Fitch Affirms Lehman Brothers 2006-LLF C5.

NEW YORK -- Fitch Ratings has affirmed Lehman Brothers Floating Rate Commercial Mortgage Trust, series 2006-LLF C5, as follows:

--$236.4 million class A-1 at 'AAA';

--$388.3 million class A-2 at 'AAA';

--Interest-only class X-1 at 'AAA';

--Interest-only class X-2 at 'AAA';

--Interest-only class X-FLP at 'AAA';

--$58.5 million class B at 'AAA';

--$53.6 million class C at 'AAA';

--$34.1 million class D at 'AA+';

--$45.4 million class E at 'AA';

--$26.4 million class F at 'AA-';

--$45.0 million class G at 'A';

--$40.9 million class H at 'A-';

--$3.7 million class J at 'BBB+';

--$32.8 million class K at 'BBB';

--$57.0 million class L at 'BBB-'.

Fitch does not rate classes CHA-1, CHA-2, PR1-1, PR1-2, PR2, PR3-1, PR3-2, PRT-1, PRT-2, PRT-3, PRT-4, PRT-5, and WSD. Classes FLM, FRT-1, FRT-2, FRT-3, SFL and SMN have been paid in full.

The affirmations are due to the continued stabilization of the remaining collateral in the transaction. As of the October 2007 distribution date, the pool's aggregate certificate balance has decreased 52.1% to $1.02 billion from $2.13 billion at issuance. Of the original 26 loans, 15 remain in the transaction. The pooled A-note balances of the Chase at Bethesda (1.6%) and Portland Center (1.3%) loans have been reduced via proceeds from condominium sales.

Fitch reviewed operating statement analysis reports for all of the loans in the transaction. Based on stable performance of several properties and continued stabilization of the remaining properties, the loans maintain their investment grade shadow ratings.

The Walt Disney World Swan & Dolphin (31.5%), the largest loan in the pool, is secured by a 2,267-room resort hotel complex located within Walt Disney World in Lake Buena Vista, FL. As of YE 2006, the average daily rate and revenue per available room are $174.94 and $142.96 compared to $180.06 and $144.33 at issuance, respectively.

The second largest loan in the pool, 1515 Broadway (20.3%), is secured by a 1.76 million square foot office building located in the Times Square area of Midtown Manhattan. The $212.5 million pari passu A-1 note portion of the $425 million A-note is included in the trust. As of YE 2006, the Fitch stressed debt service coverage ratio is 1.34 times (x) compared to 1.38x at issuance. Occupancy as of June 30, 2007, has improved to 99.02% from 98.40% at issuance. The loan matures November 9, 2007, and has three one-year extension options.

The Praedium multi-note loans (7.7%) are in their first of three one-year extensions.

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