** MSC 2006-HQ9 ** $2.6Bn Fixed Rate CMBS
Sole Lead Bookrunning Manager: Morgan Stanley
Co-Lead Mananger: LaSalle
Co-Managers: Merrill Lynch, RBS Greenwich Capital
Rating Agencies: Fitch, S&P


Structure:

 CL  SIZE($MM) FITCH/S&P   C/E    A/L  PX LEV COUPON  PRICE    YIELD     CUSIP
 A1   104.3    AAA/AAA   30.000%  3.39  S+6   5.490  100.2492  5.4132  61750CAA5
 A2    92.9    AAA/AAA   30.000%  5.29  S+14  5.618  100.5495  5.5232  61705CAC1
 A3   215.0    AAA/AAA   30.000%  6.82  S+24  5.712  100.5445  5.6503  61705CAD9
 AAB   84.6    AAA/AAA   30.000%  7.49  S+21  5.685  100.5455  5.6319  61705CAE7
 A4   784.2    AAA/AAA   30.000%  9.72  S+24  5.731  100.5438  5.7013  61705CAF4
 A4FL 350.0    AAA/AAA   30.000%  9.72        ***  NOT AVAILABLE  ***
 AM   256.5    AAA/AAA   20.000%  9.90  S+28  5.773  100.5461  5.7450  61705CAG2
 AJ   202.0    AAA/AAA   12.125%  9.90  S+30  5.793  100.5484  5.7650  61750CAH0
 B     19.2    AA+/AA+   11.375%  9.90  S+34  5.832  100.5454  5.8050  61750CAJ6
 C     35.3    AA/AA     10.000%  9.90  S+35  5.842  100.5466  5.8150  61750CAK3
 D     28.9    AA-/AA-    8.875%  9.94  S+37  5.862  100.5448  5.8359  61750CAL1
 E     22.4    A+/A+      8.000%  9.99  S+41  5.902  100.5455  5.8767  61750CAM9
 F     25.7    A/A        7.000%  9.99  S+43  5.922  100.5478  5.8967  61750CAN7
*G     25.7    A-/A-      6.000%  9.99  S+50  6.099  100.5468  5.9667  61750CAS6
*H     28.9    BBB+/BBB+  4.875%  9.99  S+70  6.134   99.3433  6.1667  61750CAT4
*J     32.1    BBB/BBB    3.625%  9.99  S+83  6.134   98.4048  6.2967  61750CAU1
*K     25.7    BBB-/BBB-  2.625%  9.99  S+105 6.134   96.8418  6.5167  61750CAV9
*X   2565.2**  AAA/AAA                  T+145 0.395    1.8592  6.3513  61705CAP2
A1A   164.7    AAA/AAA         *** NOT OFFERED ***

* Subject to rule 144A

** Notional Balance


DETAILS:
- The Coupon for Classes G through K and X are Initial Only
- Settlement:  8/17/06
- First Payment Date: 9/12/06
- Rated Final Distribution Date:  July 2044


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