortgaged Property is an approximately 232,754 square foot anchored retail property situated on approximately 17.3 acres. The Mortgaged Property was constructed in 2005. The Mortgaged Property is located in Fontana, California within the Riverside-San Bernardino-Ontario, California metropolitan statistical area. As of July 12, 2007, the occupancy rate for the Mortgaged Property securing the Falcon Ridge Town Center Phase I Loan was approximately 100.0%. The largest tenant is Stater Brothers ("Stater"), occupying approximately 43,718 square feet, or approximately 18.8% of the net rentable area. Stater, founded in 1936, is a privately held supermarket chain based in Colton, California. Stater consists of approximately 160 stores located throughout Southern California. Stater is a Fortune 500 company with operations in 6 counties, primarily the Riverside and San Bernardino areas. As of July 6, 2007, Stater was rated "B2" (Moody's) and "B+" (S&P). The Stater lease expires in March 2025. The second largest tenant is Sports Authority ("Sports Authority"), occupying approximately 35,293 square feet, or approximately 15.2% of the net rentable area. Sports Authority is one of the largest sporting good retailers in the United States, operating approximately 400 stores in 45 states under The Sports Authority and Gart Sports names. As of July 6, 2007, Sports Authority was rated "B" (S&P). The Sports Authority lease expires in January 2016. The third largest tenant is Ross Dress for Less ("Ross"), occupying approximately 30,187 feet, or approximately 13.0% of the net rentable area. Ross operates two discount clothing chains, with over 700 outlets located in 27 states. Ross sells closeout merchandise, including men's, women's and children's clothing at prices below those of department and specialty stores. As of July 6, 2007, Ross was rated "BBB" (S&P). The Ross Dress for Less lease expires in January 2016. o LOCKBOX ACCOUNT. The related Mortgage Loan documents do not require a lockbox account. o MANAGEMENT. Regency Realty Group, Inc., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Falcon Ridge Town Center Phase I Loan. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 73
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 74
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 3660 WILSHIRE BOULEVARD -------------------------------------------------------------------------------- [4 PHOTOS OF 3660 WILSHIRE BOULEVARD OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 75
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 3660 WILSHIRE BOULEVARD -------------------------------------------------------------------------------- [MAP OF 3660 WILSHIRE BOULEVARD OMITTED] This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 76
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 3660 WILSHIRE BOULEVARD -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $41,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Dr. David Y. Lee TYPE OF SECURITY Fee MORTGAGE RATE 5.980% MATURITY DATE June 11, 2017 AMORTIZATION TYPE 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 PAYMENT GUARANTY* $550,000 ENGINEERING $1,402,982 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $45,698 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $41,000,000 CUT-OFF DATE BALANCE/SF $153 CUT-OFF DATE LTV 77.4% MATURITY DATE LTV 72.3% UW DSCR ON NCF 1.05x -------------------------------------------------------------------------------- * Dr. David Y. Lee has provided a guaranty in the amount of $550,000 for Approved Leasing Expenses, as defined in the Mortgage Loan documents. In the event the borrower is no longer the owner of the Mortgaged Property, then the loan documents require a $550,000 Rollover Reserve to be established. -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Los Angeles, CA PROPERTY TYPE Office - Suburban SIZE (SF) 267,606 OCCUPANCY AS OF APRIL 1, 2007 99.1% YEAR BUILT / YEAR RENOVATED 1972 / NA APPRAISED VALUE $53,000,000 PROPERTY MANAGEMENT Jamison Properties UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $4,985,114 UW TOTAL EXPENSES $1,601,104 UW NET OPERATING INCOME (NOI) $3,384,010 UW NET CASH FLOW (NCF) $3,100,278 -------------------------------------------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 77
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 3660 WILSHIRE BOULEVARD -------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY --------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF TOTAL RATINGS RENTABLE RENTABLE BASE RENT ANNUAL BASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF ANNUAL BASE RENT RENT LEASE EXPIRATION ---------------------------------------------------------------- ---------------------------------------------------------- MAJOR TENANTS ............ Hanmi Bank .............. NR/NR/NR 53,843 20.1% $15.51 $ 835,144 19.5% November 2008 Central Escrow, Inc. .... NR/NR/NR 12,756 4.8 $16.80 214,286 5.0 Multiple Spaces(1) Thomas Lee/Win Investment NR/NR/NR 12,363 4.6 $15.70 194,050 4.5 July 2008 Nos Communications ...... NR/NR/NR 9,550 3.6 $15.93 152,161 3.5 Multiple Spaces(2) Levy, Stern & Ford ...... NR/NR/NR 8,910 3.3 $14.19 126,475 2.9 Multiple Spaces(3) ------- ----- ---------- ----- TOTAL MAJOR TENANTS ..... 97,422 36.4% $15.62 $1,522,115 35.5% NON-MAJOR TENANTS ........ 167,797 62.7 $16.51 2,770,302 64.5 ------- ----- ---------- ----- OCCUPIED TOTAL ........... 265,219 99.1% $16.18 $4,292,417 100.0% VACANT SPACE ............. 2,387 0.9 ========== ===== ------- ----- PROPERTY TOTAL ........... 267,606 100.0% ======= ===== --------------------------------------------------------------------------------------------------------------------------- (1) Under the terms of multiple leases, 587 square feet expire in December 2007, 2,594 square feet expire in July 2008, 4,487 square feet expire in March 2011 and 5,088 square feet expire in June 2011. (2) Under the terms of multiple leases, 354 square feet expire on a month to month basis and 9,196 square feet expire in May 2008. (3) Under the terms of multiple leases, 127 square feet expire on a month to month basis, 240 square feet expire in December 2007 and 8,543 square feet expire in July 2009. ---------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE ---------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* ---------------------------------------------------------------------------------------------------------------------------- 2007 45 $ 15.56 42,237 15.8% 15.8% 15.3% 15.3% 2008 52 $ 15.72 113,584 42.4% 58.2% 41.6% 56.9% 2009 23 $ 15.76 51,921 19.4% 77.6% 19.1% 76.0% 2010 19 $ 16.50 27,273 10.2% 87.8% 10.5% 86.4% 2011 11 $ 19.87 24,949 9.3% 97.1% 11.5% 98.0% 2012 3 $ 16.41 5,255 2.0% 99.1% 2.0% 100.0% 2013 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% 2014 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% 2015 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% 2016 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% 2017 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 99.1% 0.0% 100.0% Vacant 0 NA 2,387 0.9% 100.0% 0.0% 100.0% ---------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 78
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- 3660 WILSHIRE BOULEVARD -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "3660 Wilshire Boulevard Loan") is secured by a first mortgage encumbering the borrower's fee interest in a suburban office building located in Los Angeles, California. The 3660 Wilshire Boulevard Loan represents approximately 2.0% of the Cut-Off Date Pool Balance. The 3660 Wilshire Boulevard Loan was originated on May 18, 2007, and has a principal balance as of the Cut-Off Date of $41,000,000. The 3660 Wilshire Boulevard Loan provides for interest-only payments for the first 60 months, and fixed payments of principal and interest thereafter. The 3660 Wilshire Boulevard Loan has a remaining term of 118 months and matures on June 11, 2017. The 3660 Wilshire Boulevard Loan may be prepaid on or after February 11, 2017 and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower is Wilshire Park Place 3660, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 3660 Wilshire Boulevard Loan. The sponsor of the borrower is Dr. David Y. Lee, a real estate investor who holds equity stakes in more than 100 Los Angeles, California area office properties that comprise approximately 22 million square feet. o THE PROPERTY. The Mortgaged Property is a 12-story office building of approximately 267,606 square feet, situated on approximately 1.6 acres. The Mortgaged Property was constructed in 1972. The Mortgaged Property is located in Los Angeles, California. As of April 1, 2007, the occupancy rate for the Mortgaged Property securing the 3660 Wilshire Boulevard Loan was approximately 99.1%. The largest tenant is Hanmi Bank (NYSE: HAFC), currently occupying approximately 53,843 square feet, or approximately 20.1% of the net rentable area. Hanmi Bank offers retail and small business banking, commercial and industrial loans, including small business administration and international loans. The Hanmi Bank lease expires in November 2008. The second largest tenant is Central Escrow, Inc., currently occupying approximately 12,756 square feet, or approximately 4.8% of the net rentable area. Founded in 1977, Central Escrow, Inc. is a full service escrow company serving Southern California. The Central Escrow, Inc. lease expires at various dates across multiple spaces. The third largest tenant is Thomas Lee/ Win Investment, currently occupying approximately 10,385 square feet or approximately 3.9% of the net rentable area. Thomas Lee/Win Investment provides a range of investment management services. The Thomas Lee/Win Investment lease expires in July 2008. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagor-designated lockbox account. Upon the occurrence of an event of default under the Mortgage Loan documents, the amount in the lockbox will be swept into a mortgagee-designated lockbox account. o MANAGEMENT. Jamison Properties, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the 3660 Wilshire Boulevard Loan. Jamison Properties manages and leases over 100 commercial buildings comprising approximately 22 million square feet in the Los Angeles, California area. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 79
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ZALE CORPORATION HEADQUARTERS BUILDING -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $41,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Lloyd Goldman TYPE OF SECURITY Fee MORTGAGE RATE 5.940% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX Yes UP-FRONT RESERVES RENT ABATEMENT(1) $1,247,000 ONGOING ANNUAL RESERVES TAX Springing REPLACEMENT(2) Springing TI/LC(3) Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $41,000,000 CUT-OFF DATE BALANCE/SF $114 CUT-OFF DATE LTV 75.9% MATURITY DATE LTV 71.0% UW DSCR ON NCF(4) 1.00x -------------------------------------------------------------------------------- [PHOTO OF ZALE CORPORATION HEADQUARTERS BUILDING] -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Irving, TX PROPERTY TYPE Office -- Suburban SIZE (SF) 358,884 OCCUPANCY AS OF MAY 17, 2007 100.0% YEAR BUILT/YEAR RENOVATED 1983 / 2007 APPRAISED VALUE $54,000,000 PROPERTY MANAGEMENT BLDG Management Co., Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $3,153,693 UW TOTAL EXPENSES $63,074 UW NET OPERATING INCOME (NOI) $3,090,619 UW NET CASH FLOW (NCF) $2,920,957 -------------------------------------------------------------------------------- (1) The difference between the scheduled rent shown on the underwriting and the actual rent being paid by the tenant pursuant to free rent periods or leasing incentives was collected at the closing of the related Mortgage Loan in the form of $1,247,000 cash held back from loan proceeds. These funds will be released on a monthly basis beginning in July 2008 and continuing through December 2008. (2) Ongoing annual replacement reserves of $3,589 will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (3) Beginning in July 2012, the borrower is required to pay $50,000 each month until the reserve account is equal to at least $3,000,000. (4) The debt service coverage ratio is based on in-place rent of $9.25 per square foot on an amortizing basis. In-place cash flow on an interest-only basis is 1.20x. Rental payments are subject to contractual increases over the term of the lease, and at maturity of the loan, the in-place rent will equal $12.25 per square foot. See the "Rent Schedule" on page 74 for details. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 80
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ZALE CORPORATION HEADQUARTERS BUILDING -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY ----------------------------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RATINGS NET RENTABLE RENTABLE BASE RENT* ANNUAL BASE ANNUAL BASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF RENT RENT LEASE EXPIRATION ----------------------------------------------------------------------------------------------------------------------------- MAJOR TENANT Zale Corporation ... NR/NR/NR 358,884 100.0% $ 9.25 $3,319,677 100.0% March 2018 ------- ----- PROPERTY TOTAL ...... 358,884 100.0% ======= ===== ----------------------------------------------------------------------------------------------------------------------------- * Rent is $9.25 per square foot until March 2008, at which time the rent increases per contractual rent steps detailed in the chart below. See--Rent Schedule. -------------------------------------------------------------------------------- RENT SCHEDULE -------------------------------------------------------------------------------- LEASE PERIOD ANNUAL FIXED RENT RENT PSF -------------------------------------------------------------------------------- 1/1/2005 - 3/31/2008 ........... $3,319,677 $ 9.25 4/1/2008 - 6/30/2008 ........... $3,409,398 $ 9.50 7/1/2008 - 12/31/2008* ......... Abated $0.00 $ 0.00 1/1/2009 - 12/31/2009 .......... $3,588,840 $ 10.00 1/1/2010 - 12/31/2010 .......... $3,678,561 $ 10.25 1/1/2011 - 12/31/2011 .......... $3,768,282 $ 10.50 1/1/2012 - 12/31/2012 .......... $3,858,003 $ 10.75 1/1/2013 - 12/31/2013 .......... $4,037,445 $ 11.25 1/1/2014 - 12/31/2014 .......... $4,127,166 $ 11.50 1/1/2015 - 12/31/2015 .......... $4,216,887 $ 11.75 1/1/2016 - 12/31/2016 .......... $4,306,608 $ 12.00 1/1/2017 - 3/31/2018 ........... $4,396,329 $ 12.25 -------------------------------------------------------------------------------- * Rent abatement escrow taken at closing to cover debt service during this period. ---------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE ---------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* ---------------------------------------------------------------------------------------------------------------------------- 2018 1 $ 9.25 358,884 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% ---------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 81
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- WALGREENS PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $40,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Arnold Simon TYPE OF SECURITY Fee MORTGAGE RATE 5.610% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 117 / IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $40,000,000 CUT-OFF DATE BALANCE/SF $243 CUT-OFF DATE LTV(3) 80.6% MATURITY DATE LTV(3) 80.6% UW DSCR ON NCF 1.29x -------------------------------------------------------------------------------- [PHOTO OF WALGREENS PORTFOLIO OMITTED] -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 11 LOCATION Various PROPERTY TYPE Retail - Single Tenant SIZE (SF) 164,850 OCCUPANCY AS OF VARIOUS(4) 100.0% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE $49,640,000 PROPERTY MANAGEMENT Heller Realty UW ECONOMIC OCCUPANCY 98.0% UW REVENUES $2,938,148 UW TOTAL EXPENSES $29,381 UW NET OPERATING INCOME (NOI) $2,908,766 UW NET CASH FLOW (NCF) $2,884,039 -------------------------------------------------------------------------------- (1) Annual replacement reserve required upon event of default. (2) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.20x, (ii) the aggregate loan-to-value ratio shall not exceed 80.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. (3) The LTV represents the aggregate appraised value of each individual property. The appraised value to a single purchaser for the entire portfolio is $52,150,000, a Cut-Off Date LTV of 76.7% and a Maturity Date LTV of 76.7%. (4) Occupancy as of March 26, 2007 for all Mortgaged Properties, with the exception of Walgreens -- Albuquerque, NM, which is as of April 27, 2007. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 82
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- WALGREENS PORTFOLIO -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------ PORTFOLIO SUMMARY ------------------------------------------------------------------------------------------ ALLOCATED CUT-OFF ALLOCATED DATE CUT-OFF DATE YEAR BUILT/ NET RENTABLE BALANCE PROPERTY NAME* BALANCE RENOVATED AREA (SF) PER SF ------------------------------------------------------------------------------------------ Walgreens -- Florissant, MO $ 4,431,910 1998/NA 15,595 $284 Walgreens -- Omaha, NE 4,407,736 2000/NA 15,008 $294 Walgreens -- Rogers, AR 3,892,023 2001/NA 15,053 $259 Walgreens -- Albuquerque, NM 3,887,994 2001/NA 13,886 $280 Walgreens -- Mesa, AZ 3,879,936 2001/NA 15,060 $258 Walgreens -- Milwaukee, WI 3,706,688 1998/NA 14,171 $262 Walgreens -- Springdale, AR 3,384,367 1998/NA 15,039 $225 Walgreens -- Glendale, AZ 3,384,367 2001/NA 15,136 $224 Walgreens -- Green Valley, AZ 3,327,961 2001/NA 15,854 $210 Walgreens -- Phoenix, AZ 3,062,047 2000/NA 14,996 $204 Walgreens -- Lincoln, NE 2,634,972 2000/NA 15,052 $175 ----------- ------- TOTAL/AVERAGE $40,000,000 164,850 $243 ------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------- UNDERWRITTEN APPRAISED BASE RENT ANNUAL BASE NET CASH APPRAISED VALUE PROPERTY NAME* PSF RENT FLOW VALUE PER SF ----------------------------------------------------------------------------------------------------- Walgreens -- Florissant, MO $ 21.13 $ 329,555 $ 317,395 $ 5,500,000 $353 Walgreens -- Omaha, NE $ 21.87 328,152 316,122 5,470,000 $364 Walgreens -- Rogers, AR $ 19.25 289,764 278,871 4,830,000 $321 Walgreens -- Albuquerque, NM $ 20.84 289,422 278,714 4,825,000 $347 Walgreens -- Mesa, AZ $ 19.19 288,955 278,085 4,815,000 $320 Walgreens -- Milwaukee, WI $ 19.43 275,310 264,980 4,600,000 $325 Walgreens -- Springdale, AR $ 18.16 273,148 262,752 4,200,000 $279 Walgreens -- Glendale, AZ $ 16.65 252,048 242,267 4,200,000 $277 Walgreens -- Green Valley, AZ $ 15.63 247,756 237,995 4,130,000 $261 Walgreens -- Phoenix, AZ $ 15.21 228,068 219,022 3,800,000 $253 Walgreens -- Lincoln, NE $ 13.02 195,932 187,835 3,270,000 $217 ------------------------------------------------------ TOTAL/AVERAGE $ 18.19 $2,998,110 $2,884,039 $49,640,000 $301 ---------------------------------------------------------------------------------------------------- * Occupancy as of March 26, 2007 for all Mortgaged Properties, with the exception of Walgreens -- Albuquerque, NM, which is as of April 27, 2007. All Mortgaged Properties are 100.0% leased. --------------------------------------------------------------------------------------------------------------------------- PORTFOLIO TENANT SUMMARY --------------------------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL BASE ANNUAL BASE LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF RENT RENT EXPIRATION --------------------------------------------------------------------------------------------------------------------------- MAJOR TENANT Walgreens ............. NR/Aa3/A+ 164,850 100.0% $ 18.19 $2,998,110 100.0% July 2027 ------- ----- PROPERTY TOTAL ......... 164,850 100.0% ======= ===== --------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. ---------------------------------------------------------------------------------------------------------------------------- PORTFOLIO LEASE EXPIRATION SCHEDULE ---------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE TOTAL SF % OF TOTAL CUMULATIVE % OF % OF BASE CUMULATIVE % OF YEAR EXPIRING RENT/SF EXPIRING EXPIRING SF EXPIRING* SF EXPIRING* RENT EXPIRING* BASE RENT EXPIRING* ---------------------------------------------------------------------------------------------------------------------------- 2027 11 $ 18.19 164,850 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% ---------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 83
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- WILMINGTON, DE -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $36,450,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR James A. Procaccianti TYPE OF SECURITY Fee MORTGAGE RATE 5.950% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes PIP(1) $3,793,774 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT(2) $465,513 ADDITIONAL FINANCING(3) None CUT-OFF DATE BALANCE $36,450,000 CUT-OFF DATE BALANCE/ROOM $163,453 CUT-OFF DATE LTV 67.0% MATURITY DATE LTV 62.6% UW DSCR ON NCF 1.43x -------------------------------------------------------------------------------- [PHOTO OF SHERATON SUITES -- WILMINGTON, DE OMITTED] -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Wilmington, DE PROPERTY TYPE Hospitality - Full Service SIZE (ROOMS) 223 OCCUPANCY AS OF MAY 31, 2007(4) 64.7% YEAR BUILT / YEAR RENOVATED 1989 / 2005 APPRAISED VALUE $54,400,000 PROPERTY MANAGEMENT Lenox Hotels, Inc. UW ECONOMIC OCCUPANCY 66.0% UW REVENUES $11,482,242 UW TOTAL EXPENSES $7,294,729 UW NET OPERATING INCOME (NOI) $4,187,512 UW NET CASH FLOW (NCF) $3,728,222 -------------------------------------------------------------------------------- (1) The up-front property improvement plan ("PIP") and renovation reserve of $3,793,774 is maintained with the Lender. The PIP includes upgrades to the exterior, guestrooms, common areas, building systems, the food and beverage and recreational facilities, as well as meeting and banquet areas. (2) Beginning on July 11, 2008, the annual reserve will be equal to 4% of the gross sales, as further described in the related Mortgage Loan documents. (3) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.15x, (ii) the aggregate loan-to-value ratio shall not exceed 85.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. (4) Based on the trailing 12-month period ending May 31, 2007. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 84
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- SHERATON SUITES -- WILMINGTON, DE -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- COMPETITIVE SUMMARY ---------------------------------------------------------------------------------------------------------------------------- ESTIMATED 2006* -------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION ---------------------------------------------------------------------------------------------------------------------------- Sheraton Suites -- Wilmington, DE (subject) .. 223 65.0% $ 154.84 $ 101.26 99.9% 105.0% 104.6% Hotel DuPont ................................. 216 70.0% $ 195.00 $ 136.50 107.6% 132.3% 141.0% Hilton Wilmington/Christiana ................. 266 66.0% $ 134.00 $ 88.44 101.5% 90.9% 91.3% Courtyard Wilmington Downtown ................ 105 63.0% $ 125.00 $ 78.75 96.9% 84.8% 81.3% Doubletree Wilimington Downtown .............. 219 60.0% $ 120.00 $ 72.00 92.3% 81.4% 74.4% ----- $ 96.82 100.0% 100.0% 100.0% TOTAL/WEIGHTED AVERAGE ...................... 1,029 65.0% $ 147.42 ---------------------------------------------------------------------------------------------------------------------------- * Based on the CBRE appraisal dated June 4, 2007. -------------------------------------------------------------------------------- FINANCIAL PERFORMANCE SUMMARY -------------------------------------------------------------------------------- PERIOD OCCUPANCY ADR REV PAR -------------------------------------------------------------------------------- 2005 ............................ 68.9% $ 145.47 $ 100.20 2006 ............................ 65.1% $ 155.73 $ 101.40 T 12 through May 2007 ........... 65.0% $ 156.58 $ 101.81 UW .............................. 66.0% $ 161.33 $ 106.48 -------------------------------------------------------------------------------- ---------------------------------------------- FACILITY SUMMARY ---------------------------------------------- GUEST ROOMS NUMBER ---------------------------------------------- King Suites .................. 165 Double/Double Suites ......... 48 ADA Suites ................... 10 ----- TOTAL ..................... 223 ===== FOOD AND BEVERAGE ----------------------------------------------- Basil Restaurant and Bar MEETING AND BANQUET SPACE SQUARE FEET ----------------------------------------------- New Castle ................... 216 Wilmington ................... 554 Newark ....................... 252 Dover ........................ 455 Delaware I* .................. 885 Delaware II* ................. 892 Delaware III* ................ 878 ----- TOTAL ..................... 4,132 ===== ---------------------------------------------- * Can be combined for the 2,655 square foot Delaware Ballroom This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 85
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ALAMEDA MEDIA CENTER -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER CGM CUT-OFF DATE BALANCE $36,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR CF Burbank Office, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 5.660% MATURITY DATE June 6, 2017 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 118 / IO LOCKBOX(1) Springing UP-FRONT RESERVES None ONGOING ANNUAL RESERVES(2) TAX/INSURANCE Springing REPLACEMENT Springing TI / LC RESERVE Springing ADDITIONAL FINANCING(3) Yes CUT-OFF DATE BALANCE $36,000,000 CUT-OFF DATE BALANCE/SF $338 CUT-OFF DATE LTV 70.6% MATURITY DATE LTV 70.6% UW DSCR ON NCF 1.42x -------------------------------------------------------------------------------- [PHOTO OF ALAMEDA MEDIA CENTER OMITTED] -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Burbank, CA PROPERTY TYPE Office - Suburban SIZE (SF) 106,660 OCCUPANCY AS OF APRIL 30, 2007 100.0% YEAR BUILT / YEAR RENOVATED 1981 / 2004-2005 APPRAISED VALUE $51,000,000 PROPERTY MANAGEMENT Transwestern UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $3,160,653 UW TOTAL EXPENSES $94,820 UW NET OPERATING INCOME (NOI) $3,065,833 UW NET CASH FLOW (NCF) $2,933,832 -------------------------------------------------------------------------------- (1) In the event that the sole tenant has not, at least twelve months prior to the expiration of its lease, exercised its option to extend its lease for an additional five years (a "Sweep Trigger Date"), the borrower is required to establish a lockbox and excess cash flow from the property, after payment of debt service, applicable reserve deposits, if any, and operating expenses ("Excess Cash Flow") is required to be deposited into a sweep account in lender's name, except that such cash flow sweep and deposit of Excess Cash Flow will not be required if borrower provides lender with a letter of credit in the amount of Excess Cash Flow that would have been deposited in the sweep account for the twelve month period following the Sweep Trigger Date. The Excess Cash Flow sweep will not be required, or if previously imposed, will be terminated if the tenant renews its lease for an additional five year term or replacement tenant(s) lease the property for at least a five year term. (2) Upon the occurrence and during the continuation of a "trigger event" with respect to the Alameda Media Office Loan under the loan documents, the Alameda Media Center Borrower is required to escrow 1/12 of estimated annual real estate taxes, insurance premiums, and tenant improvements and leasing commissions. A trigger event will be in effect upon an event of default under the loan documents and until the cure of the event of default. (3) Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 85% and a combined minimum DSC ratio of 1.10x. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 86
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COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ALAMEDA MEDIA CENTER -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY ------------------------------------------------------------------------------------------------------------------------------ % OF NET % OF TOTAL RATINGS NET RENTABLE RENTABLE BASE RENT ANNUAL BASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF ANNUAL BASE RENT RENT LEASE EXPIRATION ------------------------------------------------------------------------------------------------------------------------------ MAJOR TENANT Liberty Livewire Corp. .. NR/NR/NR 106,660 100.0% $ 30.28 $3,230,100 100.0% December 2016 ------- ----- PROPERTY TOTAL ........... 106,660 100.0% ======= ===== ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE ------------------------------------------------------------------------------------------------------------------------------ # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* ------------------------------------------------------------------------------------------------------------------------------ 2016 1 $ 30.28 106,660 100.0% 100.0% 100.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------ * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 87
FWP89th "Page" of 92TOC1stPreviousNextBottomJust 89th
COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- VISTA VILLAGE PHASE I -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOAN INFORMATION -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $33,200,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers TYPE OF SECURITY Fee MORTGAGE RATE 5.710% MATURITY DATE April 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 116 / IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE(1) Springing REPLACEMENT(1) Springing TI/LC(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $33,200,000 CUT-OFF DATE BALANCE/SF $257 CUT-OFF DATE LTV 65.4% MATURITY DATE LTV 65.4% UW DSCR ON NCF 1.47x -------------------------------------------------------------------------------- [PHOTO OF VISTA VILLAGE PHASE I OMITTED] -------------------------------------------------------------------------------- PROPERTY INFORMATION -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Vista, CA PROPERTY TYPE Retail -- Anchored SIZE (SF) 129,009 OCCUPANCY AS OF JULY 12, 2007 100.0% YEAR BUILT/YEAR RENOVATED 2002 / NA APPRAISED VALUE $50,800,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $3,919,402 UW TOTAL EXPENSES $1,051,470 UW NET OPERATING INCOME (NOI) $2,867,932 UW NET CASH FLOW (NCF) $2,778,714 -------------------------------------------------------------------------------- (1) Ongoing reserve will be required upon (i) event of default, (ii) transfer of the property (other than to an affiliate of the borrower), (iii) an aggregate debt service cover ratio less than 1.10x and (iv) certain other conditions as specified in the related Mortgage Loan documents. Annual Reserve amounts for replacement reserve and TI/LC reserve are $12,900 and $76,320, respectively. (2) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.25x, (ii) the aggregate loan-to-value ratio shall not exceed 75.0% and (iii) certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 88
FWP90th "Page" of 92TOC1stPreviousNextBottomJust 90th
COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- VISTA VILLAGE PHASE I -------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY --------------------------------------------------------------------------------------------------------------------------- % OF NET % OF TOTAL RATINGS* NET RENTABLE RENTABLE BASE RENT ANNUAL BASE ANNUAL BASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF RENT RENT LEASE EXPIRATION ---------------------------------------------------------------------------------------------------------------------------  MAJOR TENANTS Krikorian Theaters ... NR/NR/NR 69,654 54.0% $ 19.00 $1,323,426 41.8% November 2023 Coldwell Banker ...... NR/Ba3/B+ 6,090 4.7 $ 33.37 203,223 6.4 September 2010 Lamppost Pizza ....... NR/NR/NR 5,862 4.5 $ 27.47 161,029 5.1 March 2014 Panera Bread ......... NR/NR/NR 5,042 3.9 $ 30.00 151,260 4.8 July 2014 El Callejon .......... NR/NR/NR 4,845 3.8 $ 29.93 145,011 4.6 November 2014 ------- ----- ---------- ----- TOTAL MAJOR TENANTS .. 91,493 70.9% $ 21.68 $1,983,949 62.6% NON-MAJOR TENANTS ..... 37,516 29.1 $ 31.58 1,184,581 37.4 ------- ----- ---------- ----- OCCUPIED TOTAL ........ 129,009 100.0% $ 24.56 $3,168,530 100.0% VACANT SPACE .......... 0 0.0 ========== ===== ------- ----- PROPERTY TOTAL ........ 129,009 100.0% ======= ===== --------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. --------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE --------------------------------------------------------------------------------------------------------------------------- # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* RENT EXPIRING* RENT EXPIRING* --------------------------------------------------------------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 7 $ 30.10 8,373 6.5% 6.5% 8.0% 8.0% 2009 7 $ 32.67 13,123 10.2% 16.7% 13.5% 21.5% 2010 1 $ 33.37 6,090 4.7% 21.4% 6.4% 27.9% 2011 1 $ 33.00 1,753 1.4% 22.7% 1.8% 29.7% 2012 0 $ 0.00 0 0.0% 22.7% 0.0% 29.7% 2013 3 $ 31.80 4,479 3.5% 26.2% 4.5% 34.2% 2014 6 $ 29.22 22,926 17.8% 44.0% 21.1% 55.4% 2015 0 $ 0.00 0 0.0% 44.0% 0.0% 55.4% 2016 1 $ 34.80 2,611 2.0% 46.0% 2.9% 58.2% 2017 0 $ 0.00 0 0.0% 46.0% 0.0% 58.2% Thereafter 1 $ 19.00 69,654 54.0% 100.0% 41.8% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% --------------------------------------------------------------------------------------------------------------------------- * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 89
FWP91st "Page" of 92TOC1stPreviousNextBottomJust 91st
COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION -------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT SPONSOR CONCENTRATION ------------------------------------------------------------------------------------------------------------------------------ % OF WEIGHTED WEIGHTED # OF LOANS/ AGGREGATE CUT-OFF AVERAGE WEIGHTED AVERAGE MORTGAGED CUT-OFF DATE DATE POOL CUT-OFF AVERAGE UW MORTGAGE SPONSOR PROPERTIES MORTGAGE LOAN BALANCE BALANCE DATE LTV DSCR ON NCF RATE ------------------------------------------------------------------------------------------------------------------------------ Jonathan G. Davis and Paul 1/1 Charles River Plaza North $145,000,000 7.2% 73.0% 1.33x 5.606% R. Marcus James A. Procaccianti 4/4 Sheraton Suites - Alexandria, VA, $139,087,500 6.9% 69.0% 1.41x 5.987% Sheraton Suites - Wilmington, DE, Sheraton Suites - Kansas City, MO and Sheraton - East Hartford, CT The Irvine Company LLC 1/7 Irvine EOP San Diego Portfolio $137,000,000 6.8% 69.7% 1.37x 5.775% Laurence Gluck 1/1 2 Rector Street $100,000,000 5.0% 69.4% 1.19x 6.120% ------------------------------------------------------------------------------------------------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- ADJUSTED LTV OR DSC RATIOS -------------------------------------------------------------------------------------------------------------------------------- % OF CUT-OFF DATE # OF LOANS MORTGAGE LOAN POOL BALANCE -------------------------------------------------------------------------------------------------------------------------------- LTV ratio is based on the "as-stabilized" 8 Semoran North Apartments, 18.8% appraised value Hilton Garden Inn - College Park, GA, Sheraton Suites - Alexandria, VA, Sheraton Suites - Kansas City, MO, Sheraton Suites - Wilmington, DE, Arbors at Broadlands, Irvine EOP San Diego Portfolio, The Woods of North Bend Adjustment to DSC Ratio or LTV based on amounts 7 321 Ballenger Center Drive, Greens Crossroads, Rite Aid - 3.9% available under certain letters of credit Bronx, NY, 4001 Brandywine Street, NW, Alvarado and/or cash reserves Apartments, Dorado Heights Apartments, Landmark Apartments -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- PARI PASSU LOANS -------------------------------------------------------------------------------------------------------------- % OF CUT-OFF CUT-OFF DATE DATE POOL CONTROLLING MORTGAGE LOAN PRINCIPAL BALANCE BALANCE % OF PARI PASSU DEBT TRANSACTION -------------------------------------------------------------------------------------------------------------- Charles River Plaza North $145,000,000 7.2% 50% Cobalt 2007-C3 -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- SUBORDINATE COMPANION LOANS ---------------------------------------------------------------------------------------------------------------------------- CUT-OFF DATE SUBORDINATE CUT-OFF DATE % OF CUT-OFF DATE COMPANION LOAN MORTGAGE LOAN PRINCIPAL BALANCE POOL BALANCE BALANCE PRIMARY SERVICER ---------------------------------------------------------------------------------------------------------------------------- Charles River Plaza North $145,000,000 7.2% $20,000,000 Wachovia Bank, N.A. Irvine EOP San Diego Portfolio $137,000,000 6.8% $20,000,000 Wachovia Bank, N.A. 2 Rector Street $100,000,000 5.0% $10,000,000 Wachovia Bank, N.A. The Encino Courtyard $ 27,462,000 1.4% $ 5,500,000 Wachovia Bank, N.A. Cedar Ridge Townhomes $ 5,140,000 0.3% $ 650,000 CWCapital The Northcrest Apartments $ 5,000,000 0.2% $ 475,500 CWCapital ---------------------------------------------------------------------------------------------------------------------------- This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 90
FWPLast "Page" of 92TOC1stPreviousNextBottomJust 92nd
COBALT CMBS COMMERCIAL MORTGAGE TRUST 2007-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C3 -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- EXISTING SUBORDINATE FINANCING ----------------------------------------------------------------------------------------------------------------------------- % OF CUT-OFF DATE # OF LOANS LOANS POOL BALANCE ----------------------------------------------------------------------------------------------------------------------------- Secured by Mortgaged Property .................... 1 The Crane Building 0.6% Mezzanine Debt Secured by Ownership Interests in Borrower .................................... 6 Rio Norte Shopping Center, 4.8% Campus Club Student Housing Complex, Western Ridge Apartments, Fox Chase Apartments, Cooper's Mill, University Glades Student Housing Complex ----------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------ FUTURE PERMITTED FINANCING ------------------------------------------------------------------------------------------------------------------------------ % OF CUT-OFF DATE # OF LOANS LOANS POOL BALANCE ----------------------------------------------------------------------------------------------------------------------------- Mezzanine Debt Secured by Ownership Interests in Borrower 20 Irvine EOP San Diego Portfolio 27.2% Sheraton Suites - Alexandria, VA Falcon Ridge Town Center Phase I Walgreens Portfolio Sheraton Suites - Wilmington, DE, Alameda Media Center Vista Village Phase I Sheraton Suites - Kansas City, MO Hilton Garden Inn - College Park, GA The Woods of North Bend Sheraton - East Hartford, CT Illinois Student Housing Portfolio Timberhill Shopping Center Buschwood III Verizon Wireless I Verizon Wireless II Ville Montee Apartments San Marin Apartments - El Paso, TX Cedar Ridge Townhomes Haas Candy Factory Unsecured Debt .......................................... 1 Chant Portfolio--Pool 2 1.2% ------------------------------------------------------------------------------------------------------------------------------ This material is for your private information, and neither of Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. (the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-140740) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued with the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES CITIGROUP 91

Dates Referenced Herein   and   Documents Incorporated By Reference

Referenced-On Page
This FWP Filing   Date First   Last      Other Filings
12/20/0674
2/6/0755
3/1/0744
3/26/078384
3/29/0732
3/31/074961
4/1/0780
4/20/0738
4/24/074459
4/27/078384
5/1/0768
5/10/0738
5/18/072380
5/31/074885
6/4/074986
6/6/0750
6/11/0761
7/2/0722
7/5/0732
7/6/073874
7/9/0755
7/11/0774
7/12/072374
7/16/0755
Corrected On7/20/0725
Filed On7/21/07
Filed As Of7/23/07FWP
8/1/074
8/10/075424B5
1/11/0850
7/11/084885
4/11/0932
7/6/1022
3/11/1468
4/1/1461
6/11/146668
7/1/145861
10/11/1674
12/11/1655
1/11/177274
2/11/173880
3/11/173250
4/6/172224
4/11/1789
5/11/173683
6/6/1787
6/11/174885
7/6/172022
10/11/172832
7/6/372022
 
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