untitled

European CMBS Monthly Bulletin(November 2013): €10 Billion Of LoansMay Need Refinancing In 2014

Surveillance Credit Analyst:

James Belchamber, London +44 207 176 3734; [email protected]

Secondary Contact:

Robert W Leach, London (44) 20-7176-3652; [email protected]

Research Contributor:

Mahesh L Bodke, Mumbai; [email protected]

Media Contact:

Lisa Nugent, London (44) 20-7176-3501; [email protected]

Table Of Contents

Loan Maturities

Loan Delinquencies, Nonmonetary Breaches, And Cures

Specially Serviced Loans

Ratings And Note-Level Matters

Transactions And Related Publications

Loan Delinquencies And Nonmonetary Breaches Data

Specially Serviced Loans Data

Ratings And Note-Level Matters Data

Related Criteria And Research

STRUCTURED

FINANCE

RESEARCH

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 3, 2013 1

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European CMBS Monthly Bulletin (November2013): €10 Billion Of Loans May Need RefinancingIn 2014

With the largest year for loan maturities in the commercial mortgage-backed securities (CMBS) transactions that

Standard & Poor's Ratings Services rates almost complete, attention is now turning to 2014, when over €13 billion of

loans are scheduled to mature. Of these, about €3 billion have already prepaid, leaving an outstanding balance of over

€10 billion in need of refinancing. This is lower, compared with approximately €16 billion at the beginning of 2013.

Although 2014's refinancing challenge is not as acute as 2013, loan maturities will follow a year in which the number of

loans in special servicing increased to just under 50% of our remaining CMBS universe. This could increase difficulties

facing loans maturing in 2014, as they compete with these specially serviced loans for the limited amount of available

refinancing opportunities.

Table A

2014 Maturities By Country

Country Euro balance (€) Number of loans Euro balance (%)

Austria 70,000,000 1 0.51

Czech Rep 52,889,520 1 0.39

Finland 78,500,000 1 0.57

France 2,433,338,863 8 17.80

Germany 5,314,935,209 60 38.88

Italy 355,767,898 3 2.60

The Netherlands 835,995,399 3 6.12

Spain 77,000,000 1 0.56

Sweden 137,400,000 1 1.01

Switzerland 111,425,713 2 0.82

U.K. 4,201,777,192 31 30.74

Total 13,669,029,794 112 100.00

Excluding prepaid loans, maturing European loans outnumber U.K. loans three times over when compared by balance.

The two largest jurisdictions for maturing loans are Germany and the U.K.

Loans secured on office assets make up the largest portion of maturing loans—both by balance and by loan

count—accounting for 50% and 37%, respectively.

Table B

2014 Maturities By Asset Type

Asset type Euro balance (€) Number of loans Euro balance (%)

Car showrooms 7,135,255 1 0.05

Distribution warehouses 47,933,452 3 0.35

Hotels 7,123,958 1 0.05

Mixed use 2,529,451,850 25 18.50

Multifamily 1,260,453,694 16 9.22


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Table B

2014 Maturities By Asset Type (cont.)

Office 6,767,685,064 41 49.51

Residential 89,400,000 1 0.65

Retail 2,493,819,483 22 18.24

Student accommodation 466,027,038 2 3.41

Total 13,669,029,794 112 100.00

A review of the top four maturing asset classes by outstanding balance for 2014 indicates that loans with low

loan-to-value (LTV) ratios are still outperforming those with reported higher LTV ratios.

So far, 24 of the 112 loans scheduled to mature in 2014 have prepaid, three of which prepaid with a loss. For three of

the four asset types in chart A, the prepaid loans had a lower reported weighted-average LTV (WALTV) ratio than

outstanding loans. The overall average LTV ratio for outstanding loans is higher in all four asset types, compared with

the WALTV ratio for outstanding loans. This suggests that a number of large loans with low LTV ratios are driving

down the WALTV ratio of each asset type.

We believe that 2014 will be another difficult year for maturing CMBS loans. Although there has been some renewed

optimism for CMBS as a whole, this has primarily benefited a small number of loans with the strongest credit


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European CMBS Monthly Bulletin (November 2013): €10 Billion Of Loans May Need Refinancing In 2014

characteristics, while the remaining loans have continued to struggle. The loans scheduled to mature in 2014, as of

November 2013, are listed below in table 9 (part 2).

The information below is as of the end of October 2013, unless stated otherwise.

Table 1

Data Snapshot For Loans And Ratings

Loan developments Number of loans Number of transactions affected

Total delinquent 148 55

Total in nonmonetary breach 26 21

Total in special servicing 173 61

Maturity performance

Scheduled to mature 46 25

Repaid by maturity date 14 11

Rating actions Number of tranches Number of transactions affected

New 0 0

Raised 0 0

Lowered 21 8

Affirmed 6 4

To CreditWatch negative 0 0

To 'D (sf)' 9 4

Total at 'D (sf)' 155 56

Redemptions 0 0

Data Notes

• The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions,

nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE

CDOs]) stood at 376 at the end of October 2013.

• The British pound sterling and euro balances of this universe over this period were £25,794,637,292 and

€24,806,287,279, respectively.

• The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming

loans, and CRE CDOs) were £27,596,694,243 and €26,833,358,653, respectively.

Loan Maturities

Loan maturity performance

Of the 46 loans that matured:

• Borrowers repaid 14 in full;

• Three repaid with a loss;

• Servicers extended the term of five loans;


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• Servicers declared 16 to be in default; and

• We're currently awaiting information for the remaining loans.

Table 2

Maturities In October 2013

Transaction Loan Jurisdiction Asset type

Loan

maturity

date

Note final

maturity

date Comment

Alburn Real Estate

Capital Ltd.

Alburn Real Estate

Capital Ltd.

U.K. Office Oct 1, 2013 Oct 1, 2016 Repaid with a

loss

Quality Parking 2007 B.V. Quality Parking 2007

B.V.

The

Netherlands/U.K.

Car parks Oct 3, 2013 Oct 1, 2016 Repaid

Hypo Real Estate Bank

International AG

(ESTATE UK-3)

123 775 U.K. Office Oct 5, 2013 Mar 20, 2022 Awaiting

information

CPUK Mortgage Finance

Ltd.

CPUK Mortgage

Finance Ltd.

U.K. Leisure Oct 5, 2013 Oct 10, 2018 Repaid


AG (Estate Pan-Europe 5)

Loan 15 Germany Multifamily

housing

Oct 10, 2013 Jul 25, 2018 Repaid

Windermere XI CMBS

PLC

The Government

Income Portfolio

Mortgage Loan

U.K. Office Oct 15, 2015 Apr 15, 2017 Extended to

October 2015

Talisman-5 Finance PLC The Penguin Loan France Office Oct 15, 2013 Oct 22, 2016 Defaulted

Talisman-6 Finance PLC The Mango Loan Germany Office Oct 15, 2013 Oct 24, 2016 Awaiting

information

Talisman-6 Finance PLC The Pineapple Loan Germany Multifamily

housing

Oct 15, 2013 Oct 24, 2016 Awaiting

information

Windermere X CMBS

Ltd.

Thunderbird Germany Multifamily

housing

Oct 15, 2013 Oct 15, 2019 Repaid

INDUS (ECLIPSE 2007-1)

PLC

Pitch 2 U.K. Office Oct 16, 2013 Jan 1, 2020 Repaid

EQUINOX (ECLIPSE

2006-1) PLC

Royal Mint Court U.K. Office Oct 16, 2013 Jan 25, 2018 Awaiting

information


PLC

Alba Gate U.K. Office Oct 17, 2013 Jan 1, 2020 Repaid

Opera Germany (No. 2)

PLC

Kö KG & OP KG & SM

KG & RRZ KG

Germany Retail Oct 17, 2013 Oct 20, 2014 Defaulted


PLC

St George U.K. Office Oct 17, 2013 Jan 1, 2020 Repaid

Titan Europe 2007-3 Ltd. Project Regulator Loan U.K. Office Oct 18, 2013 Oct 23, 2016 Defaulted

Infinity 2007-1 ’’Soprano’’

FCC

EHE - Pool 1A Germany Retail Oct 18, 2013 Nov 5, 2019 Awaiting

information


FCC

EHE - Pool B Germany Mixed use Oct 18, 2013 Nov 5, 2019 Awaiting

information

Cornerstone Titan 2007-1

PLC

Munster Loan Germany Retail Jan 17, 2014 Jan 23, 2017 Extended to

January 2014

Prominent CMBS Conduit

No. 2 Ltd.

Ambassador U.K. Retail Oct 18, 2013 Apr 26, 2019 Repaid with a

loss

Titan Europe 2007-3 Ltd. Norwich Union House

Loan

U.K. Office Oct 18, 2013 Oct 23, 2016 Defaulted

Titan Europe 2007-2 Ltd. Skoduv Palace Loan Czech Rep Office Jan 18, 2014 Apr 1, 2017 Extended to

January 2014

Titan Europe 2007-3 Ltd. Project Kennet Loan U.K. Office Oct 18, 2013 Oct 23, 2016 Defaulted


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Table 2

Maturities In October 2013 (cont.)

Titan Europe 2007-3 Ltd. Quadrant House Loan U.K. Office Oct 18, 2013 Oct 23, 2016 Defaulted

Titan Europe 2007-2 Ltd. Redbus Interhouse Loan The Netherlands Office Oct 18, 2013 Apr 1, 2017 Repaid

Prominent CMBS Conduit

No. 2 Ltd.

Roade One U.K. Distribution

warehouse

Oct 18, 2013 Apr 26, 2019 Repaid with a

loss

Cornerstone Titan 2007-1

PLC

Zana Centrum Loan Poland Office Oct 18, 2013 Jan 23, 2017 Defaulted

DECO 10-Pan Europe 4

PLC

Rubicon Nike The Netherlands Office Oct 20, 2014 Oct 27, 2019 Extended to

October 2014

Deco 17 - Pan Europe 7

Ltd.

Allokton Sweden Mixed use Oct 20, 2013 Jul 27, 2020 Repaid

Triton (European Loan

Conduit No. 26) PLC

Access Portfolio U.K. Self storage Oct 20, 2013 Oct 25, 2019 Repaid


PLC

DFK Portfolio Germany Mixed use Oct 20, 2013 Oct 27, 2019 Awaiting

information


PLC

Emmen Wohncenter Switzerland Retail Oct 20, 2013 Oct 27, 2019 Defaulted

DECO 14—Pan Europe 5

B.V.

GA 1 MF Germany Multifamily

housing

Oct 20, 2013 Oct 27, 2020 Repaid

Epic (Drummond) Ltd. Giugliano 1 Italy Retail Oct 20, 2013 Jan 25, 2022 Repaid

Epic (Drummond) Ltd. Giugliano 2 Italy Retail Oct 20, 2013 Jan 25, 2022 Repaid


PLC

Lubeck Retail Germany Mixed use Oct 20, 2013 Oct 27, 2019 Defaulted


Ltd.

Mayne Germany Retail Oct 20, 2013 Jul 27, 2020 Defaulted

Triton (European Loan

Conduit No. 26) PLC

Nextra 2 UK U.K. Office Oct 20, 2016 Oct 25, 2019 Extended to

October 2016

DECO 11 - UK Conduit 3

PLC

Regent Capital U.K. Distribution

warehouse

Oct 20, 2013 Jan 27, 2020 Defaulted


PLC

Starcharm Limited U.K. Distribution

warehouse

Oct 20, 2013 Jan 27, 2020 Defaulted


PLC

Swisscom Switzerland Office Oct 20, 2013 Oct 27, 2019 Defaulted


PLC

Toom DIY Germany Retail Oct 20, 2013 Oct 27, 2019 Defaulted

Epic (Drummond) Ltd. Zenon Greece Retail/car

Parks

Oct 20, 2013 Jan 25, 2022 Awaiting

information

Fordgate Commercial

Securitisation No.1 PLC

Fordgate Commercial


U.K. Office Oct 21, 2013 Oct 23, 2016 Defaulted


FCC

UFG France Multifamily

housing

Oct 21, 2013 Nov 5, 2019 Repaid

NEMUS II (Arden) PLC Fern Trustee 1 Ltd and

Fern Trustee 2 Ltd

U.K. Office Oct 31, 2013 Feb 15, 2020 Defaulted

Loan maturity default rate and performance statistics. The maturity default rate sharply increased to 16.06% from

11.03%.

November maturities

We expect the maturity default rate to increase marginally in our next European CMBS monthly bulletin, as only six

loans are scheduled to mature, none of which have repaid.


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Chart 1

Loan Maturity Index Default Methodology

• To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature.

• For example, our rate at the end of October is tracked against the total balance of loans scheduled to mature

between Nov. 1, 2012 and Oct. 31, 2013. This amount is €19.61 billion when expressed in euros.

• We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that

period and that either extended, went into standstill, or for which we await information.

Loan maturities data

See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables

8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and

sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and

the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).


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Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan delinquencies and cures

There were 17 loan delinquencies, all of which failed to repay at maturity. Four loans were resolved from our

delinquencies index over the last month (see table 3). As a result, the number of loans in our delinquencies index

increased to 148.

As shown in chart 2, the delinquency rate for:

• Outstanding euro-denominated loans increased sharply to 37.37% from 31.73%; and

• Outstanding pound sterling-denominated loans increased to 12.47% from 10.03%.

Chart 2

Table 3

Delinquencies

Transaction Loan Jurisdiction Asset type Comment

Additions

Opera Germany (No. 2) PLC Kö KG & OP KG & SM KG & RRZ

KG

Germany Retail Maturity payment

default


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Table 3

Delinquencies (cont.)

Cornerstone Titan 2007-1 PLC Zana Centrum Poland Office Maturity payment

default

Talisman-5 Finance PLC Penguin France Office Maturity payment

default

Fordgate Commercial Securitisation

No.1 PLC

Fordgate Commercial Securitisation

No.1 PLC

U.K. Office Maturity payment

default

Titan Europe 2007-3 Ltd. Project Kennet U.K. Office Maturity payment

default

Titan Europe 2007-3 Ltd. Norwich Union House U.K. Office Maturity payment

default

Titan Europe 2007-3 Ltd. Project Regulator U.K. Office Maturity payment

default

Titan Europe 2007-3 Ltd. Quadrant House U.K. Office Maturity payment

default

DECO 10-Pan Europe 4 PLC Emmen Wohncenter Switzerland Retail Maturity payment

default

DECO 11 - UK Conduit 3 PLC Regent Capital U.K. Distribution

warehouse

Maturity payment

default

DECO 11 - UK Conduit 3 PLC Investco Estates Ltd. U.K. Distribution

warehouse

Maturity payment

default

Deco 17 - Pan Europe 7 Ltd. Mayne Germany Retail Maturity payment

default

DECO 10-Pan Europe 4 PLC Swisscom Switzerland Office Maturity payment

default

DECO 10-Pan Europe 4 PLC Toom DIY Germany Retail Maturity payment

default

DECO 10-Pan Europe 4 PLC Lubeck Retail Germany Mixed use Maturity payment

default

DECO 11 - UK Conduit 3 PLC Starcharm Ltd. U.K. Distribution

warehouse

Maturity payment

default

NEMUS II (Arden) PLC Fern Trustee 1 Ltd and Fern Trustee

2 Ltd.

U.K. Office Maturity payment

default

Cures/resolved

DECO Series 2005-UK Conduit 1

PLC

Sandfile Ltd. U.K. Industrial Repaid with loss

Victoria Funding (EMC-III) PLC Brisk Ltd. U.K. Retail Repaid with loss

Cornerstone Titan 2006-1 PLC Lloyds Chamber U.K. Office Repaid with loss

Titan Europe 2007-3 Ltd. Project Towergate U.K. Office Repaid

Loan nonmonetary breaches and cures

There were no nonmonetary breaches. However, four loans were resolved from our nonmonetary breaches index. As a

result, the number of loans in our nonmonetary breaches index decreased to 26 from 30 (see table 4).

As shown in chart 3, the nonmonetary breach rate for:

• Outstanding euro-denominated senior loans slightly increased to 5.46% from 5.16%; and

• Outstanding pound sterling-denominated senior loans decreased to 3.11% from 3.62%.


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Chart 3

Table 4

Nonmonetary Breaches


Additions

None -- -- -- --

Cures/resolved, or transferred to our delinquencies index

JUNO (ECLIPSE 2007-2) Ltd. Senior Den Tir Belgium Retail Repaid with a loss

Nemus II (Arden) PLC Fern Trustee 1 Ltd. and Fern

Trustee 2 Ltd.

U.K. Office Transferred to our delinquency

index

Indus (Eclipse 2007-1)PLC St George U.K. Office Repaid

Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. U.K. Office Repaid with a loss

Loan delinquencies and nonmonetary breaches data

See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 10), our full

nonmonetary breaches index (table 11), as well as data on the legal maturity profile for pound sterling and euro

transactions from 2013 to 2020 (chart 9), and term and maturity delinquencies for pound sterling and euro loans

(charts 10 and 11).


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Fifteen loans entered special servicing (see table 5). We removed five loans from our special servicing index, one of

which has fully repaid. The remaining four repaid with a loss. Overall, the number of loans in our special servicing

index increased to 173 from 163 (see chart 4).

Notices

We expect loans in our special servicing index to increase marginally in our next European CMBS monthly bulletin,

with six loans scheduled to mature, none of which have repaid.

Chart 4

Table 5



Additions

FORNAX (ECLIPSE 2006-2) B.V. Cassina Plaza Italy Mixed use Consequence of the imminent

default

Opera Germany (No. 2) PLC Kö KG & OP KG & SM KG & RRZ

KG

Germany Retail Maturity payment default


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Table 5

Specially Serviced Loans (cont.)

Cornerstone Titan 2007-1 PLC Zana Centrum Poland Office Maturity payment default

Fordgate Commercial


Fordgate Commercial


U.K. Office Maturity payment default

Titan Europe 2007-3 Ltd. Project Kennet U.K. Office Maturity payment default

Titan Europe 2007-3 Ltd. Norwich Union House U.K. Office Maturity payment default

Titan Europe 2007-3 Ltd. Quadrant House U.K. Office Maturity payment default

DECO 10-Pan Europe 4 PLC Emmen Wohncenter Switzerland Retail Maturity payment default

DECO 11 - UK Conduit 3 PLC Regent Capital U.K. Distribution

warehouse

Maturity payment default

DECO 11 - UK Conduit 3 PLC Investco Estates Ltd. U.K. Distribution

warehouse


Deco 17 - Pan Europe 7 Ltd. Mayne Germany Retail Maturity payment default

DECO 10-Pan Europe 4 PLC Swisscom Switzerland Office Maturity payment default

DECO 10-Pan Europe 4 PLC Toom DIY Germany Retail Maturity payment default

DECO 10-Pan Europe 4 PLC Lubeck Retail Germany Mixed use Maturity payment default

DECO 11 - UK Conduit 3 PLC Starcharm Ltd. U.K. Distribution

warehouse


Cures/resolved

DECO Series 2005-UK Conduit 1

PLC

Sandfile Ltd. U.K. Industrial Repaid with a loss

Victoria Funding (EMC-III) PLC Brisk Ltd. U.K. Retail Repaid with a loss

Cornerstone Titan 2006-1 PLC Lloyds Chamber U.K. Office Repaid with a loss

Titan Europe 2007-3 Ltd. Project Towergate U.K. Office Repaid

JUNO (ECLIPSE 2007-2) Ltd. Senior Den Tir Belgium Retail Repaid with a loss

Specially serviced loans data

See "Specially Serviced Loans Data" below for our full special servicing index (table 12), as well as data on loans in

special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice

Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.

Ratings And Note-Level Matters

Ratings performance

Withdrawals. There were no rating withdrawals over the last month.

Affirmations. We affirmed our ratings on six classes of notes in four transactions.

Upgrades. There were no upgrades over the last month.

Downgrades. We lowered our ratings on 21 classes of notes in eight transactions.

Rating defaults. There were nine defaults.


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Table 6

Rating Defaults

Transaction Class

Month rating lowered to

'D (sf)' Original rating

Rating immediately before

'D (sf)' Comment

Talisman-5 Finance PLC D October 2013 BBB (sf) CCC- (sf) Principal loss

allocation

Talisman-5 Finance PLC E October 2013 BBB- (sf) CCC- (sf) Principal loss

allocation

JUNO (ECLIPSE 2007-2)

Ltd.

C October 2013 A (sf) CCC- (sf) Principal loss

allocation


PLC

E October 2013 BBB- (sf) CCC- (sf) Interest shortfall

Alburn Real Estate Capital

Ltd.

A October 2013 AAA (sf) CC (sf) Principal loss

allocation


Ltd.

B October 2013 AA (sf) CC (sf) Principal loss

allocation


Ltd.

C October 2013 A (sf) CC (sf) Principal loss

allocation


Ltd.

D October 2013 BBB (sf) CC (sf) Principal loss

allocation


Ltd.

E October 2013 BBB (sf) CC (sf) Principal loss

allocation

Transactions And Related Publications

Table 7

Transactions And Related Publications In October 2013

Transaction Article Date

Sandwell Commercial Finance

No. 1 PLC

Various Rating Actions Taken On Sandwell Commercial Finance No. 1's U.K. CMBS

Notes For Credit And Counterparty Reasons

Oct. 29, 2013

Cornerstone Titan 2005-1 PLC Rating Lowered On Cornerstone Titan 2005-1's Class F CMBS Notes Due To Expected

Interest Shortfall

Oct. 29, 2013

Opera Finance (CMH) PLC Ratings Lowered On Irish CMBS Transaction Opera Finance (CMH)'s Class C And D

Notes Due To Expected Losses

Oct. 25, 2013

Alburn Real Estate Capital Ltd. All Ratings Lowered To 'D (sf)' And Withdrawn In U.K. CMBS Transaction Alburn Real

Estate Capital After Principal Losses

Oct. 25, 2013

Excalibur Funding No. 1 PLC Rating Affirmed At 'D (sf)' On European CMBS Transaction Excalibur Funding No. 1's

Class A Notes

Oct. 24, 2013

DECO 11 – UK Conduit 3 PLC Rating Lowered On U.K. CMBS Transaction DECO 11 – UK Conduit 3's Class E Notes

Following Interest Shortfall

Oct. 18, 2013

JUNO (ECLIPSE 2007-2) Ltd. Ratings Lowered On JUNO (ECLIPSE 2007-2)'s Class B And C European CMBS Notes;

Ratings Affirmed On Class D And E Notes

Oct. 17, 2013

Talisman-5 Finance PLC Ratings On CMBS Transaction Talisman-5 Finance's Class D And E Notes Lowered To

'D (sf)' Following Principal Losses

Oct. 4, 2013

Opera Germany (No. 2) PLC Ratings Lowered On CMBS Transaction Opera Germany (No. 2)'s Class A To E Notes

Due To Increased Timing Risk

Oct. 4, 2013


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Chart 5


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Chart 6


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Chart 7


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Chart 8

Table 8

Loans Maturing Over The Past Quarter


Loan

maturity

date

Note final

maturity

date

Loan

balance Comment

Vulcan (European

Loan Conduit No.

28) Ltd.

Tishman Munich

Office II

Germany Mixed use Aug 7,

2013

May 15,

2017

30,030,000 Repaid

Silenus (European

Loan Conduit No.

25) Ltd.

Margaux EDF France Office Aug 7,

2013

May 15,

2019

134,371,823 Repaid

Windermere X

CMBS Ltd.

Lightning Dutch The Netherlands Office Aug 10,

2013

Oct 15,

2019

15,542,500 Defaulted *

JUNO (ECLIPSE

2007-2) Ltd.

Ostend Belgium Retail Aug 10,

2013

Nov 1, 2022 26,691,000 Repaid

JUNO (ECLIPSE

2007-2) Ltd.

Neumarkt Germany Retail Aug 10,

2013

Nov 1, 2022 122,312,500 Awaiting

information

*

German Residential

Funding PLC

German Residential

Funding PLC

Germany Multifamily

housing

Aug 15,

2013

Aug 22,

2018

2,025,321,590 Repaid

Quokka Finance

PLC

Annenhoele Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 19,066,821 Repaid


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Table 8

Loans Maturing Over The Past Quarter (cont.)

Quokka Finance

PLC

Domus Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 37,675,829 Repaid

Quokka Finance

PLC

Emersion Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 176,554,410 Repaid

Quokka Finance

PLC

Goniatat Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 31,307,947 Repaid

Quokka Finance

PLC

Norddeutschland Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 67,833,357 Repaid

Quokka Finance

PLC

Residential 2 Germany Multifamily

housing

Aug 30,

2013

Sep 1, 2016 71,709,283 Repaid

Quokka Finance

PLC


housing

Aug 30,

2013

Sep 1, 2016 20,655,387 Repaid

Quokka Finance

PLC


housing

Aug 30,

2013

Sep 1, 2016 28,507,307 Repaid

Quokka Finance

PLC


housing

Aug 30,

2013

Sep 1, 2016 45,690,969 Repaid

Quokka Finance

PLC


housing

Aug 30,

2013

Sep 1, 2016 25,310,755 Repaid

Quokka Finance

PLC


housing

Aug 30,

2013

Sep 1, 2016 31,139,661 Repaid

MESDAG (Charlie)

B.V.

Derrick Germany Office Sep 2, 2013 Oct 31,

2019

3,139,073 Awaiting

information

Prominent CMBS

Funding No. 1 PLC

1200304120 U.K. Mixed use Sep 9, 2013 Dec 20,

2032

57,600,000 Repaid

Credent Ltd. Credent Ltd. Germany Retail Sep 15,

2013

Sep 15,

2016

297,845,000 Repaid

Titan Europe

2007-2 Ltd.

Project Christie Germany Retail Nov 20,

2013

Apr 1, 2017 291,236,427 Extended to

November

2013

MESDAG (Charlie)

B.V.

TOR Germany Multifamily

housing

Sep 30,

2013

Oct 31,

2019

14,037,990 Repaid

Alburn Real Estate

Capital Ltd.

Alburn Real Estate

Capital Ltd.

U.K. Office Oct 1, 2013 Oct 1, 2016 108,615,491 Repaid with a

loss

Quality Parking

2007 B.V.

Quality Parking 2007

B.V.

The

Netherlands/U.K.

Car parks Oct 3, 2013 Oct 1, 2016 300,000,000 Repaid

Hypo Real Estate

Bank International

AG (ESTATE

UK-3)

123 775 U.K. Office Oct 5, 2013 Mar 20,

2022

9,133,587 Awaiting

information

CPUK Mortgage

Finance Ltd.

CPUK Mortgage

Finance Ltd.

U.K. Leisure Oct 5, 2013 Oct 10,

2018

746,322,000 Repaid

Hypo Real Estate

Bank AG (Estate

Pan-Europe 5)

15 Germany Multifamily

housing

Oct 10,

2013

Jul 25, 2018 84,878,000 Repaid

Windermere XI

CMBS PLC

The Government

Income Portfolio

Mortgage

U.K. Office Oct 15,

2015

Apr 15,

2017

79,164,518 Extended to

October 2015

Talisman-5

Finance PLC

The Penguin France Office Oct 15,

2013

Oct 22,

2016


Talisman-6

Finance PLC

The Mango Germany Office Oct 15,

2013

Oct 24,

2016

86,197,016 Awaiting

information

*

Talisman-6

Finance PLC

The Pineapple Germany Multifamily

housing

Oct 15,

2013

Oct 24,

2016

48,692,786 Awaiting

information

*


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Table 8


Windermere X

CMBS Ltd.

Thunderbird Germany Multifamily

housing

Oct 15,

2013

Oct 15,

2019

67,741,160 Repaid

INDUS (ECLIPSE

2007-1) PLC

Pitch 2 U.K. Office Oct 16,

2013

Jan 1, 2020 22,219,075 Repaid

EQUINOX

(ECLIPSE 2006-1)

PLC

Royal Mint Court U.K. Office Oct 16,

2013

Jan 25,

2018

69,483,625 Awaiting

information

*

INDUS (ECLIPSE

2007-1) PLC

Alba Gate U.K. Office Oct 17,

2013

Jan 1, 2020 7,580,650 Repaid

Opera Germany

(No. 2) PLC

Kö KG & OP KG &

SM KG & RRZ KG

Germany Retail Oct 17,

2013

Oct 20,

2014

500,400,000 Defaulted *

INDUS (ECLIPSE

2007-1) PLC

St George U.K. Office Oct 17,

2013

Jan 1, 2020 6,247,500 Repaid

Titan Europe

2007-3 Ltd.

Project Regulator U.K. Office Oct 18,

2013

Oct 23,

2016

175,959,261 Defaulted *

Infinity 2007-1

’’Soprano’’ FCC

EHE - Pool 1A Germany Retail Oct 18,

2013

Nov 5, 2019 371,670,760 Awaiting

information

*

Infinity 2007-1


EHE - Pool B Germany Mixed use Oct 18,

2013

Nov 5, 2019 35,295,072 Awaiting

information

Cornerstone Titan

2007-1 PLC

Munster Germany Retail Jan 17,

2014

Jan 23,

2017


January 2014

Prominent CMBS

Conduit No. 2 Ltd.

Ambassador U.K. Retail Oct 18,

2013

Apr 26,

2019

90,930,000 Repaid with a

loss

Titan Europe

2007-3 Ltd.

Norwich Union

House

U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-2 Ltd.

Skoduv Palace Czech Rep Office Jan 18,

2014

Apr 1, 2017 52,889,520 Extended to

January 2014

*

Titan Europe

2007-3 Ltd.

Project Kennet U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-3 Ltd.

Quadrant House U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-2 Ltd.

Redbus Interhouse The Netherlands Office Oct 18,

2013

Apr 1, 2017 6,356,571 Repaid

Prominent CMBS

Conduit No. 2 Ltd.

Roade One U.K. Distribution

warehouse

Oct 18,

2013

Apr 26,

2019

80,100,000 Repaid with a

loss

Cornerstone Titan

2007-1 PLC

Zana Centrum Poland Office Oct 18,

2013

Jan 23,

2017


DECO 10-Pan

Europe 4 PLC

Rubicon Nike The Netherlands Office Oct 20,

2014

Oct 27,

2019


October 2014

Deco 17 - Pan

Europe 7 Ltd.

Allokton Sweden Mixed use Oct 20,

2013

Jul 27, 2020 56,991,728 Repaid

Triton (European

Loan Conduit No.

26) PLC

Access Portfolio U.K. Self storage Oct 20,

2013

Oct 25,

2019

158,400,000 Repaid

DECO 10-Pan

Europe 4 PLC

DFK Portfolio Germany Mixed use Oct 20,

2013

Oct 27,

2019

32,452,549 Awaiting

information

*

DECO 10-Pan

Europe 4 PLC

Emmen Wohncenter Switzerland Retail Oct 20,

2013

Oct 27,

2019


DECO 14—Pan

Europe 5 B.V.

GA 1 MF Germany Multifamily

housing

Oct 20,

2013

Oct 27,

2020

146,702,496 Repaid

Epic (Drummond)

Ltd.

Giugliano 1 Italy Retail Oct 20,

2013

Jan 25,

2022

53,000,000 Repaid


1223026 | 300051529


Table 8


Epic (Drummond)

Ltd.

Giugliano 2 Italy Retail Oct 20,

2013

Jan 25,

2022

27,000,000 Repaid

DECO 10-Pan

Europe 4 PLC

Lubeck Retail Germany Mixed use Oct 20,

2013

Oct 27,

2019


Deco 17 - Pan

Europe 7 Ltd.

Mayne Germany Retail Oct 20,

2013

Jul 27, 2020 150,124,261 Defaulted *

Triton (European

Loan Conduit No.

26) PLC

Nextra 2 UK U.K. Office Oct 20,

2016

Oct 25,

2019


October 2016

DECO 11 - UK

Conduit 3 PLC

Regent Capital U.K. Distribution

warehouse

Oct 20,

2013

Jan 27,

2020


DECO 11 - UK

Conduit 3 PLC

Starcharm Ltd. U.K. Distribution

warehouse

Oct 20,

2013

Jan 27,

2020


DECO 10-Pan

Europe 4 PLC

Swisscom Switzerland Office Oct 20,

2013

Oct 27,

2019


DECO 10-Pan

Europe 4 PLC

Toom DIY Germany Retail Oct 20,

2013

Oct 27,

2019


Epic (Drummond)

Ltd.

Zenon Greece Retail/car

parks

Oct 20,

2013

Jan 25,

2022

36,177,400 Awaiting

information

*

Fordgate

Commercial

Securitisation No.1

PLC

Fordgate

Commercial

Securitisation No.1

PLC

U.K. Office Oct 21,

2013

Oct 23,

2016

261,893,781 Defaulted *

Infinity 2007-1


UFG France Multifamily

housing

Oct 21,

2013

Nov 5, 2019 2,540,100 Repaid

NEMUS II (Arden)

PLC

Fern Trustee 1 Ltd.

and Fern Trustee 2

Ltd.

U.K. Office Oct 31,

2013

Feb 15,

2020


*According to our data at the end of October 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing

(see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12 respectively).


1223026 | 300051529


Chart 9

Table 9

Loans Maturing From November To December 2013

Part 1


Loan

maturity

date

Note final

maturity

date

Loan balance

(euro

equivalent) Comment

Vulcan (European

Loan Conduit No.

28) Ltd.

Babcock French

Portfolio

France Office Nov 7, 2013 May 15, 2017 26,035,444 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Henderson

Hanau Shopping

Centre

Germany Retail Nov 7, 2013 May 15, 2017 18,900,000 --

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza Italy Mixed use Nov 10,

2013

Feb 20, 2019 39,888,550 -- *

JUNO (ECLIPSE

2007-2) Ltd.

Le Croissant Belgium Office Nov 10,

2013

Nov 1, 2022 18,215,000 --

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen Germany Retail Nov 10,

2013

Nov 1, 2022 68,816,748 -- *

Titan Europe 2007-2

Ltd.

Project Christie Germany Retail Nov 20,

2013

Apr 1, 2017 291,236,427 --

Prominent CMBS

Conduit No. 2 Ltd.

Lavincino U.K. Retail Dec 6, 2013 Apr 26, 2019 97,680,000 --


1223026 | 300051529


Table 9

Loans Maturing From November To December 2013 (cont.)

Immeo Residential

Finance No.2 Ltd.

Immeo

Residential

Finance No.2 Ltd.

Germany Multifamily

housing

Dec 15,

2013

Dec 15, 2016 537,123,677 Repaid

European Property

Capital 1

European

Property Capital

1

France Mixed use Dec 24,

2013

Dec 31, 2013 87,732,244 Repaid

Hypo Real Estate

Bank AG (Estate

Pan-Europe 5)

5 France Office Dec 28,

2013

Jul 25, 2018 22,000,000 Repaid

FCT Infinity 2009-1

"Gamma"

Master France Office Dec 31,

2013

Nov 1, 2019 80,673,520 Repaid

*According to our data at the end of October 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special

servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively).

Table 9

Loans Scheduled To Mature In 2014, As Of November 2013

Part 2

Transaction

name Loan name

Current

loan

maturity

date

Transaction

legal final

maturity Country

Property

type

Loan

currency

Current

securitized loan

balance/balance

at maturity Latest value

Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Fisherman IBC

Portfolio

Jan 30,

2014

Feb 4, 2020 France Mixed use EUR 13,366,334 31,670,000

Titan Europe

2007-2 Ltd.

Skoduv Palace Loan Jan 18,

2014

Apr 1, 2017 Czech

Republic

Office EUR 52,889,520 88,219,304

DECO

10-Pan

Europe 4

PLC

Dresdner Office

Portfolio

Jan 20,

2014

Oct 27, 2019 Germany EUR 82,970,149 280,561,500

DECO 9 -

Pan Europe 3

PLC

Dresdner Office

Portfolio

Jan 20,

2014

Jul 27, 2017 Germany EUR 82,970,149 280,561,500

DECO 7 -

Pan Europe 2

PLC

Tiago Apr 20,

2014

Jan 27, 2018 Germany Office EUR 95,243,464 106,600,000

FORNAX

(ECLIPSE

2006-2) B.V.

ATU Germany Jul 24,

2014

Feb 20, 2019 Germany Mixed use EUR 12,681,720 36,620,000

EuroProp

(EMC VI)

S.A.

Bardowick Loan Apr 16,

2014

Apr 30, 2017 Germany Mixed use EUR 5,175,000 6,999,865

EuroProp

(EMC VI)

S.A.

Cluster 1 Loan Apr 16,

2014


EuroProp

(EMC VI)

S.A.

Cluster 2 Loan Apr 16,

2014


EuroProp

(EMC VI)

S.A.

Cluster 4 & 5 Loan Apr 16,

2014



1223026 | 300051529


Table 9

Loans Scheduled To Mature In 2014, As Of November 2013 (cont.)

EuroProp

(EMC VI)

S.A.

Henderson - Bergen

Loan

Jan 16,

2014


EuroProp

(EMC VI)

S.A.

Henderson - Staples

Loan

Jan 16,

2014


INDUS

(ECLIPSE

2007-1) PLC

FORSTER HALL Apr 16,

2014

Jan 1, 2020 U.K. Student

Accomodation

GBP 8,100,000 15,850,000

Silenus

(European

Loan Conduit

No. 25) Ltd.

ANTONY PARC Aug 7,

2014

May 15,

2019

France Office EUR 52,418,475 78,500,000

Vulcan

(European

Loan Conduit

No. 28) Ltd.

Tishman Hamburg

Office

Feb 7,

2014

May 15,

2017

Germany Office EUR 51,300,000 77,900,000

Cornerstone

Titan 2007-1

PLC

Munster Loan Jan 17,

2014

Jan 23, 2017 Germany Retail EUR 9,571,523 30,245,000

DECO

10-Pan

Europe 4

PLC

Rubicon Nike Oct 20,

2014

Oct 27, 2019 Netherlands Office EUR 55,085,933 64,000,000

Bruntwood

Alpha PLC

Bruntwoood 2000 Jan 1,

2014

Jan 1, 2017 U.K. Office GBP 229,150,000 310,615,000

Bruntwood

Alpha PLC

Bruntwoood Estates Jan 1,

2014

Jan 1, 2017 U.K. Office GBP 80,350,000 292,125,000

DRACO

(ECLIPSE

2005-4) PLC

Herbert House Jan 7,

2014

Oct 1, 2017 U.K. Office GBP 8,180,191 11,250,000

Windermere

X CMBS Ltd.

IFB and Pavia Fortress

I

Jan 12,

2014

Oct 15, 2019 Italy Office EUR 59,639,015 87,700,000

Windermere

X CMBS Ltd.

Naples Enel Tower

Fortress II

Jan 12,

2014

Oct 15, 2019 Italy Office EUR 43,900,000 63,000,000

Windermere

X CMBS Ltd.

Bridge Jan 15,

2014

Oct 15, 2019 Germany Office EUR 342,090,000 496,120,000

Windermere

XIV CMBS

Ltd.

The Fortezza II Loan Jan 15,

2014

Apr 22, 2018 Italy Office EUR 252,228,883 342,430,000

Windermere

XIV CMBS

Ltd.

The Hausmann Loan Jan 15,

2014

Apr 22, 2018 France Office EUR 254,711,667 422,000,000

Talisman-7

Finance Ltd.

The Schubert Loan Jan 15,

2014

Apr 22, 2017 Germany Office EUR 8,659,500 5,300,000

EQUINOX

(ECLIPSE

2006-1) PLC

Portland Place Jan 16,

2014

Jan 25, 2018 U.K. Office GBP 8,899,000 14,750,000

INDUS

(ECLIPSE

2007-1) PLC

GRES_1_PORTFOLIO Jan 17,

2014

Jan 1, 2020 U.K. Residential GBP 74,500,000 179,081,241

Cornerstone

Titan 2007-1

PLC

Loews Loan Jan 18,

2014

Jan 23, 2017 Germany Multifamily EUR 98,098,775 104,298,202


1223026 | 300051529


Table 9


Titan Europe

2007-2 Ltd.

Portier Loan Jan 18,

2014

Apr 1, 2017 Germany Multifamily EUR 14,970,647 140,030,000

Titan Europe

2007-2 Ltd.

Ton Loan Jan 18,

2014


Epic

(Culzean)

PLC

Friends First Jan 20,

2014

Oct 20, 2019 U.K. Office GBP 35,662,681 33,000,000

Epic (Brodie)

PLC

Terry Jan 20,

2014


Epic

(Drummond)

Ltd.

Magnum Jan 20,

2014


DECO

14—Pan

Europe 5

B.V.

Arcadia Jan 20,

2014

Oct 27, 2020 Germany Mixed use EUR 106,241,359 50,970,000

DECO

14—Pan

Europe 5

B.V.

Capital & Regional Jan 20,

2014

Oct 27, 2020 Germany Retail EUR 44,927,692 60,020,000

DECO

14—Pan

Europe 5

B.V.

CGG- Tambelle REDO

3

Jan 20,

2014


DECO

14—Pan

Europe 5

B.V.

DD Karstadt Hilden Jan 20,

2014


DECO 8 - UK

Conduit 2

PLC

LMK Overseas

Investments

Jan 20,

2014

Jan 27, 2036 U.K. Retail GBP 3,512,500 4,860,000

DECO 12 -

UK 4 PLC

LMM Overseas

Investments

Jan 20,

2014

Jan 27, 2020 U.K. Office GBP 2,987,609 10,920,000

DECO

14—Pan

Europe 5

B.V.

Mansford Nord Bayern Jan 20,

2014


DECO 15 -

Pan Europe 6

Ltd.

SCN Shopping Centre Jan 20,

2014

Apr 1, 2018 Austria Retail EUR 70,000,000 100,000,000

DECO

14—Pan

Europe 5

B.V.

Woodsford MF Jan 20,

2014

Oct 27, 2020 Germany Multifamily EUR 16,320,016 19,220,000

Epic (Value

Retail) Ltd.

Las Rozas Jan 22,

2014

Jul 26, 2019 Spain Retail EUR 77,000,000 210,000,000

Vulcan

(European

Loan Conduit

No. 28) Ltd.

Jargonnant Munich Feb 7,

2014

May 15,

2017

Germany Mixed use EUR 25,049,583 38,175,956

Vulcan

(European

Loan Conduit

No. 28) Ltd.

Tishman German

Office Portfolio

Feb 7,

2014

May 15,

2017



1223026 | 300051529


Table 9


Silenus

(European

Loan Conduit

No. 25) Ltd.

TISHMAN MUNICH

ELISENHOF

Feb 7,

2014

May 15,

2019

Germany Mixed use EUR 106,517,000 135,000,000

MESDAG

(Charlie) B.V.

Sparkasse Mar 31,

2014

Oct 31, 2019 Germany Office EUR 8,389,436 11,145,000

UNITE

(USAF) PLC

UNITE (USAF) PLC Mar 31,

2014

Mar 31, 2017 U.K. Student

Accomodation

GBP 280,000,000 582,380,000

Windermere

VII CMBS

PLC

Firefly Apr 15,

2014


Windermere

VII CMBS

PLC

Phoenix Apr 15,

2014


Prominent

CMBS

Conduit No.

2 Ltd.

Colombina Apr 15,

2014

Apr 26, 2019 U.K. Office GBP 120,930,000 195,000,000

Talisman-7

Finance Ltd.

The Bruckner Loan Apr 15,

2014


Windermere

XI CMBS

PLC

The Devonshire House

Mortgage Loan

Apr 15,

2014

Apr 15, 2017 U.K. Office GBP 191,924,169 260,000,000

Windermere

XIV CMBS

Ltd.

The GSI Loan Apr 15,

2014


Talisman-7

Finance Ltd.

The Hof Loan Apr 15,

2014

Apr 22, 2017 Germany Car

Showrooms

EUR 7,135,255 7,600,000

Windermere

XI CMBS

PLC

The Longacre

Mortgage Loan

Apr 15,

2014

Apr 15, 2017 U.K. Office GBP 111,015,515 162,000,000

Windermere

XI CMBS

PLC

The Westville

Mortgage Loan

Apr 15,

2014

Apr 15, 2017 U.K. Office GBP 57,994,857 7,260,000

EuroProp

(EMC VI)

S.A.

Epic Horse Loan Apr 16,

2014


INDUS

(ECLIPSE

2007-1) PLC

CRITERION Apr 17,

2014

Jan 1, 2020 U.K. Office GBP 121,886,000 170,000,000

BELLATRIX

(ECLIPSE

2005-2) PLC

Rivermead Court Apr 17,

2014

Jan 25, 2017 U.K. Office GBP 3,522,826 £750,000

Titan Europe

2007-2 Ltd.

Urbis Loan Apr 18,

2014


Titan Europe

2007-2 Ltd.

Cobalt Loan Apr 18,

2014

Apr 1, 2017 Finland Retail EUR 78,500,000 50,213,000

DECO 11 -

UK Conduit 3

PLC

St Christopher

Nottingham Limited

Apr 20,

2014

Jan 27, 2020 U.K. Hotel GBP 5,936,632 9,900,000

DECO 7 -

Pan Europe 2

PLC

World Fashion Centre Apr 20,

2014

Jan 27, 2018 Netherlands Retail EUR 88,242,479 146,890,000


1223026 | 300051529


Table 9


DECO 15 -

Pan Europe 6

Ltd.

AOK Schwerin Apr 20,

2014


DECO 12 -

UK 4 PLC

Borehamwood

Investments Limited

and Oakdale

Investments Limited

Loan

Apr 20,

2014

Jan 27, 2020 U.K. Mixed use GBP 15,841,930 10,000,000

DECO 15 -

Pan Europe 6

Ltd.

Centro Apr 20,

2014

Apr 1, 2018 Germany Retail EUR 711,990,245 1,150,000,000

Epic

(Drummond)

Ltd.

Countrywide Apr 20,

2014


Deco 17 -

Pan Europe 7

Ltd.

Gabriel Apr 20,

2014

Jul 27, 2020 Germany Multifamily EUR 79,863,750 106,485,000

Deco 17 -

Pan Europe 7

Ltd.

NILEG MF Apr 20,

2014


DECO 15 -

Pan Europe 6

Ltd.

OWG MF Apr 20,

2014


DECO

14—Pan

Europe 5

B.V.

Puma MF Apr 20,

2014

Oct 27, 2020 Germany Multifamily EUR 135,443,864 160,210,000

Deco 17 -

Pan Europe 7

Ltd.

WBN MF Apr 20,

2014


Deco 17 -

Pan Europe 7

Ltd.

WGN MF Apr 20,

2014


Deco 17 -

Pan Europe 7

Ltd.

LWB Apr 21,

2014


Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Saturn Portfolio Apr 30,

2014

Feb 4, 2020 Germany Retail EUR 24,055,022 37,700,000

Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Barana Portfolio Apr 30,

2014

Feb 4, 2020 Switzerland Office CHF 67,286,813 98,210,000

Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Matran Portfolio Apr 30,

2014

Feb 4, 2020 Switzerland Retail CHF 44,138,900 55,370,000

Vulcan

(European

Loan Conduit

No. 28) Ltd.

Eurocastle Office

Portfolio

May 7,

2014

May 15,

2017


Vulcan

(European

Loan Conduit

No. 28) Ltd.

Henderson Paris Retail

Park

May 7,

2014

May 15,

2017

France Retail EUR 17,880,000 28,470,000


1223026 | 300051529


Table 9


Xuthus

(European

Loan Conduit

No. 29) S.A.

Project Vermeer May 7,

2014

May 15,

2018

Netherlands Mixed use EUR 692,666,987 1,107,358,000

Hypo Real

Estate Bank

AG (Estate

Pan-Europe

5)

Loan 26 Jun 26,

2014

Jul 25, 2018 Germany Retail EUR 44,000,000 63,150,000

MESDAG

(Berlin) B.V.

MESDAG (Berlin) B.V. Jun 30,

2014


Windermere

XII FCC

Coeur Defense Jul 10,

2014

Jul 10, 2017 France Office EUR 1,638,950,000 1,282,000,000

Real Estate

Capital

(Foundation)

Ltd.

Loan 1 Jul 15,

2014

Jul 15, 2016 Sweden Mixed use GBP 114,500,000 327,850,000

Epic (More

London) PLC

More London Jul 15,

2014

Jul 15, 2017 U.K. Office GBP 638,460,444 946,400,000

Fleet Street

Finance Two

PLC

Fleet Street Finance

Two PLC

Jul 20,

2014

Jul 26, 2017 Germany Retail EUR 276,179,287 1,048,351,000

Deco 17 -

Pan Europe 7

Ltd.

AFI Jul 20,

2014

Jul 27, 2020 Germany Mixed use EUR 71,499,241 93,323,000

Deco 17 -

Pan Europe 7

Ltd.

Mansford Edeka Jul 20,

2014


DECO 15 -

Pan Europe 6

Ltd.

Mansford OBI Large Jul 20,

2014

Apr 1, 2018 Germany Retail EUR 143,613,790 171,740,000

DECO 9 -

Pan Europe 3

PLC

PGREI Portfolio Jul 20,

2014


Taurus

CMBS (U.K.)

2006-2 PLC

The Iron Mountain

Loan

Jul 20,

2014

Apr 24, 2024 U.K. Distribution

warehouse

GBP 29,198,003 40,000,000

Ulysses

(European

Loan Conduit

No. 27) PLC

City Point Jul 21,

2014

Jul 25, 2017 U.K. Office GBP 429,000,000 407,500,000

Epic (Value

Retail) Ltd.

Bicester Jul 22,

2014

Jul 26, 2019 U.K. Retail EUR 170,000,000 414,686,500

Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Hutley Portfolio Jul 30,

2014

Feb 4, 2020 Germany Mixed use EUR 38,864,712 45,760,000

Taurus

CMBS

(Pan-Europe)

2007-1 Ltd.

The Fishman JEC

Portfolio

Jul 30,

2014

Feb 4, 2020 France Mixed use EUR 134,153,250 161,765,200

FCC

Proudreed

Properties

2005

Paris Properties

Borrowers

Aug 1,

2014

Aug 18, 2017 France Mixed use EUR 238,506,631 394,144,000


1223026 | 300051529


Table 9


FCC

Proudreed

Properties

2005

Proudreed France

Borroweres

Aug 1,

2014

Aug 18, 2017 France Mixed use EUR 83,352,506 146,330,000

JUNO

(ECLIPSE

2007-2) Ltd.

SEAFORD Aug 10,

2014

Nov 1, 2022 Germany Distribution

warehouse

EUR 11,443,849 19,100,000

LCP

Proudreed

PLC

LCP Aug 25,

2014

Aug 25, 2016 U.K. Mixed use GBP 256,694,290 367,125,701

LCP

Proudreed

PLC

Rroudreed Aug 25,

2014

Aug 25, 2016 U.K. Mixed use GBP 43,434,618 63,390,000

London &

Regional

Debt

Securitisation

No. 1 PLC

London & Regional

Debt Securitisation No.

1 PLC_Portfolio

Oct 15,

2014

Oct 15, 2014 U.K. Office GBP 171,701,310 279,000,000

INDUS

(ECLIPSE

2007-1) PLC

AMSTERDAM_PLACE Oct 17,

2014

Jan 1, 2020 U.K. Office GBP 4,850,000 3,200,000

AQUILA

(ECLIPSE

2005-1) PLC

Northumberland

Estates

Oct 17,

2014

Oct 25, 2016 U.K. Office GBP 5,090,888 13,521,614

Fleet Street

Finance

Three PLC

Corleone Senior Loan Oct 20,

2014


DECO 5 - UK

Large Loan 1

PLC

DB Real Estate

Investment GmbH

(DBREI)

Oct 20,

2014

Oct 1, 2014 U.K. Office GBP 282,100,000 463,900,000

DECO 11 -

UK Conduit 3

PLC

LML Overseas

Investments Limited

Oct 20,

2014

Jan 27, 2020 U.K. Distribution

warehouse

GBP 1,210,000 2,855,000

NEMUS II

(Arden) PLC

Carlton House

Investments Limited

Oct 31,

2014

Feb 15, 2020 U.K. Mixed use GBP 11,925,000 12,396,050

Prominent

CMBS

Funding No.

1 PLC

1200203627 Nov 8,

2014

Dec 20, 2032 U.K. Office GBP 25,500,000 37,890,045

JUNO

(ECLIPSE

2007-2) Ltd.

PYRUS_PORTFOLIO Nov 10,

2014

Nov 1, 2022 Germany Multifamily EUR 34,456,000 53,990,000

FCT Infinity

2009-1

"Gamma"

Skyper-Alkmene Jul 20,

2014

Nov 1, 2019 Germany Office EUR 133,203,125 146,409,238

Loan Delinquencies And Nonmonetary Breaches Data


1223026 | 300051529


Chart 10


1223026 | 300051529


Chart 11

Table 10

Delinquencies Index

Transaction Loan

Month

added Jurisdiction Asset type

Special

serviced

loan Comment

Cornerstone Titan

2005-1 PLC

Eagle Office Portfolio July 2012 U.K. Office Yes Maturity payment

default

Cornerstone Titan

2005-1 PLC

Jubilee Way December

2009

U.K. Retail Yes Maturity payment

default

Cornerstone Titan

2005-2 PLC

Bradford December

2009


default

Cornerstone Titan

2005-2 PLC

West Midlands Office October

2012

U.K. Office Yes Maturity payment

default

Cornerstone Titan

2006-1 PLC

Argos Distribution Centre January

2013

U.K. Distribution

warehouse

Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

BHP January

2011

Germany Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Deutsche Bahn January

2012

Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Eschborn April 2011 Germany Office Yes Maturity payment

default


1223026 | 300051529


Table 10

Delinquencies Index (cont.)

Cornerstone Titan

2007-1 PLC

German Retail Portfolio I April 2013 Germany DIY Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

German Retail Portfolio

III

July 2010 Germany Retail Yes Term payment default

Cornerstone Titan

2007-1 PLC

Hannover July 2013 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Hornbach July 2011 Germany DIY Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Hugo January

2012

France Office No Maturity payment

default

Cornerstone Titan

2007-1 PLC

Klimson July 2013 Switzerland Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Koblenz/Pforzheim October

2011

Germany Industrial Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Stade October

2011

Germany Leisure Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Star April 2012 Germany Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Steigenberger Hotel April 2013 Germany Hotel Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Wolfsburg July 2013 Germany Mixed use Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Xanadu May 2012 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Zana Centrum October

2013

Poland Office Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Edeka Retail October

2012

Germany Retail Yes Principal payment

default

DECO 10-Pan Europe

4 PLC

Emmen Wohncenter October

2013

Switzerland Retail Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Lubeck Retail October

2013

Germany Mixed use Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Swisscom October

2013

Switzerland Office Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Toom DIY October

2013


default

DECO 10-Pan Europe

4 PLC

Treveria II July 2012 Germany Mixed use Yes Maturity payment

default

DECO 11 - UK Conduit

3 PLC

CPI Retail Active

Management

December

2011


default


3 PLC

Investco Estates Ltd. October

2013

U.K. Distribution

warehouse


default


3 PLC

Regent Capital October

2013

U.K. Distribution

warehouse


default


3 PLC

Starcharm Ltd. October

2013

U.K. Distribution

warehouse


default


3 PLC

Wildmoor Northpoint April 2010 U.K. Retail Yes Maturity payment

default

DECO 12 - UK 4 PLC Chesterton Commercial

(Berks)

April 2012 U.K. Mixed use Yes Maturity payment

default


1223026 | 300051529


Table 10


DECO 14 - Pan Europe

5 B.V.

Arcadia March 2010 Germany Mixed use Yes Term payment default


5 B.V.

DD Karstadt Hilden September

2010

Germany Retail Yes Term payment default


6 Ltd.

Main July 2011 Germany Retail Yes Maturity payment

default


6 Ltd.

Plus Retail January

2012


default

Deco 17 - Pan Europe

7 Ltd.

Mayne October

2013


default

DECO 7 - Pan Europe

2 PLC

Karstadt Kompakt January

2011

Germany Retail Yes Term payment default

DECO 7 - Pan Europe

2 PLC

Procom November

2012


default

DECO 7 - Pan Europe

2 PLC

Schmeing December

2012


default

DECO 8 - UK Conduit

2 PLC

Braeside Ltd. January

2011

U.K. Industrial Yes Maturity payment

default

DECO 8 - UK Conduit

2 PLC

Elbank Ltd. January

2013


default

DECO 8 - UK Conduit

2 PLC

Fairhold Portfolio January

2013

U.K. Residential

ground rents


default

DECO 8 - UK Conduit

2 PLC

Rowan UK Commercial November

2010


default

DECO 8 - UK Conduit

2 PLC

Swiftgold Ltd. November

2010

U.K. Retail Yes Term payment default

DECO Series 2005-Pan

Europe 1 PLC

AWOBAG July 2012 Germany Multifamily

housing


default

DECO Series 2005-UK

Conduit 1 PLC

Commercial and

warehouse

July 2012 U.K. Office Yes Maturity payment

default

DECO Series 2005-UK

Conduit 1 PLC

CPI Retail Active

Management

November

2010


default

DECO Series 2005-UK

Conduit 1 PLC

Heathvale Estates Ltd. July 2012 U.K. Mixed use Yes Maturity payment

default

DECO Series 2005-UK

Conduit 1 PLC

Holaw (420) Ltd. December

2011


default

Epic (Drummond) Ltd. Countrywide June 2012 Germany Retail Yes Term payment default

Epic (Drummond) Ltd. Project DD January

2011

Finland Mixed use No Term payment default

EQUINOX (ECLIPSE

2006-1) PLC

St Mary's House October

2012


default

EuroProp (EMC VI)

S.A.

Epic Horse July 2010 Germany Mixed use Yes Term payment default

EuroProp (EMC VI)

S.A.

Epic Rhino July 2010 Germany Multifamily

housing

Yes Term payment default

EuroProp (EMC VI)

S.A.

Gutperle July 2013 Germany Distribution

warehouse


default

EuroProp (EMC VI)

S.A.

Sunrise II July 2012 Germany Mixed use Yes Maturity payment

default

EuroProp (EMC) S.A.

(Compartment) 1

Sunrise July 2012 Germany Mixed use Yes Maturity payment

default


1223026 | 300051529


Table 10



Three PLC

Blue Star Senior April 2012 Germany Office Yes Maturity payment

default


Three PLC

Corleone Senior April 2013 Germany Mixed Use No Scheduled Principal

payment default


Three PLC

Saxony Senior July 2013 Germany Nursing homes Yes Maturity payment

default

Fordgate Commercial

Securitisation No.1

PLC

Fordgate Commercial


October

2013


default

FORNAX (ECLIPSE

2006-2) B.V.

ATU Austria January

2013

Austria Car service

workshops


default

FORNAX (ECLIPSE

2006-2) B.V.

Century Center February

2013

Belgium Retail Yes Maturity payment

default

FORNAX (ECLIPSE

2006-2) B.V.

Kingbu Portfolio October

2012


default

FORNAX (ECLIPSE

2006-2) B.V.

Netto Portfolio August 2012 Germany Retail Yes Maturity payment

default

GEMINI (ECLIPSE

2006-3) PLC

Gemini November

2009

U.K. Mixed use Yes Term payment default


International AG

(ESTATE UK-3)

140 202 April 2013 U.K. Office No Maturity payment

default

JUNO (ECLIPSE

2007-2) Ltd.

MONHEIM October

2012


default

MESDAG (Charlie)

B.V.

Dutch Offices I January

2012

The

Netherlands

Office Yes Maturity payment

default

MESDAG (Charlie)

B.V.

Dutch Offices II January

2013

The

Netherlands

Office Yes Maturity payment

default

NEMUS II (Arden) PLC Fern Trustee 1 Ltd. and

Fern Trustee 2 Ltd.

October

2013


default

Opera Finance (CMH)

PLC

Opera Finance (CMH)

PLC

January

2013

Ireland Office Yes Maturity payment

default


PLC

Kö KG & OP KG & SM

KG & RRZ KG

October

2013


default

Quirinus (European

Loan Conduit No. 23)

PLC

H & B Retail November

2012


default

RIVOLI Pan Europe 1

PLC

Rive Defense January

2013

France Office No Maturity payment

default

Silenus (European


Ltd.

Metropolis Shopping

Center

February

2013

Italy Retail Yes Maturity payment

default

Silenus (European


Ltd.

Orazio Portfolio November

2012

Italy Mixed use Yes Maturity payment

default

Talisman-4 Finance

PLC

The DT-12 July 2013 Germany Office Yes Maturity payment

default

Talisman-4 Finance

PLC

The Valentine July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

Reindeer January

2013

Finland Mixed use Yes Maturity payment

default


1223026 | 300051529


Table 10


Talisman-5 Finance

PLC

The Fish July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

The Monkey July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

The Penguin October

2013

France Office Yes Maturity payment

default

Talisman-6 Finance

PLC

Apple January

2013


default

Talisman-6 Finance

PLC

Coconut January

2012


default

Talisman-6 Finance

PLC

Orange July 2012 Germany Retail No Maturity payment

default

Talisman-6 Finance

PLC

Peach July 2012 Germany Retail No Maturity payment

default

Talisman-6 Finance

PLC

Pineapple October

2012

Germany Multifamily

housing

Yes Interest payment default

Talisman-7 Finance

Ltd.

Bach January

2012


default

Talisman-7 Finance

Ltd.

Brahms February

2010


default

Talisman-7 Finance

Ltd.

Handel October

2012


default

Talisman-7 Finance

Ltd.

Haydn January

2012


default

Talisman-7 Finance

Ltd.

The Schubert July 2013 Germany Office Yes Interest payment default

Talisman-7 Finance

Ltd.

Wagner January

2012


default

Taurus CMBS

(Germany) 2006-1 PLC

Bremen (Haven/Project

Norman)

June 2012 Germany Retail Yes Maturity payment

default

Taurus CMBS


The Bewag Berlin

Portfolio

April 2013 Germany Office Yes Maturity payment

default

Taurus CMBS


The Walzmuhle Portfolio January

2013


default

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph February

2013


default

Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Leipzig February

2013


default

Taurus CMBS (U.K.)

2006-2 PLC

Dundee September

2012


default

Titan Europe 2006-1

PLC

KQ Warehouse February

2010

Germany Mixed use Yes Term payment default

Titan Europe 2006-1

PLC

Mangusta August 2009 Germany Mixed use Yes Term payment default

Titan Europe 2006-1

PLC

Nuremberg Retail

Distribution Centre

October

2012

Germany Office No Maturity payment

default

Titan Europe 2006-1

PLC

Tiden Portfolio April 2012 Germany Office Yes Maturity payment

default

Titan Europe 2006-2

PLC

Margaux Portfolio July 2012 Germany Multifamily

housing


default


1223026 | 300051529


Table 10


Titan Europe 2006-3

PLC

Kurhaus Hotel July 2012 The

Netherlands

Hotel Yes Maturity payment

default

Titan Europe 2006-3

PLC

Monnet April 2012 Germany Office Yes Maturity payment

default

Titan Europe 2006-3

PLC

Quelle Nurnberg January

2013


default

Titan Europe 2006-3

PLC

Stage April 2013 Germany Mixed use Yes Maturity payment

default

Titan Europe 2006-3

PLC

Syrdall Business Park April 2011 Luxembourg Office Yes Maturity payment

default

Titan Europe 2006-3

PLC

Target April 2013 France Mixed use Yes Safeguarding

proceedings have been

issued by the Tribunal

de Commerce de Paris.

Titan Europe 2006-3

PLC

Twin Squares (Prater) May 2011 Belgium Office Yes Maturity payment

default

Titan Europe 2006-5

PLC

Quartier 206 Shopping

Centre

April 2010 Germany Retail Yes Term payment default

Titan Europe 2007-1

(NHP) Ltd.

Libra January

2009

U.K. Healthcare Yes Maturity payment

default

Titan Europe 2007-2

Ltd.

Caprice January

2012


default

Titan Europe 2007-2

Ltd.

Nantes October

2011


default

Titan Europe 2007-2

Ltd.

Six Hotels January

2012

Germany Hotel Yes Maturity payment

default

Titan Europe 2007-2

Ltd.

Toy Box July 2013 Germany Office Yes Maturity payment

default

Titan Europe 2007-3

Ltd.

Bacchus August 2009 U.K. Industrial Yes Term payment default

Titan Europe 2007-3

Ltd.

Norwich Union House October

2013


default

Titan Europe 2007-3

Ltd.

Project Kennet October

2013


default

Titan Europe 2007-3

Ltd.

Project Koito January

2012

U.K. Industrial Yes Maturity payment

default

Titan Europe 2007-3

Ltd.

Project Middleton July 2013 U.K. Distribution

warehouse


default

Titan Europe 2007-3

Ltd.

Project Regulator October

2013

U.K. Office No Maturity payment

default

Titan Europe 2007-3

Ltd.

Quadrant House October

2013


default

Titan Europe 2007-3

Ltd.

St. Mark's Court April 2012 U.K. Office Yes Maturity payment

default

Ulysses (European


PLC

City Point January

2012

U.K. Office Yes Interest payment default

Vulcan (European


Ltd.

Guardian Bonn

Rochustrasse

February

2011


default


1223026 | 300051529


Table 10


Vulcan (European


Ltd.

H&B Retail Portfolio II May 2013 Germany Retail Yes Maturity payment

default

Vulcan (European


Ltd.

Inovalis Eboue Paris November

2010


default

Vulcan (European


Ltd.

Tishman German Office

Portfolio

December

2010

Germany Office No Term payment default

White Tower Europe

2007-1 PLC

The Spanish (Heron City) December

2011

Spain Mixed use Yes Maturity payment

default

Windermere VII CMBS

PLC

Adductor August 2012 France Office Yes Maturity payment

default

Windermere VII CMBS

PLC

Mulheim April 2011 Germany Office Yes Maturity payment

default

Windermere VII CMBS

PLC

Nordostpark October

2012


default

Windermere VII CMBS

PLC

Redleaf I February

2010

Spain Retail Yes Term payment default

Windermere VII CMBS

PLC

RedLeaf II February

2013

Spain Retail Yes Maturity payment

default

Windermere VIII

CMBS PLC

Amadeus January

2009

U.K. Office Yes Term payment default

Windermere VIII

CMBS PLC

Government Income

Portfolio Mortgage

October

2012


default

Windermere VIII

CMBS PLC

Wood Green Mortgage January

2013


default

Windermere X CMBS

Ltd.

Built September

2011


default

Windermere X CMBS

Ltd.

Tresforte January

2010

The

Netherlands

Office Yes Term payment default

Windermere XI CMBS

PLC

Westville July 2009 U.K. Office Yes Term payment default

Windermere XII FCC Coeur Defense March 2009 France Office Yes Term payment default

Windermere XIV

CMBS Ltd.

The Baywatch April 2013 Germany Mixed use Yes Maturity payment

default

Windermere XIV

CMBS Ltd.

The Sisu April 2013 Finland Mixed use Yes Maturity payment

default

Table 11

Nonmonetary Breaches Index

Transaction Loan Month added Jurisdiction Asset type Comment

BELLATRIX (ECLIPSE

2005-2) PLC

Rivermead Court April 2013 U.K. Office Breach of the ICR

covenant

*

Cornerstone Titan

2007-1 PLC

Essen July 2010 Germany Retail Breach of the LTV

ratio covenant

*

Cornerstone Titan

2007-1 PLC

German Retail Portfolio II June 2011 Germany Retail Breach of the LTV

ratio covenant

*


PLC

DFK Portfolio July 2013 Germany Mixed use Breach of the LTV

ratio covenant

*


1223026 | 300051529


Table 11

Nonmonetary Breaches Index (cont.)


3 PLC

Mapeley Gamma October 2012 U.K. Office Breach of the LTV

ratio covenant

*

DECO 12 - UK 4 PLC Borehamwood Investments Ltd.

and Oakdale Investments Ltd.

January 2012 U.K. Mixed use Breach of the ICR

covenant

*

DECO 14—Pan Europe

5 B.V.

CGG- Tambelle REDO 3 July 2013 Germany Mixed use Breach of the LTV

ratio covenant

*


7 Ltd.

Elbblick April 2010 Germany Retail Breach of the ICR

covenant

DECO 6 - UK Large

Loan 2 PLC

Brunel Shopping Centre June 2011 U.K. Retail Breach of the DSCR

covenant

*

DECO 6 - UK Large

Loan 2 PLC

Mapeley October 2011 U.K. Office Breach of the ICR

covenant

*

DECO 9 - Pan Europe 3

PLC

Treveria 1 May 2010 Germany Retail Breach of the LTV

ratio covenant

*

Epic (Drummond) Ltd. Zenon September

2012

Greece Retail/car parks Breach of the LTV

ratio covenant

EQUINOX (ECLIPSE

2006-1) PLC

Ashbourne Portfolio A June 2011 U.K. Nursing home Breach of the ICR

covenant

*

EuroProp (EMC VI)

S.A.

Henderson Staples May 2010 Germany Mixed use Breach of the ICR

covenant

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza April 2011 Italy Mixed use Breach of the ICR

covenant

*

HERCULES (ECLIPSE

2006-4) PLC

Ashbourne Portfolio A June 2011 U.K. Nursing home Breach of the ICR

covenant

*

Indus (ECLIPSE

2007-1) PLC

Workspace Portfolio September

2011

U.K. Distribution

warehouse

Breach of the ICR

covenant

*

Infinity 2007-1


EHE - Pool 1A July 2013 Germany Retail Breach of LTV

covenant

*

JUNO (ECLIPSE

2007-2) Ltd.

Neumarkt July 2009 Germany Retail Anticipated breach of

the ICR covenant

*

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen April 2013 Germany Retail Breach of the LTV

ratio covenant

NEMUS II (Arden) PLC Kirkglade Ltd. March 2009 U.K. Office Breach of the LTV

ratio covenant

Talisman-4 Finance

PLC

Barthonia September

2010

Germany Mixed use Breach of the LTV

ratio covenant

*

Talisman-6 Finance

PLC

Mango July 2010 Germany Office Breach of the LTV

ratio covenant

*

Talisman-7 Finance

Ltd.

Bruckner January 2013 Germany Multifamily

housing

Breach of the LTV

ratio covenant

*

Talisman-7 Finance

Ltd.

Hof January 2013 Germany Car showrooms Breach of the LTV

ratio covenant

*

Taurus CMBS (U.K.)

2006-2 PLC

Times Square Sutton Ltd. March 2009 U.K. Retail Breach of the ICR

covenant

*

*According to our data at the end of October 2013, these loans are in special servicing (see our special servicing index, table 12).

LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.


1223026 | 300051529


Specially Serviced Loans Data

Chart 12


1223026 | 300051529


Chart 13


1223026 | 300051529


Chart 14

Table 12

Special Servicing Index

Transaction Loan

Month

added Jurisdiction Asset type Special servicer

BELLATRIX (ECLIPSE

2005-2) PLC

Rivermead Court April 2013 U.K. Office Barclays Capital Mortgage

Servicing Ltd.

Cornerstone Titan

2005-1 PLC

Eagle Office Portfolio July 2012 U.K. Office Solutus Advisors Ltd.

Cornerstone Titan

2005-1 PLC

Jubilee Way April 2009 U.K. Retail Solutus Advisors Ltd.

Cornerstone Titan

2005-2 PLC

Bradford September

2009

U.K. Retail Solutus Advisors Ltd.

Cornerstone Titan

2005-2 PLC

West Midlands Office October

2012

U.K. Office Solutus Advisors Ltd.

Cornerstone Titan

2006-1 PLC

Argos Distribution Centre January

2013

U.K. Distribution

warehouse

Capita Assets Services

Cornerstone Titan

2007-1 PLC

BHP January

2011

Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Deutsche Bahn January

2012

Germany Office Capita Assets Services (UK) Ltd.


1223026 | 300051529


Table 12

Special Servicing Index (cont.)

Cornerstone Titan

2007-1 PLC

Eschborn April 2011 Germany Office Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Essen August 2010 Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

German Retail Portfolio I April 2013 Germany DIY Capita Assets Services

Cornerstone Titan

2007-1 PLC

German Retail Portfolio II April 2011 Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

German Retail Portfolio III May 2011 Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Hannover July 2013 Germany Office Capita Assets Services

Cornerstone Titan

2007-1 PLC

Hornbach June 2011 Germany DIY Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Klimson July 2013 Switzerland Retail Capita Assets Services

Cornerstone Titan

2007-1 PLC

Koblenz/Pforzheim October

2011

Germany Industrial Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Stade October

2011

Germany Leisure Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Star April 2012 Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Steigenberger Hotel April 2013 Germany Hotel Capita Assets Services

Cornerstone Titan

2007-1 PLC

Wolfsburg July 2013 Germany Mixed use Capita Assets Services

Cornerstone Titan

2007-1 PLC

Xanadu January

2012


Cornerstone Titan

2007-1 PLC

Zana Centrum October

2013

Poland Office Capita Assets Services


PLC

DFK Portfolio July 2013 Germany Mixed use Deutsche Bank AG London

branch


PLC

Edeka Retail October

2012

Germany Retail Deutsche Bank AG London

branch


PLC

Emmen Wohncenter October

2013

Switzerland Retail Deutsche Bank AG London

branch


PLC

Lubeck Retail October

2013

Germany Mixed use Deutsche Bank AG London

branch


PLC

Swisscom October

2013

Switzerland Office Deutsche Bank AG London

branch


PLC

Toom DIY October

2013


branch


PLC

Treveria II July 2012 Germany Mixed use Deutsche Bank AG London

branch


3 PLC

CPI Retail Active Management November

2010

U.K. Retail Solutus Advisors Ltd.


3 PLC

Investco Estates Ltd. October

2013

U.K. Distribution

warehouse

Hatfield Philips International

Ltd. and Capmark Services U.K.

Ltd.


3 PLC

Mapeley Gamma October

2012

U.K. Office Hatfield Philips International


Ltd.


1223026 | 300051529


Table 12



3 PLC

Regent Capital October

2013

U.K. Distribution

warehouse



Ltd.


3 PLC

Starcharm Ltd. October

2013

U.K. Distribution

warehouse



Ltd.


3 PLC

Wildmoor Northpoint April 2010 U.K. Retail Solutus Advisors Ltd.

DECO 12 - UK 4 PLC Borehamwood Investments

Ltd.and Oakdale Investments

Ltd.

January

2012

U.K. Mixed use Hatfield Philips International

Ltd.

DECO 12 - UK 4 PLC Chesterton Commercial

(Berks)

May 2012 U.K. Mixed use Hatfield Philips International

Ltd.


5 B.V.

Arcadia March 2010 Germany Retail Deutsche Bank AG, London

branch, and Hatfield Philips

International Ltd.


5 B.V.

DD Karstadt Hilden December

2010


branch and Hatfield Philips

International Ltd.


5 B.V.

CGG- Tambelle REDO 3 July 2013 Germany Mixed Use Deutsche Bank AG London

branch and Hatfield Philips

International Ltd. (WOBA loan)


5 B.V.

Mansford Nord Bayern December

2012


branch


6 Ltd.

Main July 2011 Germany Retail Hatfield Philips International

Ltd.


6 Ltd.

Plus Retail January

2012

Germany Retail Hatfield Philips International

Ltd.


Ltd.

Mayne October

2013


Ltd.


Ltd.

Rockpoint January

2012


Ltd.

DECO 6 - UK Large

Loan 2 PLC

Brunel Shopping Centre June 2011 U.K. Retail Solutus Advisors Ltd.

DECO 6 - UK Large

Loan 2 PLC

Mapeley October

2011


Ltd.


PLC

Karstadt Kompakt December

2010


Ltd.


PLC

Procom November

2012


Ltd.


PLC

Schmeing December

2012


Ltd.


PLC

Braeside Ltd. January

2011

U.K. Industrial Solutus Advisors Ltd.


PLC

Elbank Ltd. January

2013

U.K. Retail Hatfield Philips International

Ltd.


PLC

Fairhold Portfolio January

2013

U.K. Ground rents Hatfield Philips International

Ltd.


PLC

Swiftgold Ltd. October

2012

U.K. Retail Hatfield Philips International

Ltd.


PLC

The Rowan UK Commercial November

2010

U.K. Office Solutus Advisors Ltd.


1223026 | 300051529


Table 12



PLC

Treveria I July 2010 Germany Retail Hatfield Philips International

Ltd.

DECO Series 2005-Pan

Europe 1 PLC

AWOBAG July 2012 Germany Multifamily

housing


Ltd.

DECO Series 2005-UK

Conduit 1 PLC

Commercial and warehouse July 2012 U.K. Office Hatfield Philips International

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

CPI Retail Active Management Unknown U.K. Retail Hatfield Philips International

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

Heathvale Estates Ltd. July 2012 U.K. Mixed use Hatfield Philips International

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

Holaw (420) Ltd. December

2011

U.K. Office Deutsche Bank AG and Hatfield

Philips International Ltd.

Epic (Drummond) Ltd. Countrywide January

2013

Germany Retail Royal Bank of Scotland

EQUINOX (ECLIPSE

2006-1) PLC

Ashbourne Portfolio A June 2011 U.K. Nursing home Capita Assets Services (UK) Ltd.

EQUINOX (ECLIPSE

2006-1) PLC

Royal Mint Court December

2012

U.K. Office Barclays Capital Mortgage

Servicing Ltd.

EQUINOX (ECLIPSE

2006-1) PLC

St Mary's House October

2012

U.K. Office Barclays Capital Mortgage

Servicing Ltd.

European Property

Capital 3 PLC

Randstad October

2010

The Netherlands Office GMAC Commercial Mortgage

Servicing (U.K.) Ltd.

EuroProp (EMC VI)

S.A.

Epic Horse July 2010 Germany Mixed use Citibank International PLC

EuroProp (EMC VI)

S.A.

Epic Rhino July 2010 Germany Multifamily

housing

Citibank International PLC

EuroProp (EMC VI)

S.A.

Gutperle July 2013 Germany Distribution

warehouse


EuroProp (EMC VI)

S.A.

Project Ash November

2011

Germany Multifamily

housing


EuroProp (EMC VI)

S.A.

Sunrise II July 2012 Germany Mixed use Citibank International PLC

EuroProp (EMC) S.A.

(Compartment) 1

Sunrise July 2010 Germany Mixed use Citibank International PLC,

London branch


Three PLC

Blue Star Senior April 2012 Germany Office Capita Assets Services (UK) Ltd.


Three PLC

Saxony Senior July 2013 Germany Nursing homes Capita Assets Services

Fordgate Commercial


Fordgate Commercial


October

2013

U.K. Office Morgan Stanley Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

ATU Austria January

2013

Austria Car service

workshops

Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza October

2013

Italy Mixed Use Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Century Center February

2013

Belgium Retail Hatfield Philips International

Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Kingbu Portfolio October

2012

Germany Retail Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Netto Portfolio August 2012 Germany Retail Barclays Capital Mortgage

Servicing Ltd.


1223026 | 300051529


Table 12


GEMINI (ECLIPSE

2006-3) PLC

Gemini August 2008 U.K. Mixed use Capita Assets Services (UK) Ltd.

HERCULES (ECLIPSE

2006-4) PLC

Ashbourne Portfolio A June 2011 U.K. Nursing home Capita Assets Services (UK) Ltd.

Indus (ECLIPSE

2007-1) PLC

Workspace Portfolio September

2011

U.K. Distribution

warehouse

Capita Assets Services (UK) Ltd.

Infinity 2007-1


EHE - Pool 1A July 2013 Germany Retail Capita Assets Services

JUNO (ECLIPSE

2007-2) Ltd.

Monheim October

2012

Germany Office Barclays Capital Mortgage

Servicing Ltd.

JUNO (ECLIPSE

2007-2) Ltd.

Neumarkt July 2009 Germany Retail Capita Assets Services (UK) Ltd.

MESDAG (Charlie) B.V. Dutch Offices I October

2011

The Netherlands Office Hatfield Philips International

Ltd.

MESDAG (Charlie) B.V. Dutch Offices II April 2012 The Netherlands Office Hatfield Philips International

Ltd.

NEMUS II (Arden) PLC Carlton December

2008

U.K. Mixed use CB Richard Ellis Loan Servicing

Ltd.

NEMUS II (Arden) PLC Fern April 2013 U.K. Office CB Richard Ellis Loan Servicing

Ltd.

Opera Finance (CMH)

PLC

Opera Finance (CMH) PLC January

2013

Ireland Office Eurohypo AG, London branch


PLC

Kö KG & OP KG & SM KG &

RRZ KG

October

2013

Germany Retail Eurohypo AG

Quirinus (European


PLC

H & B Retail November

2012

Germany Retail Morgan Stanley Mortgage

Servicing Ltd.

Silenus (European Loan

Conduit No. 25) Ltd.

Aprirose Munich Thun August 2011 Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Aprirose Retail Bonndorf August 2011 Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Metropolis Shopping Center February

2013

Italy Retail Morgan Stanley Mortgage

Servicing Ltd.



Orazio Portfolio May 2011 Italy Mixed use Morgan Stanley Mortgage

Servicing Ltd.

Talisman-4 Finance

PLC

Barthonia February

2011

Germany Mixed use Hatfield Philips International

Ltd.

Talisman-4 Finance

PLC

DT-12 December

2012

Germany Office Hatfield Philips International

Ltd.

Talisman-4 Finance

PLC

Valentine December

2012


Ltd.

Talisman-5 Finance

PLC

Fish November

2012


Ltd.

Talisman-5 Finance

PLC

Reindeer January

2013

Finland Mixed use Hatfield Philips International

Ltd.

Talisman-5 Finance

PLC

The Monkey July 2013 Germany Mixed use Hatfield Philips International

Ltd.

Talisman-5 Finance

PLC

The Penguin September

2013

France Office Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Apple January

2013


Ltd.


1223026 | 300051529


Table 12


Talisman-6 Finance

PLC

Coconut January

2012


Ltd.

Talisman-6 Finance

PLC

Mango May 2011 Germany Office Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Pineapple March 2012 Germany Multifamily

housing


Ltd.

Talisman-7 Finance

Ltd.

Bach January

2012


Ltd.

Talisman-7 Finance

Ltd.

Brahms November

2011


Ltd.

Talisman-7 Finance

Ltd.

Bruckner January

2013

Germany Multifamily

housing


Ltd.

Talisman-7 Finance

Ltd.

Handel October

2012


Ltd.

Talisman-7 Finance

Ltd.

Haydn November

2011


Ltd.

Talisman-7 Finance

Ltd.

Hof January

2013

Germany Car

showrooms


Ltd.

Talisman-7 Finance

Ltd.

Mozart April 2010 Germany Mixed use Hatfield Philips International

Ltd.

Talisman-7 Finance

Ltd.

The Schubert April 2013 Germany Office Hatfield Philips International

Ltd.

Talisman-7 Finance

Ltd.

Wagner August 2010 Germany Office Hatfield Philips International

Ltd.

Taurus CMBS


Bremen (Haven/Project

Norman)

November

2010


Taurus CMBS


Ruhr Portfolio (Larmag) January

2011


Taurus CMBS


The Bewag Berlin Portfolio April 2013 Germany Office Capita Assets Services

Taurus CMBS


The Walzmuhle Portfolio January

2013

Germany Retail Capita Assets Services

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph February

2013


Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Leipzig February

2013

Germany Office Barclays Capital Mortgage

Servicing Ltd.

Taurus CMBS (U.K.)

2006-2 PLC

Dundee September

2012

U.K. Office Capita Assets Services (UK) Ltd.

Taurus CMBS (U.K.)

2006-2 PLC

Times Square Sutton Ltd. March 2009 U.K. Retail Capita Assets Services (UK) Ltd.

Titan Europe 2006-1

PLC

KQ Warehouse November

2009


Ltd.

Titan Europe 2006-1

PLC

Mangusta June 2008 Germany Mixed use Hatfield Philips International

Ltd.

Titan Europe 2006-1

PLC

Tiden Portfolio January

2013


Ltd.

Titan Europe 2006-2

PLC

Margaux Portfolio July 2012 Germany Multifamily

housing


Ltd.

Titan Europe 2006-3

PLC

Kurhaus Hotel September

2012

The Netherlands Hotel Hatfield Philips International

Ltd.


1223026 | 300051529


Table 12


Titan Europe 2006-3

PLC

Monnet Portfolio September

2009

Germany/Belgium Office Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Quelle Nurnberg September

2009


Ltd.

Titan Europe 2006-3

PLC

Stage April 2013 Germany Mixed use Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Syrdall Business Park April 2011 Luxembourg Office Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Target April 2013 France Mixed Use Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Twin Squares (Prater) May 2011 Belgium Office Hatfield Philips International

Ltd.

Titan Europe 2006-5

plc

Carat Park Shopping Centre April 2013 Germany Retail Hatfield Philips International

Ltd.

Titan Europe 2006-5

PLC

Quartier 206 Shopping centre April 2010 Germany Retail Hatfield Philips International

Ltd.

Titan Europe 2007-1

(NHP) Ltd.

Libra November

2008

U.K. Healthcare Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Caprice January

2012


Titan Europe 2007-2

Ltd.

Cobalt February

2013

Finland Retail Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

MPC Portfolio March 2012 The Netherlands Office Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Nantes October

2011

France Office Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Six Hotels January

2012

Germany Hotel Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Skoduv Palace November

2012

Czech Republic Office Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Toy Box July 2013 Germany Office Capita Assets Services

Titan Europe 2007-3

Ltd.

Bacchus August 2009 U.K. Industrial Capita Assets Services (UK) Ltd.

Titan Europe 2007-3

Ltd.

Norwich Union House October

2013

U.K. Office Capita Assets Services

Titan Europe 2007-3

Ltd.

Project Kennet October

2013


Titan Europe 2007-3

Ltd.

Project Koito January

2012

U.K. Industrial Capita Assets Services (UK) Ltd.

Titan Europe 2007-3

Ltd.

Project Middleton July 2013 U.K. Distribution

warehouse

Capita Assets Services

Titan Europe 2007-3

Ltd.

Quadrant House October

2013


Titan Europe 2007-3

Ltd.

St. Mark's Court April 2012 U.K. Office Capita Assets Services (UK) Ltd.

Ulysses (European


PLC

City Point February

2012

U.K. Office Morgan Stanley Mortgage

Servicing Ltd.

Vulcan (European Loan


Guardian Bonn Rochustrasse April 2010 Germany Office Morgan Stanley Mortgage

Servicing Ltd.


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Table 12




H&B Retail Portfolio II May 2013 Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Inovalis Eboue Paris October

2010

France Office Morgan Stanley Mortgage

Servicing Ltd.

White Tower Europe

2007-1 PLC

Spanish (Heron City) July 2011 Spain Mixed use Hatfield Philips International

Ltd. and Société Générale

Windermere VII CMBS

PLC

Adductor August 2012 France Office Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

Mulheim April 2011 Germany Office Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

Nordostpark November

2011


Ltd.

Windermere VII CMBS

PLC

Redleaf I September

2009

Spain Retail Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

RedLeaf II February

2013

Spain Retail Capita Assets Services (UK) Ltd.

Windermere VIII CMBS

PLC

Amadeus December

2008


Ltd.


PLC

Government Income Portfolio

Mortgage

October

2012


Ltd.


PLC

Wood Green Mortgage June 2011 U.K. Office Hatfield Philips International

Ltd.

Windermere X CMBS

Ltd.

Built September

2011


Ltd.

Windermere X CMBS

Ltd.

Tresforte January

2010

The Netherlands Office Hatfield Philips International

Ltd.

Windermere XI CMBS

PLC

Westville July 2009 U.K. Mixed use Hatfield Philips International

Ltd.

Windermere XII FCC Coeur Defense February

2009

France Office CB Richard Ellis Loan Servicing

Ltd.

Windermere XIV CMBS

Ltd.

Baywatch September

2012


Ltd. and ABN AMRO Bank N.V.

Windermere XIV CMBS

Ltd.

Sisu April 2013 Finland Mixed use Hatfield Philips International

Ltd. and ABN AMRO Bank N.V.

Table 13

Special Notice Tracker

Transaction Loan Notice topic

Notice (directly quoted from special loan-level and

transaction-level notices received from various transaction

participants)

Taurus CMBS (U.K.)

2006-2 PLC

Dundee Property Standstill agreement Notice that the Special Servicer has entered into a new standstill

agreement with the Dundee Borrower for the period expiring on 16

December 2013.

Silenus (ELOC No.

25) Ltd.

Orazio Standstill agreement Notice that the standstill agreement has been futher extended until 31

October 2013 for the Orazio Loan agreement.

Triton (ELOC No.

26) PLC

Nextra Portfolio Loan extension Notice that The Nextra Portfolio UK Borrower has elected to exercise

their option to extend the final repayment date by a further period of

three years until 20 October 2016.

Windermere XII FCC Transaction-level notice Other Notice of Cash Management Agreement.

Victoria Funding

(EMC-III) PLC

Brisk Repaid with loss Notice that an Event of default has occurred as the Issuer's Assets are

less than their Liabilities.


1223026 | 300051529


Table 13

Special Notice Tracker (cont.)

London & Regional

Debt Securitisation

No. 1 PLC

Trinity Bridge House Property sales Notice that on 10 September 2013 the London & Regional Group

successfully completed the sale of the property known as Trinity

Bridge House for a purchase price of £39,383,061.

Imser Securitisation

2 S.r.l.

Transaction-level notice Other Notice is regarding dependent information and rating actions.

UNITE (USAF) II

PLC

UNITE UK Student

Accommodation Fund

Other Notice that the NAV of the UNITE UK Student Accommodation Fund

as at 30 September 2013 was £713.3m (£0.952 per unit).

Titan Europe 2007-2

Ltd.

Caprice Standstill agreement Notice that the standstill agreement has extended until 28 October

2013 for the Caprice Loan.

Epic (Drummond)

Ltd.

Giugliano 1 & 2 Loan repaid Notice that both the Giugliano 1 Reference Obligation and the

Giugliano 2 Reference Obligation were prepaid in full on the 3rd

October 2013 ahead of their Maturity Date of the 21st October 2013.

Epic (Drummond)

Ltd.

Countrywide Kaufland Property sales Notice that the sale of the Countrywide Kaufland Properties pledged in

favour of the Security Agent to the Purchasers for the aggregate price

of €224,077,448.00 was completed on 30 September 2013.

Bruntwood Alpha

PLC

Bruntwoood 2000 Property sales Notice informing the prepayment of £31,200,000 on the next Interest

Payment Date, being 15 October 2013.

Bruntwood Alpha

PLC

Bruntwoood Estates Loan repaid Notice regarding the redemption of Notes with a total face value of

£80,350,000 on the next Interest Payment Date, being 15 October

2013.

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza Transferred to

special servicing

Notice that the Potential Final Maturity Date Breach as likely to

constitute a Material Breach of Covenant which is not likely to be

cured within 30 days.

Epic Opera

(Arlington) Ltd.

Transaction-level notice Part redemption Notice that the Note Interest Payment Date falling on 29 October 2013

redeem the Principal Amount Outstanding of the Class or Classes of

Notes which corresponds to the Loan or Loans being prepaid.

Talisman-5 Finance

PLC

Penguin Other Notice that the Servicer is considering extention of the Penguin loan.

Opera Germany (No.

2) PLC

Senior Transferred to

special servicing

Notice that a Special Servicing Event occured with respect to the

Senior Loan.

Talisman-6 Finance

PLC

Apple Standstill agreement Notice that the Special Servicer has agreed to further extend the

Standstill until 28 October 2013.

Talisman-5 Finance

PLC

Transaction-level notice Other Notice that Standard & Poors has on 04 October 2013 downgraded

Class D from CCC- to D and Class E from CCC- to D.

Cornerstone Titan

2005-1 PLC

Eagle Office Property sales Notice that the sale of Mitre House, 160 Aldersgate Street, London

EC1 to the preferred bidder completed on 8 October 2013 for a gross

sale price of £ 64 million.

Bluebonnet Finance

PLC

Transaction-level notice Noteholder meeting Notice regarding voting results after the meeting of noteholders.

Silenus (ELOC No.

25) Ltd.

Aprirose Retail Portfolio Property sale Notice that the Bayreuth property in the Aprirose Retail Portfolio Loan

has been sold for a contracted gross sales price of €1,350,000.

Titan Europe 2007-2

Ltd.

Project Christie Loan extension Notice that the Servicer has entered into an amendment agreement to

extend the maturity date of the Project Christie Loan until 20

November 2013.

Titan Europe 2007-2

Ltd.

Mount Street Solutions

LLP

Other Notice that on 11 October 2013 Mount Street Loan Solutions LLP was

appointed as successor Special Servicer of the Transferred Loans

except with regard to the Skoduv Palace Loan, for which Mount

Street’s appointment as successor Special Servicer will become

effective on 18 October 2013.

Epic Opera

(Arlington) Ltd.

Transaction-level notice Part redemption Notice that the Issuer will on the Note Interest Payment Date falling

on 29 October 2013 redeem the Principal Amount Outstanding of the

Class or Classes of Notes which corresponds to the Loan or Loans

being prepaid.


1223026 | 300051529


Table 13


GEMINI (ECLIPSE

2006-3) PLC

Transaction-level notice Other Notice that the CBRE Loan Servicing Ltd ("CBRELS") as Special

Servicer to Gemini (Eclipse 2006-3) PLC has issued an updated report

on the loan and property portfolio.

Bluebonnet Finance

PLC

Transaction-level notice Other Notice that the Amendment Documents were fully executed and dated

as of 14 October 2013.

Epic (Brodie) PLC Terry Reference

Obligation

Standstill agreement Notice that the Issuer has been informed by the Servicer on behalf of

the Swap Counterparty that a standstill agreement was entered into

with the relevant Reference Entities which shall expire on 21 October

2013.

Alburn Real Estate

Capital Ltd.

Transaction-level notice Part redemption Notice that all of the Properties comprised in, and secured by, the

Borrower Security and the Issuer Security have been sold by the

Receivers and/or the Administrators. Proceeds from the sales of the

Properties have been distributed on the 15 October 2013 Interest

Payment Date such date representing the final payment date to the

Noteholders.


Three PLC

Blue Star Whole Standstill agreement Notice that the borrowers have requested that the Special Servicer

extend the currently existing standstill period in relation to the Blue

Star Whole Loan to 20 January 2014.

INDUS (ECLIPSE

2007-1) PLC

Pitch 2 Portfolio Loan repaid Notice that the Pitch 2 Portfolio Loan has been repaid in full on 17

October 2013.

INDUS (ECLIPSE

2007-1) PLC

St. George Portfolio Loan repaid and

property sales

Notice that the St. George Portfolio Loan was sold to a loan purchaser

at par value on 17 October 2013.

Titan Europe 2006-3

PLC

Target Portfolio Other Notice regarding extension of the observation period of the safeguard

procedure for Target Portfolio Loan.

INDUS (ECLIPSE

2007-1) PLC

Alba Gate Portfolio Loan repaid Notice that the Alba Gate Portfolio Loan has been repaid in full on its

final repayment date, 17 October 2013.

Windermere X

CMBS Ltd.

Bridge Whole Other Notice that Lehman Brothers International resigned as Bridge Security

Agent and facility agent under all the relevant Finance Documents and

was replaced as such by Hatfield Philips Agency Services Limited with

effect from 11 October 2013.

Windermere VIII

CMBS PLC

Government Income

Portfolio

Property sales Notice that Landlord’s consent has now been obtained for two of the

Consent Properties, namely Dallas Court, Salford Quays and Atholl

House, Aberdeen, with a combined sales price of £10,170,000.

Windermere XI

CMBS PLC

Government Income

Portfolio

Other Notice regarding general update on Government Income Portfolio

Mortgaged Loan.

Cornerstone Titan

2007-1 PLC

Zana Centrum Transferred to

special servicing

Notice that the Servicer has determined that the Zana Non-Payment

constitutes a Material Loan Event of Default As a result the Zana

Centrum Loan has become a Specially Serviced Loan as of 18 October

2013.

Cornerstone Titan

2007-1 PLC

Hannover Extension of

standstill, valuation

and appraisal

reduction

Notice that the standstill agreement has been extended until 18

January 2014 for the Hannover Loan. Also an updated valuation of the

Hannover Property has been received by the Special Servicer and on

the basis of the Updated Valuation, the Special Servicer has calculated

that an Appraisal Reduction has been created in the amount of

€9,895,680

EuroProp (EMC VI)

S.A.

Gutperle Standstill agreement Notice that the Special Servicer has entered into a further standstill

agreement with the Borrowers which expires on 16 January 2014.

Cornerstone Titan

2007-1 PLC

Koblenz/Pforzheim Standstill agreement Notice that the standstill agreement has been extended until 10

January 2014 for the Koblenz/Pforzheim Loan.

Talisman-6 Finance

PLC

Mango Property sales Notice that a sale and purchase agreement was entered into on 6 June

2013 regarding the property located in Meiningen, Germany.

Talisman-5 Finance

PLC

Penguin Whole Default Notice that the Penguin Borrowers have failed to repay the Loan on its

scheduled Loan Maturity Date in October 2013, which constitutes a

Loan Event of Default.


1223026 | 300051529


Table 13


Titan Europe 2007-2

Ltd.

Redbus Interhouse Loan repaid Notice regarding the occurrence of the repayment of the Netherlands

Redbus Interhouse Loan on the October 18, 2013, representing a full

principal loan repayment of EUR 6,356,571.

Windermere X

CMBS Ltd.

Thunderbird Whole Loan repaid Notice that on 15 October 2013, the Thunderbird borrowers

refinanced the Loan and repaid in full all amounts outstanding under

the Loan.

Fordgate

Commercial

Securitisation No. 1

PLC

Fordgate Commercial

Securitisation No. 1 PLC

Transferred to

special servicing

Notice that the Borrower failed to repay the Loans in full upon the

Loan Maturity Date and as a consequence of the Non-Payment Event

of Default, a Servicing Transfer Event has occurred and from 22

October 2013 the Loans have become Specially Serviced Loans.

DECO Series

2005-UK Conduit 1

PLC

Sandfile Ltd. Repaid with loss Notice that the Special Servicer has made a Final Recovery

Determination in respect of the Loan and has calculated the amount of

such Final Recovery Determination to be £ 1,846,110.01.

DECO 7 - Pan

Europe 2 PLC

Karstadt Kompakt Property sales Notice regarding sale of Tuttlingen and Lunen properties.

Victoria Funding

(EMC-III) PLC

Transaction-level notice Other Notice informing that the issuer intends to comply with its contractual

obligations under the Transaction Documents to make payments on

31 October 2013.

Windermere XI

CMBS PLC

Government Income

Portfolio

Property sales Notice informing that a further Government Income Portfolio

Mortgaged Property has now been sold at a price of £ 1,475,000. The

net sale proceeds will be applied to partially repay the Loan on the

January 2014 Loan Payment Date.

Titan Europe 2007-3

Ltd.

Kennet Transferred to

special servicing

Notice that the Borrower under the Kennet Loan failed to repay the

Kennet Loan in full on the Loan Maturity Date on 18 October 2013. As

a result, Kennet Loan will become a Specially Serviced Loan as of 21st

October 2013.

Titan Europe 2007-3

Ltd.

Norwich Union House Transferred to

special servicing

Notice that the Norwich Union House Borrower failed to repay the

Norwich Union House Loan in full on the Loan Maturity Date on 18

October 2013. As a result, the Norwich Union House Loan became a

Specially Serviced Loan as of 21st October 2013.

Titan Europe 2007-3

Ltd.

Regulator Default Notice that the Regulator Borrower failed to repay the Regulator

Whole Loan in full on the Loan Maturity Date on 18 October 2013.

Titan Europe 2007-3

Ltd.

Quadrant House Transferred to

special servicing

Notice that the Quadrant House Borrower failed to repay the

Quadrant House Loan in full on the Loan Maturity Date on 18 October

2013. As a result, the Quadrant House Loan became a Specially

Serviced Loan as of 21st October 2013.


Three PLC

Corleone Senior Other Notice regarding new lease agreement and property disposal.

Titan Europe 2006-3

PLC

Transaction-level notice Default Notice regarding probable default in the payment of amounts of

interest due and payable on the Class A Notes. This constitutes a

Potential Note Event of Default.

Talisman-5 Finance

PLC

Reindeer Whole Standstill agreement Notice that the Issuer Special Servicer entered into a further standstill

agreement with the Reindeer Borrowers in relation to the Maturity

Date Event of Default for a standstill period from (and including) 16

October 2013 to 15 January 2014.

Debussy DTC PLC Transaction-level notice Other Notice regarding each of the parties listed in the Schedule since the

Closing Date no servicer event of default has occurred and servicer

has, in all respects, complied with all of obligations contained in the

Servicing Agreement and the other Transaction Documents to which

servicer is a party.

Cornerstone Titan

2006-1 PLC

Lloyds Chambers &

Crystal Court

Property sales Notice that the sale by joint receivers of the Lloyds Chambers

Property collateralising the Lloyds Chambers and Crystal Court Loan

and sale of the Argos Distribution Centre Loan completed on 18

October 2013.

DECO 10-Pan

Europe 4 PLC

Emmen Wohncenter Transferred to

special servicing

Notice that the Emmen Wohncentre Loan will be transferred to the

Swiss Issuer Special Servicer (Hatfield Philips International).


1223026 | 300051529


Table 13


DECO 11 - UK

Conduit 3 PLC

Regent Capital Transferred to

special servicing

Notice that the Special Servicing Event has occurred with respect to

the Regent Capital Loan.

DECO 11 - UK

Conduit 3 PLC

Investco Estates Ltd. Transferred to

special servicing

Notice that the Borrower has failed to repay the Investco Estates

Limited loan on its final maturity date of 21st October 2013. As a

result, a Special Servicer Transfer Event has occurred in relation to the

Investco Estates Limited loan.

Alburn Real Estate

Capital Ltd.

Transaction-level notice Other Notice that the meeting of the Creditors of the Issuer will be held on

31 October 2013 at 1 p.m. at 47 Esplanade, St Helier, Jersey, JE1 0BD

for the purpose of voting for the appointment of a liquidator of the

Issuer.

LCP Proudreed PLC Transaction-level notice Other Notice regarding partial prepayments with respect to L.C.P. Real

Estate Limited.

GEMINI (ECLIPSE

2006-3) PLC

Transaction-level notice Other Notice that Danske Bank A/S, London Branch in its capacity as

Liquidity Facility Provider has refused the Issuer's request to extend

the current Liquidity Facility Term Date (which expires on 5

November 2013).

DECO 17 - Pan

Europe 7 Ltd.

Mayne Transferred to

special servicing

Notice that a Special Servicer Transfer Event has occurred in relation

to the Mayne Loan, due to the insolvency of the Mayne Borrower.

Cornerstone Titan

2007-1 PLC

Transaction-level notice Other Notice regarding backup advancer decline notice.

DECO 10-Pan

Europe 4 PLC

Swisscom Transferred to

special servicing

Notice that the Borrower has failed to repay the Swisscom Loan loan

on its final maturity date of 21st October 2013. As a result, a Special

Servicer Transfer Event will occur in relation to the Swisscom loan

and the loan will transfer to Hatfield Philips International (Special

Servicer).

Cornerstone Titan

2007-1 PLC

Zana Centrum Transferred to

special servicing

Notice that the standstill period is due to terminate on 29 November

2013.

Opera Germany (No.

2) PLC

Kö KG & OP KG & SM KG

& RRZ KG

Transferred to

special servicing

Notice that standstill period is extended and expiring in April 2014.

Cornerstone Titan

2007-1 PLC

Munster Loan extension Notice that the Termination Date is extended from 18 October 2013 to

17 January 2014.

DECO 10-Pan

Europe 4 PLC

Toom DIY Transferred to

special servicing

Notice that the Borrower has failed to repay the Toom DIY Loan loan

on its final maturity date of 21st October 2013. As a result, a Special

Servicer Transfer Event has occurred in relation to the Toom DIY

loan.

DECO 10-Pan

Europe 4 PLC

Rubicon Nike Loan extension Notice that on the 21 October 2013, the Sub Servicer agreed on a

further 12 month loan extension of the Rubicon Nike loan.

DECO 10-Pan

Europe 4 PLC

Lubeck Retail Transferred to

special servicing

Notice that the Borrower has failed to repay the Lubeck Retail loan on

its final maturity date on the Oct 2013 IPD. As a result, a Special

Servicer Transfer Event has occurred in relation to the Lubeck Retail

loan.

DECO 11 - UK

Conduit 3 PLC

Investco Estates Ltd. Transferred to

special servicing

Notice that the Borrower has failed to repay the Investco Estates

Limited loan on its final maturity date of 21st October 2013. As a

result, a Special Servicer Transfer Event has occurred in relation to the

Investco Estates Limited loan.

DECO 11 - UK

Conduit 3 PLC

Starcharm Ltd. Transferred to

special servicing

Notice that the Borrower has failed to repay the Starcharm Limited

loan on its final maturity date of 21st October 2013. As a result, a

Special Servicer Transfer Event has occurred in relation to the

Starcharm Limited loan.

LCP Proudreed PLC Transaction-level notice Other Notice regarding availability of documents for inspection during

normal business hours at the offices of the Issuer.

Windermere VIII

CMBS PLC

Government Income

Portfolio Mortgage

Property sales Notice regarding details of the expenses and adjustments that have

resulted in net sales proceeds of GBP122, 942,940.21 following the

sale of 34 of the 36 assets within the portfolio.

RIVOLI Pan Europe

1 PLC

Transaction-level notice Other Notice regarding interest to be paid on 04/11/2013.


1223026 | 300051529


Table 13


White Tower Europe

2007-1 PLC

Heron City Other Notice regarding notifications to the rating agencies.

Windermere VIII

CMBS PLC

Wood Green Mortgage Property sales Notice that the sale of the Wood Green Mortgaged Property known as

’48 – 62 (even) Station Road Wood Green’ completed on 25 October

2013 at a price of £5,450,000.

EuroProp (EMC VI)

S.A.

Ash Standstill agreement Notice that the Special Servicer has on 17th October 2013 entered into

a Ninth Standstill Agreement with the Borrower in relation to the Ash

Loan.

DECO 8 - UK

Conduit 2 PLC

Lea Valley Ltd. Other Notice that the high ground rent gearing, vacant rates and service

charge expenditure, the interest in the Lea Valley Property resulted in

significant non-recoverable costs for the relevant Lea Valley Property

Owner of approximately £2,000,000 per annum whilst the Property

remained vacant.

DECO 9 - Pan

Europe 3 PLC

Treveria I Other Notice regarding update on the status of the current disposal process.

DECO 15 - Pan

Europe 6 Ltd.

OWG MF Loan repaid Notice that the OWG MF Loan prepaid in full on the 21st of October

2013.

Titan Europe 2006-3

PLC

Transaction-level notice Default Notice that the Issuer failed to pay the interest due on the Class A

Notes on the Payment Date falling on 24 October 2013. Accordingly a

Note Event of Default occurred on 30 October 2013.

DECO 17 - Pan

Europe 7 Ltd.

WGN MF, WBN MF,

NILEG MF

Loan repaid Notice that the WGN MF loan, WBN MF loan, NILEG MF loan

prepaid in full on the 21 October 2013.

Talisman-5 Finance

PLC

Monkey Valuation Notice that the issuer special servicer received the update of the

eligible valuation of the Monkey Property providing a market value of

EUR 41,700,000 as at 1 sepetember 2013.

Windermere X

CMBS Ltd.

Built Other Notice regarding amendment agreements.

Taurus CMBS (U.K.)

2006-2 PLC

The Iron Mountain Loan repaid Notice that the The Loan was scheduled to mature on the 20th July

2014; however, the Borrower exercised their right to prepay the loan

under the Voluntary Prepayment clause. We hereby notify you of the

full repayment of the Loan on the 21 October 2013.

Ratings And Note-Level Matters Data

Table 14

Ratings Default Index

Transaction Class Reason for default

Date rating

lowered to 'D (sf)'

Original

rating

Rating immediately

before 'D (sf)'

Alburn Real Estate Capital Ltd. A Principal loss allocation October 2013 AAA (sf) CC (sf)

Alburn Real Estate Capital Ltd. B Principal loss allocation October 2013 AA (sf) CC (sf)

Alburn Real Estate Capital Ltd. C Principal loss allocation October 2013 A (sf) CC (sf)

Alburn Real Estate Capital Ltd. D Principal loss allocation October 2013 BBB (sf) CC (sf)

Alburn Real Estate Capital Ltd. E Principal loss allocation October 2013 BBB (sf) CC (sf)

AQUILA (ECLIPSE 2005-1)

PLC

E Interest shortfall December 2011 BB (sf) B (sf)

ARES FINANCE 2 S.A. D Maturity payment default July 2011 BBB (sf) CCC (sf)

ARES FINANCE 2 S.A. E Maturity payment default July 2011 BB (sf) CCC (sf)

ARES FINANCE S.r.l.* E Maturity payment default March 2011 BBB- (sf) CCC- (sf)

ARES FINANCE S.r.l.* F Maturity payment default March 2011 BB (sf) CCC- (sf)


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Table 14

Ratings Default Index (cont.)

BELLATRIX (ECLIPSE 2005-2)

PLC

D Interest shortfall August 2013 A (sf) CCC- (sf)

BELLATRIX (ECLIPSE 2005-2)

PLC

E Principal loss allocation November 2010 BBB- (sf) CCC- (sf)

Cornerstone Titan 2005-1 PLC E Interest shortfall April 2013 BBB- (sf) CCC- (sf)

Cornerstone Titan 2006-1 PLC G Principal loss allocation April 2010 BBB- (sf) CCC- (sf)

Cornerstone Titan 2006-1 PLC H Principal loss allocation April 2010 BB (sf) CCC- (sf)

Cornerstone Titan 2006-1 PLC J Interest shortfall August 2009 B (sf) B- (sf)

Cornerstone Titan 2007-1 PLC B Interest shortfall June 2013 AA+ (sf) CCC- (sf)

Cornerstone Titan 2007-1 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)

Cornerstone Titan 2007-1 PLC D Interest shortfall November 2012 A (sf) CCC- (sf)

Cornerstone Titan 2007-1 PLC E Interest shortfall June 2012 BBB (sf) CCC+ (sf)

DECO 10-Pan Europe 4 PLC C Interest shortfall August 2013 A (sf) CCC- (sf)

DECO 10-Pan Europe 4 PLC D Interest shortfall April 2013 BBB (sf) CCC- (sf)

DECO 11 - UK Conduit 3 PLC E Interest shortfall October 2013 BBB- (sf) CCC- (sf)

DECO 11 - UK Conduit 3 PLC F Interest shortfall November 2008 BB (sf) CCC- (sf)

DECO 12 - UK 4 PLC D Increased risk of interest

shortfall

April 2013 BBB (sf) CCC- (sf)

DECO 12 - UK 4 PLC E Interest shortfall February 2011 BBB- (sf) B- (sf)

DECO 12 - UK 4 PLC F Interest shortfall February 2011 BB (sf) B- (sf)

DECO 14 - Pan Europe 5 B.V. E Interest shortfall December 2011 BBB (sf) B (sf)

DECO 14 - Pan Europe 5 B.V. F Interest shortfall December 2011 BBB- (sf) B- (sf)

DECO 14 - Pan Europe 5 B.V. G Interest shortfall November 2010 BB (sf) CCC- (sf)

DECO 15 - Pan Europe 6 Ltd. G Interest shortfall November 2011 BB (sf) B- (sf)

DECO 17 - Pan Europe 7 Ltd. F Interest shortfall September 2012 BBB- (sf) B- (sf)

DECO 17 - Pan Europe 7 Ltd. G Interest shortfall May 2011 BB (sf) B (sf)

DECO 6 - UK Large Loan 2

PLC

C Interest shortfall September 2012 A (sf) B- (sf)

DECO 6 - UK Large Loan 2

PLC

D Interest shortfall July 2012 BBB (sf) CCC- (sf)

DECO 7 - Pan Europe 2 PLC E Interest shortfall December 2012 BBB (sf) CCC- (sf)

DECO 7 - Pan Europe 2 PLC F Interest shortfall November 2012 BBB (sf) B- (sf)

DECO 7 - Pan Europe 2 PLC G Interest shortfall December 2011 BBB- (sf) BB- (sf)

DECO 7 - Pan Europe 2 PLC H Interest shortfall September 2011 BB (sf) B- (sf)

DECO 8 - UK Conduit 2 PLC E Interest shortfall June 2013 BBB (sf) CCC- (sf)

DECO 8 - UK Conduit 2 PLC F Interest shortfall June 2013 BBB- (sf) CCC- (sf)

DECO 8 - UK Conduit 2 PLC G Interest shortfall December 2009 BB (sf) B (sf)

DECO Series 2005-UK Conduit

1 PLC

D Interest shortfall September 2011 BBB (sf) CCC- (sf)

DECO Series 2005-UK Conduit

1 PLC

E Interest shortfall August 2007 BBB- (sf) CCC (sf)

Diversity Funding No. 1 Ltd. F Principal deficiency April 2012 B (sf) B- (sf)

Epic (Industrious) PLC A Principal loss allocation October 2011 AAA (sf) CCC- (sf)

Epic (Industrious) PLC B Principal loss allocation October 2011 AAA (sf) CCC- (sf)


1223026 | 300051529


Table 14


Epic (Industrious) PLC C Principal loss allocation October 2011 AAA (sf) CCC- (sf)

Epic (Industrious) PLC D Principal loss allocation October 2011 AA (sf) CCC- (sf)

Epic (Industrious) PLC E Principal loss allocation October 2011 A (sf) CCC- (sf)

Epic (Industrious) PLC F Principal loss allocation October 2011 BBB (sf) CCC- (sf)

EQUINOX (ECLIPSE 2006-1)

PLC

D Principal loss allocation August 2013 A (sf) CCC- (sf)


PLC

E Principal loss allocation May 2011 BBB+ (sf) CCC- (sf)


PLC

F Principal loss allocation May 2011 BBB (sf) CCC- (sf)

European Prime Real Estate

No. 1 PLC

D Interest shortfall August 2010 BBB (sf) CCC (sf)

EuroProp (EMC VI) S.A. F Interest shortfall July 2013 BB (sf) CCC- (sf)

EuroProp (EMC) S.A.

(Compartment) 1

A Maturity payment default May 2013 AAA (sf) CCC- (sf)

EuroProp (EMC) S.A.

(Compartment) 1

B Maturity payment default May 2013 AA (sf) CCC- (sf)

EuroProp (EMC) S.A.

(Compartment) 1

C Maturity payment default May 2013 A (sf) CCC- (sf)

EuroProp (EMC) S.A.

(Compartment) 1

D Maturity payment default May 2013 BBB (sf) CCC- (sf)

EuroProp (EMC) S.A.

(Compartment) 1

E Maturity payment default May 2013 BBB- (sf) CCC- (sf)

Excalibur Funding No. 1 PLC A Default March 2011 A (sf) B- (sf)

Fleet Street Finance One PLC E Interest shortfall May 2011 BB (sf) BB (sf)

Fleet Street Finance Three PLC D Principal loss allocation August 2013 BBB (sf) CCC- (sf)

Fleet Street Finance Three PLC E Principal loss allocation August 2013 BBB- (sf) CCC- (sf)

GEMINI (ECLIPSE 2006-3)

PLC

C Interest shortfall October 2012 AA (sf) B- (sf)


PLC

D Interest shortfall October 2012 A (sf) B- (sf)


PLC

E Interest shortfall March 2011 BBB (sf) CCC (sf)

German Residential Asset Note

Distributor PLC

A Restructuring December 2012 AAA (sf) A (sf)


Distributor PLC

B Restructuring December 2012 AA (sf) BBB- (sf)


Distributor PLC

C Restructuring December 2012 A (sf) BB+ (sf)


Distributor PLC

D Restructuring December 2012 BBB (sf) BB (sf)


Distributor PLC

E Restructuring December 2012 BBB (sf) BB- (sf)


Distributor PLC

F Restructuring December 2012 BBB- (sf) B (sf)

Indus (ECLIPSE 2007-1) PLC D Principal loss allocation February 2012 BBB (sf) B- (sf)

Indus (ECLIPSE 2007-1) PLC E Principal loss allocation February 2012 BB (sf) CCC (sf)

JUNO (ECLIPSE 2007-2) Ltd. C Principal loss allocation October 2013 A (sf) CCC- (sf)


1223026 | 300051529


Table 14


JUNO (ECLIPSE 2007-2) Ltd. D Principal loss allocation May 2012 BBB (sf) CCC- (sf)

JUNO (ECLIPSE 2007-2) Ltd. E Principal loss allocation May 2012 BB (sf) CCC- (sf)

MESDAG (Charlie) B.V. D Interest shortfall November 2012 BBB (sf) B- (sf)

MESDAG (Charlie) B.V. E Interest shortfall September 2011 BBB- (sf) CCC- (sf)

Morpheus (European Loan

Conduit No. 19) PLC

D Loan Interest shortfall May 2013 BBB (sf) CCC- (sf)

Morpheus (European Loan

Conduit No. 19) PLC

E Interest shortfall March 2011 BB (sf) B (sf)

Opera Finance (Uni-Invest)

B.V.

A Maturity payment default February 2012 AAA (sf) CCC- (sf)


B.V.

B Maturity payment default February 2012 AA (sf) CCC- (sf)


B.V.

C Maturity payment default February 2012 A (sf) CCC- (sf)


B.V.

D Maturity payment default February 2012 BBB (sf) CCC- (sf)

Perseus (European Loan

Conduit No. 22) PLC

C Interest shortfall September 2012 A (sf) CCC- (sf)

Perseus (European Loan

Conduit No. 22) PLC

D Interest shortfall July 2011 BBB (sf) B- (sf)

Prominent CMBS Conduit No.

2 Ltd.

A Principal loss allocation August 2013 AAA (sf) CCC- (sf)


2 Ltd.

B Principal loss allocation August 2013 AA (sf) CCC- (sf)


2 Ltd.

C Principal loss allocation August 2013 A (sf) CCC- (sf)


2 Ltd.

D Principal loss allocation February 2013 BBB (sf) CCC- (sf)


2 Ltd.

E Principal loss allocation February 2013 BBB- (sf) CCC- (sf)


2 Ltd.

F Principal loss allocation February 2013 BB (sf) CCC- (sf)

Radamantis (European Loan

Conduit No. 24) PLC

G Principal loss allocation and

interest shortfall

November 2011 BBB (sf) B (sf)



G Interest shortfall September 2011 BB (sf) CCC (sf)

Talisman 1 Finance PLC G Principal loss allocation February 2011 BB (sf) BB+ (sf)

Talisman-3 Finance PLC D Principal loss allocation February 2013 BBB (sf) CC (sf)

Talisman-3 Finance PLC E Principal loss allocation February 2013 BB (sf) CC (sf)

Talisman-3 Finance PLC F Principal loss allocation February 2013 B (sf) CC (sf)

Talisman-4 Finance PLC E Principal loss allocation May 2013 BBB (sf) CCC- (sf)

Talisman-4 Finance PLC F Principal loss allocation May 2013 BB (sf) CCC- (sf)

Talisman-4 Finance PLC G Principal loss allocation May 2013 B (sf) CCC- (sf)

Talisman-5 Finance PLC D Principal loss allocation October 2013 BBB (sf) CCC- (sf)

Talisman-5 Finance PLC E Principal loss allocation October 2013 BBB- (sf) CCC- (sf)

Talisman-6 Finance PLC F Interest shortfall February 2009 BB (sf) CCC- (sf)

Taurus CMBS (Pan-Europe)

2006-3 PLC

C Interest shortfall March 2013 A (sf) CCC- (sf)


1223026 | 300051529


Table 14



2006-3 PLC

D Interest shortfall May 2012 BBB (sf) B+ (sf)


2007-1 Ltd.

F Interest shortfall May 2013 BB (sf) B- (sf)

Titan Europe 2006-1 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)

Titan Europe 2006-1 PLC D Increased risk of interest

shortfall

October 2012 A (sf) CCC- (sf)

Titan Europe 2006-1 PLC E Interest shortfall December 2010 BBB (sf) CCC (sf)

Titan Europe 2006-1 PLC F Interest shortfall December 2010 BBB (sf) CCC (sf)

Titan Europe 2006-1 PLC G Interest shortfall June 2010 BB (sf) CCC- (sf)

Titan Europe 2006-1 PLC H Interest shortfall June 2010 B (sf) CCC- (sf)

Titan Europe 2006-2 PLC F Interest shortfall February 2013 BBB+ (sf) CCC- (sf)

Titan Europe 2006-2 PLC G Interest shortfall February 2013 BBB (sf) CCC- (sf)

Titan Europe 2006-2 PLC H Interest shortfall November 2010 BB (sf) CCC- (sf)

Titan Europe 2006-2 PLC J Interest shortfall November 2008 B (sf) CCC- (sf)

Titan Europe 2006-3 PLC B Interest shortfall February 2013 AAA (sf) CCC- (sf)

Titan Europe 2006-3 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)

Titan Europe 2006-3 PLC D Interest shortfall February 2013 A (sf) CCC- (sf)

Titan Europe 2006-3 PLC E Interest shortfall September 2012 BBB (sf) CCC- (sf)

Titan Europe 2006-3 PLC F Interest shortfall September 2012 BBB- (sf) CCC- (sf)

Titan Europe 2006-3 PLC G Interest shortfall April 2010 BB (sf) B- (sf)

Titan Europe 2006-3 PLC H Interest shortfall July 2009 B (sf) CCC- (sf)

Titan Europe 2006-5 PLC A2 Interest shortfall June 2013 AAA (sf) B- (sf)

Titan Europe 2006-5 PLC A3 Interest shortfall June 2013 AAA (sf) CCC- (sf)

Titan Europe 2006-5 PLC B Interest shortfall February 2013 AA (sf) CCC- (sf)

Titan Europe 2006-5 PLC C Interest shortfall September 2012 A (sf) CCC- (sf)

Titan Europe 2006-5 PLC D Interest shortfall February 2011 BBB (sf) CCC- (sf)

Titan Europe 2006-5 PLC E Interest shortfall November 2010 BBB- (sf) CCC- (sf)

Titan Europe 2006-5 PLC F Interest shortfall February 2009 BB (sf) CCC- (sf)

Titan Europe 2007-1 (NHP)

Ltd.

B Interest shortfall July 2011 AAA (sf) BB+ (sf)


Ltd.

C Interest shortfall July 2011 AA+ (sf) BB (sf)


Ltd.

D Interest shortfall July 2011 AA (sf) B+ (sf)


Ltd.

E Interest shortfall July 2011 A (sf) B- (sf)

Titan Europe 2007-3 Ltd. B Interest shortfall July 2012 AA (sf) B- (sf)

Titan Europe 2007-3 Ltd. C Interest shortfall November 2010 A (sf) CCC- (sf)

Titan Europe 2007-3 Ltd. D Interest shortfall March 2010 BBB (sf) CCC- (sf)

Titan Europe 2007-3 Ltd. E Interest shortfall May 2009 BBB- (sf) CCC- (sf)

Titan Europe 2007-3 Ltd. F Interest shortfall February 2009 BB (sf) CCC- (sf)

Titan Europe 2007-3 Ltd. G Interest shortfall October 2008 B (sf) CCC- (sf)

Ulysses (European Loan

Conduit No. 27) PLC

C Interest shortfall February 2013 AA (sf) CCC- (sf)


1223026 | 300051529


Table 14



Conduit No. 27) PLC

D Interest shortfall May 2012 A (sf) CCC- (sf)


Conduit No. 27) PLC

E Interest shortfall May 2012 BBB (sf) CCC- (sf)



E Interest shortfall September 2010 BBB (sf) CCC- (sf)



F Interest shortfall August 2009 BBB- (sf) CCC- (sf)



G Interest shortfall August 2009 BB (sf) CCC- (sf)

Windermere VIII CMBS PLC E Principal loss allocation August 2011 BB (sf) CCC (sf)

Windermere X CMBS Ltd. E Principal loss allocation November 2012 BBB (sf) CCC (sf)

Windermere X CMBS Ltd. F Principal loss allocation November 2012 BB (sf) CCC- (sf)

Windermere XI CMBS PLC D Principal loss allocation May 2010 BBB (sf) CCC (sf)

Windermere XI CMBS PLC E Principal loss allocation May 2010 BB (sf) CCC (sf)

*Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity

obligations, we have reintroduced them to our index for completeness.

Related Criteria And Research

• Standard & Poor's Ratings Definitions, Nov. 25, 2013

• Counterparty Risk Framework Methodology And Assumptions, June 25, 2013

• European CMBS Methodology And Assumptions, Nov. 7, 2012

• Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012

• European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic

Factors, May 14, 2012

• Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors,

Nov. 4, 2011

• Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011

• Principles Of Credit Ratings, Feb. 16, 2011

• Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Dec. 23, 2010

• Methodology: Credit Stability Criteria, June 3, 2010

• Global Methodology For Rating Interest-Only Securities, June 15, 2010

• Use Of CreditWatch And Outlooks, Sept. 14, 2009

• Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009

• Framework For Credit Analysis In European CMBS Transactions, June 21, 2007

• Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006

• Technical Challenges In European CMBS Structures, Feb. 16, 2006

Additional Contact:

Structured Finance Europe; [email protected]


1223026 | 300051529


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Documents

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table b2014 maturities

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need of refinancing