Untitled

European CMBS Monthly Bulletin(February 2014): The Repayment RateDrops, While 29% Of Maturing LoansDefault

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 MARCH 12, 2014 1

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European CMBS Monthly Bulletin (February2014): The Repayment Rate Drops, While 29% OfMaturing Loans Default

In January 2014, the maturity repayment rate by loan count for European commercial mortgage-backed securities

(CMBS) dropped to 29%. Standard & Poor's Ratings Services finds that this is significantly lower than the overall

repayment rate achieved in 2013, at 42%. Thirty-four loans matured in January, with a total balance of 2.5 billion.

By loan count, 29% successfully repaid, 29% defaulted, and 9% repaid with a loss. The median balance of defaulted

loans (49.6 million) was greater than those that repaid (30.6 million). As expected, the defaulted loans' median loan

to value (LTV) ratio was much higher (69.5%) when compared with the median LTV ratio for loans that successfully

repaid (51.3%). The Windermere X Bridge loan was the largest loan to default, having a reported outstanding

securitized balance of 340.4 million (giving a LTV ratio of 105%).

Table A

Median LTV Ratio Distribution

Median LTV ratio (%)

Defaulted 71.8

Repaid 51.3

Other 70.0

LTV--Loan-to-value.

Three loans repaid with a loss, having a 149.2% reported average LTV ratio. Two of these loans were secured on

multifamily housing. The remaining LMM Overseas Investments loan had the smallest balance and was secured on a

U.K office asset. This loan pushed up the average loss figure for all three loans as a proportion of their original balance

to 27.1%. Its reported nonaccrued interest amounted to more than 55% of its original balance. This was much higher

than the multifamily loans, which reported losses of less than 15% of their original balances.

We expect to see further losses and defaults throughout 2014. Of the 10.9 billion of remaining loans scheduled to

mature this year, 4.2 billion have reported LTV ratios either equal to, or greater than 75%a level at which we

believe loans may struggle to repay at maturity. Of these, 2.4 billion of loans have reported LTV ratios above 100%.

The information below is as of the end of January 2014, unless stated otherwise.

Table 1

Data Snapshot For Loans And Ratings

Loan developments Number of loans Number of transactions affected

Total delinquent 154 57

Total in nonmonetary breach 18 16

Total in special servicing 171 61

Maturity performance

Scheduled to mature 34 21

Repaid by maturity date 10 9


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Table 1

Data Snapshot For Loans And Ratings (cont.)

Rating actions Number of tranches Number of transactions affected

New 0 0

Raised 1 1

Lowered 7 4

Affirmed 14 3

To CreditWatch negative 4 1

To 'D (sf)' 2 2

Total at 'D (sf)' 159 58

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 342 at the end of January 2014.

The British pound sterling and euro balances of this universe over this period were 26,776,212,779 and

22,409,026,245, respectively.

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

loans, and CRE CDOs) were 28,467,065,906 and 24,338,836,188, respectively.

Loan Maturities

Loan maturity performance

Of the 34 loans that matured:

Borrowers fully repaid 10;

Three borrowers repaid with a loss;

Servicers extended the term of three loans;

Servicers declared nine to be in default;

Servicers declared one to be in default/in standstill;

Servicers declared three to be in standstill; and

We are awaiting information on the remaining loans.

Table 2

Maturities

Transaction Loan Jurisdiction Asset type

Loan maturity

date

Note final

maturity date Comment

Bruntwood Alpha PLC Bruntwoood 2000 U.K. Office Jan 1, 2014 Jan 1, 2017 Awaiting

information

Bruntwood Alpha PLC Bruntwoood Estates U.K. Office Jan 1, 2014 Jan 1, 2017 Repaid


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European CMBS Monthly Bulletin (February 2014): The Repayment Rate Drops, While 29% Of Maturing LoansDefault

Table 2

Maturities (cont.)

DRACO (ECLIPSE 2005-4)

PLC

Herbert House U.K. Office Jan 7, 2014 Oct 1, 2017 In standstill

Windermere X CMBS Ltd. IFB and Pavia

Fortress I

Italy Office Jan 12, 2014 Oct 15, 2019 Awaiting

information

Windermere X CMBS Ltd. Naples Enel Tower

Fortress II

Italy Office Jan 12, 2014 Oct 15, 2019 Awaiting

information

Talisman-7 Finance Ltd. Schubert Germany Office Jan 15, 2014 Apr 22, 2017 Defaulted

Windermere X CMBS Ltd. Bridge Germany Office Jan 15, 2014 Oct 15, 2019 Defaulted/in

standstill

Windermere XIV CMBS

Ltd.

Fortezza II Italy Office Jan 15, 2014 Apr 22, 2018 Awaiting

information

Windermere XIV CMBS

Ltd.

Hausmann France Office Jan 15, 2014 Apr 22, 2018 Repaid

EQUINOX (ECLIPSE

2006-1) PLC

Portland Place U.K. Office Jan 16, 2014 Jan 25, 2018 Repaid

EuroProp (EMC VI) S.A. Henderson - Bergen Germany Mixed use Jan 16, 2014 Apr 30, 2017 Defaulted

EuroProp (EMC VI) S.A. Henderson - Staples Germany Mixed use Jan 16, 2014 Apr 30, 2017 Defaulted

Cornerstone Titan 2007-1

PLC

Munster Germany Retail Jan 17, 2014 Jan 23, 2017 Defaulted

INDUS (ECLIPSE 2007-1)

PLC

Gres 1 Portfolio U.K. Residential Jan 17, 2014 Jan 1, 2020 Repaid


PLC

Loews Germany Multifamily

housing

Jan 18, 2014 Jan 23, 2017 Repaid with a loss

Titan Europe 2007-2 Ltd. Portier Germany Multifamily

housing

Jan 18, 2014 Apr 1, 2017 Repaid with a loss

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

information

Titan Europe 2007-2 Ltd. Ton Germany Multifamily

housing

Jan 18, 2014 Apr 1, 2017 Repaid

DECO 10-Pan Europe 4

PLC

Dresdner Office

Portfolio

Germany Office Apr 21, 2014 Oct 27, 2019 Extended to April

2014

DECO 12 - UK 4 PLC LMM Overseas

Investments

U.K. Office Jan 20, 2014 Jan 27, 2020 Repaid with a loss

DECO 14Pan Europe 5

B.V.

Arcadia Germany Mixed use Jan 20, 2014 Oct 27, 2020 Defaulted

DECO 14Pan Europe 5

B.V.

Capital & Regional Germany Retail Jan 20, 2014 Oct 27, 2020 Repaid

DECO 14Pan Europe 5

B.V.

CGG- Tambelle

REDO 3

Germany Mixed use Jan 20, 2014 Oct 27, 2020 Defaulted

DECO 14Pan Europe 5

B.V.

DD Karstadt Hilden Germany Retail Jan 20, 2014 Oct 27, 2020 Defaulted

DECO 14Pan Europe 5

B.V.

Mansford Nord

Bayern

Germany Retail Jan 20, 2014 Oct 27, 2020 In standstill

DECO 14Pan Europe 5

B.V.

Woodsford MF Germany Multifamily

housing

Jan 20, 2014 Oct 27, 2020 Repaid

DECO 15 - Pan Europe 6

Ltd.

SCN Shopping

Centre

Austria Retail Jul 21, 2014 Apr 1, 2018 Extended to July

2014

DECO 8 - UK Conduit 2

PLC

LMK Overseas

Investments

U.K. Retail Jan 20, 2014 Jan 27, 2036 Repaid


PLC

Dresdner Office

Portfolio

Germany Office Apr 21, 2014 Jul 27, 2017 Extended to April

2014


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Table 2

Maturities (cont.)

Epic (Brodie) PLC Terry Germany Retail Jan 20, 2014 Jan 22, 2016 Defaulted

Epic (Culzean) PLC Friends First U.K. Office Jan 20, 2014 Oct 20, 2019 In standstill

Epic (Drummond) Ltd. Magnum Germany Retail Jan 20, 2014 Jan 25, 2022 Defaulted

Epic (Value Retail) Ltd. Las Rozas Spain Retail Jan 22, 2014 Jul 26, 2019 Repaid

Taurus CMBS

(Pan-Europe) 2007-1 Ltd.

Fisherman IBC

Portfolio

France Mixed use Jan 30, 2014 Feb 4, 2020 Repaid

Loan maturity default rate and performance statistics. The maturity default rate decreased to 14.33% from 16.11%.

February maturities

We expect the maturity default rate to remain flat in our next European CMBS monthly bulletin, as only four loans are

scheduled to mature.

Chart 1


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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 January is tracked against the total balance of loans scheduled to mature

between Feb. 1, 2013 and Jan. 31, 2014 is 19.79 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).

Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan delinquencies and cures

There were 10 loan delinquencies, nine of which became delinquent at maturity. In our delinquencies index, 11 loans

were resolved (see table 3). As a result, the number of loans in our delinquencies index decreased to 154 from 155.

As shown in chart 2, the delinquency rate for:

Outstanding euro-denominated loans increased to 43.77% from 39.95%; and

Outstanding pound sterling-denominated loans decreased marginally to 11.09% from 11.18%.


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Chart 2

Table 3

Delinquencies

Transaction Loan Jurisdiction Asset type Comment

Additions

Deco 17 - Pan Europe 7 Ltd. Faktor Germany Office Maturity payment default

Windermere X CMBS Ltd. Bridge Germany Office Maturity payment default

Talisman-7 Finance Ltd. Bruckner Germany Multifamily housing Interest payment default

Cornerstone Titan 2007-1 PLC Munster Germany Retail Maturity payment default

Epic (Drummond) Ltd. Magnum Germany Retail Maturity payment default

EuroProp (EMC VI) S.A. Henderson - Bergen Germany Mixed use Maturity payment default

EuroProp (EMC VI) S.A. Henderson - Staples Germany Mixed use Maturity payment default

Infinity 2007-1 Soprano FCC EHE - Pool 1A Germany Retail Maturity payment default

Epic (Brodie) PLC Terry Germany Retail Maturity payment default

DECO 14Pan Europe 5 B.V. CGG- Tambelle REDO 3 Germany Mixed use Maturity payment default

Cures/resolutions

Cornerstone Titan 2007-1 PLC BHP Germany Retail Repaid with a loss

Cornerstone Titan 2007-1 PLC Hornbach Germany DIY Repaid

DECO Series 2005-UK Conduit 1 PLC Holaw (420) Limited U.K. Office Repaid


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Table 3

Delinquencies (cont.)

Cornerstone Titan 2007-1 PLC Deutsche Bahn Germany Office Repaid with a loss

Titan Europe 2007-3 Ltd. St. Mark's Court U.K. Office Repaid

Cornerstone Titan 2007-1 PLC Xanadu Germany Office Repaid

DECO Series 2005-UK Conduit 1 PLC Commercial and Warehouse U.K. Office Repaid

Cornerstone Titan 2005-2 PLC West Midlands Office U.K. Office Repaid

Windermere VII CMBS PLC RedLeaf II Spain Retail Repaid

Fleet Street Finance Three PLC Saxony Senior Germany Nursing homes Repaid

Cornerstone Titan 2007-1 PLC Zana Centrum Poland Office Repaid with a loss

Loan nonmonetary breaches and cures

There were no nonmonetary breaches. However, six loans were resolved. As a result, the number of loans in our

nonmonetary breaches index decreased to 18 from 24 (see table 4).

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

Outstanding euro-denominated senior loans decreased to 2.33% from 5.16%; and

Outstanding pound sterling-denominated senior loans increased marginally to 2.98% from 2.94%.

Chart 3


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Table 4

Nonmonetary Breaches


Additions

None -- -- -- --

Cures/resolved, or transferred to our delinquencies index

Europrop (EMC VI) S.A. Henderson - Staples Germany Mixed use Delinquent

Cornerstone Titan 2007-1 PLC Essen Germany Retail Repaid

Talisman-4 Finance PLC Barthonia Germany Mixed use Repaid

Talisman-7 Finance Ltd. Bruckner Germany Multifamily housing Delinquent

Infinity 2007-1 Soprano FCC EHE - Pool 1A Germany Retail Delinquent

DECO 14Pan Europe 5 B.V. CGG- Tambelle REDO 3 Germany Mixed use Delinquent

Loan delinquencies and nonmonetary breaches data

See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 9), our full

nonmonetary breaches index (table 10), as well as data on the legal maturity profile for pound sterling and euro

transactions from 2013 to 2020 (chart 8), and term and maturity delinquencies for pound sterling and euro loans

(charts 9 and 10).


Six loans entered special servicing (see table 5). We removed 14 loan from our special servicing index. Overall, the

number of loans in our special servicing index decreased to 171 from 179 (see chart 4).

Notices

We expect loans in our special servicing index to remain flat in our next European CMBS monthly bulletin, with four

loans scheduled to mature.


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Chart 4

Table 5



Additions

Deco 17 - Pan Europe 7 Ltd. Faktor Germany Office Maturity payment default

Windermere X CMBS Ltd. Bridge Germany Office Maturity payment default

Cornerstone Titan 2007-1 PLC Munster Germany Retail Maturity payment default

EuroProp (EMC VI) S.A. Henderson - Bergen Germany Mixed use Maturity payment default

EuroProp (EMC VI) S.A. Henderson - Staples Germany Mixed use Maturity payment default

Windermere XIV CMBS Ltd. GSI Germany Office Imminent default

Cures/resolved

Cornerstone Titan 2007-1 PLC Essen Germany Retail Repaid

Cornerstone Titan 2007-1 PLC BHP Germany Retail Repaid with a loss

Talisman-4 Finance PLC Barthonia Germany Mixed use Repaid

Taurus CMBS (Germany) 2006-1 PLC Ruhr Portfolio (Larmag) Germany Office Repaid

Cornerstone Titan 2007-1 PLC Hornbach Germany DIY Repaid

DECO Series 2005-UK Conduit 1 PLC Holaw (420) Limited U.K. Office Repaid

Cornerstone Titan 2007-1 PLC Deutsche Bahn Germany Office Repaid with a loss


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Table 5

Specially Serviced Loans (cont.)

Titan Europe 2007-3 Ltd. St. Mark's Court U.K. Office Repaid

Cornerstone Titan 2007-1 PLC Xanadu Germany Office Repaid

DECO Series 2005-UK Conduit 1 PLC Commercial and Warehouse U.K. Office Repaid

Cornerstone Titan 2005-2 PLC West Midlands Office U.K. Office Repaid

Windermere VII CMBS PLC RedLeaf II Spain Retail Repaid

Fleet Street Finance Three PLC Saxony Senior Germany Nursing homes Repaid

Cornerstone Titan 2007-1 PLC Zana Centrum Poland Office Repaid with a loss

Specially serviced loans data

See "Specially Serviced Loans Data" below for our full special servicing index (table 11), 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 withdrawals.

Affirmations. We affirmed our ratings on 14 classes of notes in three transactions.

Upgrades. We raised our ratings on one class of notes in one transaction.

Downgrades. We lowered our ratings on 10 classes of notes in five transactions.

Rating defaults. There were two defaults.

Table 6

Rating Defaults

Transaction Class

Date rating lowered to

'D (sf)'

Original

rating

Rating immediately before

'D (sf)' Comment

DECO 14 - Pan Europe 5 B.V. D Jan 2014 BBB (sf) CCC- (sf) Interest shortfall

Quirinus (European Loan Conduit

No. 23) PLC

F Jan 2014 BBB- (sf) CC (sf) Interest shortfall


Table 7


Transaction Article Date

Titan Europe 2006-5 PLC Rating Lowered On European CMBS Transaction Titan Europe 2006-5's Class A1

Notes; Other Classes Affirmed

Jan. 9, 2014

DECO 14 - Pan Europe 5 B.V. Various Rating Actions Taken In European CMBS Transaction DECO 14 - Pan Europe

5 Following Review

Jan. 9, 2014

Quirinus(European Loan Conduit No.

23) PLC

Rating Lowered To 'D (sf)' On European CMBS Transaction Quirinus (ELOC 23)'s Class

F Notes Following Interest Shortfall

Jan. 15, 2014


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Table 7

Transactions And Related Publications (cont.)

Situs Companies (The) Servicer Evaluation: Situs Companies (The) Jan. 16, 2014

Taurus CMBS(Pan-Europe) 2006-3 PLC Rating Lowered On Taurus CMBS (Pan-Europe) 2006-3's Class A Notes Following

Review; Classes B To D Affirmed

Jan. 17, 2014

Broadgate Financing PLC Ratings On CMBS Transaction Broadgate Financing's Class A Notes Placed On

CreditWatch Negative Due To Counterparty Risk

Jan. 22, 2014

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.

Babcock French

Portfolio

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

Vulcan (European

Loan Conduit No.

28) Ltd.

Henderson

Hanau Shopping

Centre

Germany Retail Nov 7, 2013 May 15, 2017 18,150,000 Defaulted *

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza Italy Mixed use Nov 10,

2013

Feb 20, 2019 39,888,550 Defaulted *

JUNO (ECLIPSE

2007-2) Ltd.

LE Croissant Belgium Office Nov 10,

2014

Nov 1, 2022 18,102,500 Awaiting

information

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen Germany Retail Nov 10,

2013

Nov 1, 2022 68,654,758 Defaulted/in

standstill

*

Titan Europe 2007-2

Ltd.

Project Christie Germany Retail Dec 16,

2013

Apr 1, 2017 291,236,427 Extended to

December 2013

Prominent CMBS

Conduit No. 2 Ltd.

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


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Table 8

Loans Maturing Over The Past Quarter (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

Titan Europe 2007-2

Ltd.

Project Christie Germany Retail Dec 16,

2013

Apr 1, 2017 291,236,427 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)

Loan 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

Bruntwood Alpha

PLC

Bruntwoood 2000 U.K. Office Jan 1, 2014 Jan 1, 2017 197,950,000 Awaiting

information

Bruntwood Alpha

PLC

Bruntwoood

Estates

U.K. Office Jan 1, 2014 Jan 1, 2017 80,350,000 Repaid

DRACO (ECLIPSE

2005-4) PLC

Herbert House U.K. Office Jan 7, 2014 Oct 1, 2017 8,088,191 In standstill

Windermere X

CMBS Ltd.

IFB and Pavia

Fortress I

Italy Office Jan 12, 2014 Oct 15, 2019 59,639,015 Awaiting

information

Windermere X

CMBS Ltd.

Naples Enel

Tower Fortress II

Italy Office Jan 12, 2014 Oct 15, 2019 43,900,000 Awaiting

information

Talisman-7 Finance

Ltd.

Schubert Germany Office Jan 15, 2014 Apr 22, 2017 8,659,500 Defaulted *

Windermere X

CMBS Ltd.

Bridge Germany Office Jan 15, 2014 Oct 15, 2019 342,090,000 Defaulted/in

standstill

*

Windermere XIV

CMBS Ltd.

Fortezza II Italy Office Jan 15, 2014 Apr 22, 2018 252,228,883 Awaiting

information

Windermere XIV

CMBS Ltd.

Hausmann France Office Jan 15, 2014 Apr 22, 2018 254,711,667 Repaid

EQUINOX

(ECLIPSE 2006-1)

PLC

Portland Place U.K. Office Jan 16, 2014 Jan 25, 2018 8,899,000 Repaid

EuroProp (EMC VI)

S.A.

Henderson -

Bergen

Germany Mixed use Jan 16, 2014 Apr 30, 2017 8,033,329 Defaulted *

EuroProp (EMC VI)

S.A.

Henderson -

Staples

Germany Mixed use Jan 16, 2014 Apr 30, 2017 27,716,878 Defaulted *

Cornerstone Titan

2007-1 PLC

Munster Germany Retail Jan 17, 2014 Jan 23, 2017 9,571,523 Defaulted *

INDUS (ECLIPSE

2007-1) PLC

Gres 1 Portfolio U.K. Residential Jan 17, 2014 Jan 1, 2020 74,500,000 Repaid

Cornerstone Titan

2007-1 PLC

Loews Germany Multifamily

housing

Jan 18, 2014 Jan 23, 2017 17,821,418 Repaid with a

loss

Titan Europe 2007-2

Ltd.

Portier Germany Multifamily

housing

Jan 18, 2014 Apr 1, 2017 14,970,647 Repaid with a

loss

Titan Europe 2007-2

Ltd.

Skoduv Palace Czech Rep Office Jan 18, 2014 Apr 1, 2017 52,889,520 Awaiting

information

*

Titan Europe 2007-2

Ltd.

Ton Germany Multifamily

housing

Jan 18, 2014 Apr 1, 2017 1,953,428 Repaid

DECO 10-Pan

Europe 4 PLC

Dresdner Office

Portfolio

Germany Office Apr 21, 2014 Oct 27, 2019 78,913,736 Extended to

April 2014


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Table 8

Loans Maturing Over The Past Quarter (cont.)

DECO 12 - UK 4

PLC

LMM Overseas

Investments

U.K. Office Jan 20, 2014 Jan 27, 2020 2,987,609 Repaid with a

loss

DECO 14 - Pan

Europe 5 B.V.

Arcadia Germany Mixed use Jan 20, 2014 Oct 27, 2020 106,241,359 Defaulted *

DECO 14 - Pan

Europe 5 B.V.

Capital &

Regional

Germany Retail Jan 20, 2014 Oct 27, 2020 44,927,692 Repaid

DECO 14 - Pan

Europe 5 B.V.

CGG- Tambelle

REDO 3

Germany Mixed use Jan 20, 2014 Oct 27, 2020 95,982,472 Defaulted *

DECO 14 - Pan

Europe 5 B.V.

DD Karstadt

Hilden

Germany Retail Jan 20, 2014 Oct 27, 2020 5,114,500 Defaulted *

DECO 14 - Pan

Europe 5 B.V.

Mansford Nord

Bayern

Germany Retail Jan 20, 2014 Oct 27, 2020 43,978,768 In standstill *

DECO 14 - Pan

Europe 5 B.V.

Woodsford MF Germany Multifamily

housing

Jan 20, 2014 Oct 27, 2020 16,320,016 Repaid

DECO 15 - Pan

Europe 6 Ltd.

SCN Shopping

Centre

Austria Retail Jul 21, 2014 Apr 1, 2018 70,000,000 Extended to July

2014

DECO 8 - UK

Conduit 2 PLC

LMK Overseas

Investments

U.K. Retail Jan 20, 2014 Jan 27, 2036 3,512,500 Repaid

DECO 9 - Pan

Europe 3 PLC

Dresdner Office

Portfolio

Germany Office Apr 21, 2014 Jul 27, 2017 78,913,736 Extended to

April 2014

Epic (Brodie) PLC Terry Germany Retail Jan 20, 2014 Jan 22, 2016 107,695,053 Defaulted *

Epic (Culzean) PLC Friends First U.K. Office Jan 20, 2014 Oct 20, 2019 35,163,126 In standstill

Epic (Drummond)

Ltd.

Magnum Germany Retail Jan 20, 2014 Jan 25, 2022 71,638,413 Defaulted *

Epic (Value Retail)

Ltd.

Las Rozas Spain Retail Jan 22, 2014 Jul 26, 2019 77,000,000 Repaid

Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Fisherman IBC

Portfolio

France Mixed use Jan 30, 2014 Feb 4, 2020 13,366,334 Repaid

*According to our data at the end of January 2014, 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).


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Chart 9

Table 9

Loans Maturing From February To December 2014


Loan

maturity

date

Note final

maturity

date

Loan balance

(euro

equivalent) Comment

Silenus (European

Loan Conduit No.

25) Ltd.

Tishman Munich

Elisenhof

Germany Mixed use Feb 7, 2014 May 15,

2019

106,517,000 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Jargonnant Munich Germany Mixed use Feb 7, 2014 May 15,

2017

25,049,583 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Tishman German Office

Portfolio

Germany Office Feb 7, 2014 May 15,

2017

244,970,571 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Tishman Hamburg

Office

Germany Office Feb 7, 2014 May 15,

2017

51,300,000 --

MESDAG

(Charlie) B.V.

Sparkasse Germany Office Mar 31,

2014

Oct 31,

2019

8,389,436 --

UNITE (USAF)

PLC

UNITE (USAF) PLC U.K. Student

accomodation

Mar 31,

2014

Mar 31,

2017

280,000,000 Repaid

DECO 7 - Pan

Europe 2 PLC

Tiago Germany Office Mar 31,

2014

Jan 27,

2018

95,243,464 --


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Table 9

Loans Maturing From February To December 2014 (cont.)

Prominent CMBS

Conduit No. 2 Ltd.

Colombina U.K. Office Apr 15,

2014

Apr 26,

2019

120,930,000 --

Talisman-7

Finance Ltd.

Bruckner Germany Multifamily

housing

Apr 15,

2014

Apr 22,

2017

52,695,000 -- *

Talisman-7

Finance Ltd.

Hof Germany Car showrooms Apr 15,

2014

Apr 22,

2017

7,108,603 -- *

Windermere VII

CMBS PLC

Firefly Germany Multifamily

housing

Apr 15,

2014

Apr 1, 2016 8,825,077 Repaid

Windermere VII

CMBS PLC

Phoenix Germany Multifamily

housing

Apr 15,

2014

Apr 1, 2016 2,357,678 Repaid

Windermere XI

CMBS PLC

Devonshire House

Mortgage

U.K. Office Apr 15,

2014

Apr 15,

2017

191,924,169 Repaid

Windermere XI

CMBS PLC

Longacre Mortgage U.K. Office Apr 15,

2014

Apr 15,

2017

111,015,515 --

Windermere XI

CMBS PLC

Westville Mortgage U.K. Office Apr 15,

2014

Apr 15,

2017

47,666,280 -- *

Windermere XIV

CMBS Ltd.

GSI Germany Office Apr 15,

2014

Apr 22,

2018

35,864,284 --

EuroProp (EMC

VI) S.A.

Bardowick Germany Mixed use Apr 16,

2014

Apr 30,

2017

5,175,000 --

EuroProp (EMC

VI) S.A.

Cluster 1 Germany Mixed use Apr 16,

2014

Apr 30,

2017

11,090,764 --

EuroProp (EMC

VI) S.A.

Cluster 2 Germany Mixed use Apr 16,

2014

Apr 30,

2017

11,668,473 --

EuroProp (EMC

VI) S.A.

Cluster 4 & 5 Germany Mixed use Apr 16,

2014

Apr 30,

2017

16,017,965 --

EuroProp (EMC

VI) S.A.

Epic Horse Germany Mixed use Apr 16,

2014

Apr 30,

2017

24,843,112 -- *

INDUS (ECLIPSE

2007-1) PLC

Forster Hall U.K. Student

accomodation

Apr 16,

2014

Jan 1, 2020 8,100,000 --

BELLATRIX

(ECLIPSE 2005-2)

PLC

Rivermead Court U.K. Office Apr 17,

2014

Jan 25,

2017

3,522,826 -- *

INDUS (ECLIPSE

2007-1) PLC

Criterion U.K. Office Apr 17,

2014

Jan 1, 2020 121,886,000 --

Titan Europe

2007-2 Ltd.

Cobalt Finland Retail Apr 18,

2014

Apr 1, 2017 78,500,000 -- *

Titan Europe

2007-2 Ltd.

Urbis Germany Office Apr 18,

2014

Apr 1, 2017 45,304,984 --

DECO 11 - UK

Conduit 3 PLC

St Christopher

Nottingham Limited

U.K. Hotel Apr 20,

2014

Jan 27,

2020

5,936,632 --

DECO 12 - UK 4

PLC

Borehamwood

Investments Limited

and Oakdale

Investments Limited

U.K. Mixed use Apr 20,

2014

Jan 27,

2020

15,841,930 -- *

DECO 14Pan

Europe 5 B.V.

Puma MF Germany Multifamily

housing

Apr 20,

2014

Oct 27,

2020

135,443,864 --

DECO 15 - Pan

Europe 6 Ltd.

AOK Schwerin Germany Office Apr 20,

2014

Apr 1, 2018 27,056,253 --

DECO 15 - Pan

Europe 6 Ltd.

Centro Germany Retail Apr 20,

2014

Apr 1, 2018 711,990,245 Repaid


1274086 | 301112013


Table 9


DECO 15 - Pan

Europe 6 Ltd.

OWG MF Germany Multifamily

housing

Apr 20,

2014

Apr 1, 2018 86,481,676 Repaid

Deco 17 - Pan

Europe 7 Ltd.

Gabriel Germany Multifamily

housing

Apr 20,

2014

Jul 27, 2020 79,863,750 Repaid

Deco 17 - Pan

Europe 7 Ltd.

NILEG MF Germany Multifamily

housing

Apr 20,

2014

Jul 27, 2020 70,300,710 Repaid

Deco 17 - Pan

Europe 7 Ltd.

WBN MF Germany Multifamily

housing

Apr 20,

2014

Jul 27, 2020 188,765,719 Repaid

Deco 17 - Pan

Europe 7 Ltd.

WGN MF Germany Multifamily

housing

Apr 20,

2014

Jul 27, 2020 206,523,844 Repaid

DECO 7 - Pan

Europe 2 PLC

World Fashion Centre Netherlands Retail Apr 20,

2014

Jan 27,

2018

88,242,479 --

Epic (Drummond)

Ltd.

Countrywide Germany Retail Apr 20,

2014

Jan 25,

2022

331,387,978 -- *

DECO 10-Pan

Europe 4 PLC

Dresdner Office

Portfolio

Germany Office Apr 21,

2014

Oct 27,

2019

78,913,736 --

DECO 9 - Pan

Europe 3 PLC

Dresdner Office

Portfolio

Germany Office Apr 21,

2014

Jul 27, 2017 78,913,736 --

Deco 17 - Pan

Europe 7 Ltd.

LWB Germany Multifamily

housing

Apr 21,

2014

Jul 27, 2020 133,312,623 --

Taurus CMBS

(Pan-Europe)

2007-1 Ltd.

Barana Portfolio Switzerland Office Apr 30,

2014

Feb 4, 2020 67,286,813 Repaid

Taurus CMBS

(Pan-Europe)

2007-1 Ltd.

Matran Portfolio Switzerland Retail Apr 30,

2014

Feb 4, 2020 44,138,900 Repaid

Taurus CMBS

(Pan-Europe)

2007-1 Ltd.

Saturn Portfolio Germany Retail Apr 30,

2014

Feb 4, 2020 24,055,022 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Eurocastle Office

Portfolio

Germany Office May 7,

2014

May 15,

2017

39,896,290 --

Vulcan (European

Loan Conduit No.

28) Ltd.

Henderson Paris Retail

Park

France Retail May 7,

2014

May 15,

2017

17,880,000 Repaid

Xuthus (European

Loan Conduit No.

29) S.A.

Project Vermeer Netherlands Mixed use May 7,

2014

May 15,

2018

692,666,987 Repaid

Hypo Real Estate

Bank AG (Estate

Pan-Europe 5)

Loan 26 Germany Retail Jun 26,

2014

Jul 25, 2018 44,000,000 Repaid

MESDAG (Berlin)

B.V.

MESDAG (Berlin) B.V. Germany Multifamily

housing

Jun 30,

2014

Jul 1, 2016 130,084,888 --

Windermere XII

FCC

Coeur Defense France Office Jul 10,

2014

Jul 10, 2017 1,638,950,000 -- *

Epic (More

London) PLC

More London U.K. Office Jul 15,

2014

Jul 15, 2017 638,460,444 Repaid

Real Estate

Capital

(Foundation) Ltd.

Loan 1 U.K. Mixed use Jul 15,

2014

Jul 15, 2016 114,500,000 Repaid

DECO 15 - Pan

Europe 6 Ltd.

Mansford OBI Large Germany Retail Jul 20,

2014

Apr 1, 2018 143,613,790 --

Deco 17 - Pan

Europe 7 Ltd.

AFI Germany Mixed use Jul 20,

2014

Jul 27, 2020 71,499,241 --


1274086 | 301112013


Table 9


Deco 17 - Pan

Europe 7 Ltd.

Mansford Edeka Germany Retail Jul 20,

2014

Jul 27, 2020 13,001,148 --

DECO 9 - Pan

Europe 3 PLC

PGREI Portfolio Germany Retail Jul 20,

2014

Jul 27, 2017 114,227,891 --

FCT Infinity

2009-1 "Gamma"

Skyper-Alkmene Germany Office Jul 20,

2014

Nov 1, 2019 133,203,125 Repaid

Fleet Street

Finance Two PLC

Fleet Street Finance

Two PLC

Germany Retail Jul 20,

2014

Jul 26, 2017 276,179,287 Repaid

Taurus CMBS

(U.K.) 2006-2 PLC

Iron Mountain U.K. Distribution

warehouse

Jul 20,

2014

Apr 24,

2024

29,198,003 Repaid

DECO 15 - Pan

Europe 6 Ltd.

SCN Shopping Centre Austria Retail Jul 21,

2014

Apr 1, 2018 70,000,000 --

Ulysses (European

Loan Conduit No.

27) PLC

City Point U.K. Office Jul 21,

2014

Jul 25, 2017 429,000,000 -- *

Epic (Value Retail)

Ltd.

Bicester U.K. Retail Jul 22,

2014

Jul 26, 2019 170,000,000 Repaid

FORNAX

(ECLIPSE 2006-2)

B.V.

ATU Germany Germany Mixed use Jul 24,

2014

Feb 20,

2019

12,681,720 --

Taurus CMBS

(Pan-Europe)

2007-1 Ltd.

Fishman JEC Portfolio France Mixed use Jul 30,

2014

Feb 4, 2020 134,153,250 --

Taurus CMBS

(Pan-Europe)

2007-1 Ltd.

Hutley Portfolio Germany Mixed use Jul 30,

2014

Feb 4, 2020 38,864,712 --

FCC Proudreed

Properties 2005

Paris Properties

Borrowers

France Mixed use Aug 1,

2014

Aug 18,

2017

238,506,631 --

FCC Proudreed

Properties 2005

Proudreed France

Borroweres

France Mixed use Aug 1,

2014

Aug 18,

2017

83,352,506 --

Silenus (European

Loan Conduit No.

25) Ltd.

Antony Parc France Office Aug 7,

2014

May 15,

2019

52,418,475 Repaid

JUNO (ECLIPSE

2007-2) Ltd.

Seaford Germany Distribution

warehouse

Aug 10,

2014

Nov 1, 2022 11,443,849 --

LCP Proudreed

PLC

LCP U.K. Mixed use Aug 25,

2014

Aug 25,

2016

272,955,978 --

LCP Proudreed

PLC

Rroudreed U.K. Mixed use Aug 25,

2014

Aug 25,

2016

43,434,618 --

London &

Regional Debt

Securitisation No.

1 PLC

London & Regional

Debt Securitisation No.

1 PLC Portfolio

U.K. Office Oct 15,

2014

Oct 15,

2014

171,701,310 --

Windermere XI

CMBS PLC

Government Income

Portfolio Mortgage

U.K. Office Oct 15,

2014

Apr 15,

2017

76,063,415 --

Talisman-5

Finance PLC

Penguin France Office Oct 15,

2014

Oct 22,

2016

52,768,237 --

AQUILA

(ECLIPSE 2005-1)

PLC

Northumberland

Estates

U.K. Office Oct 17,

2014

Oct 25,

2016

5,090,888 Repaid

INDUS (ECLIPSE

2007-1) PLC

Amsterdam Place U.K. Office Oct 17,

2014

Jan 1, 2020 4,850,000 --

DECO 10-Pan

Europe 4 PLC

Rubicon Nike Netherlands Office Oct 20,

2014

Oct 27,

2019

55,085,933 --


1274086 | 301112013


Table 9


DECO 11 - UK

Conduit 3 PLC

LML Overseas

Investments Limited

U.K. Distribution

warehouse

Oct 20,

2014

Jan 27,

2020

1,210,000 --

DECO 5 - UK

Large Loan 1 PLC

DB Real Estate

Investment GmbH

(DBREI)

U.K. Office Oct 20,

2014

Oct 1, 2014 282,100,000 Repaid

Fleet Street

Finance Three

PLC

Corleone Senior Germany Mixed use Oct 20,

2014

Oct 25,

2016

274,640,235 -- *

NEMUS II (Arden)

PLC

Carlton House

Investments Limited

U.K. Mixed use Oct 31,

2014

Feb 15,

2020

11,925,000 -- *

Prominent CMBS

Funding No. 1

PLC

1200203627 U.K. Office Nov 8,

2014

Dec 20,

1932

25,500,000 Repaid

JUNO (ECLIPSE

2007-2) Ltd.

Le Croissant Belgium Office Nov 10,

2014

Nov 1, 2022 18,215,000 --

JUNO (ECLIPSE

2007-2) Ltd.

Pyrus Portfolio Germany Multifamily

housing

Nov 10,

2014

Nov 1, 2022 34,456,000 --

*According to our data at the end of January 2014, 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).

Loan Delinquencies And Nonmonetary Breaches Data


1274086 | 301112013


Chart 10


1274086 | 301112013


Chart 11

Table 10

Delinquencies Index

Transaction Loan

Month

added Jurisdiction Asset type

Special

serviced

loan Comment


PLC

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

default


PLC

Jubilee Way December

2009

U.K. Retail Yes Maturity payment

default


PLC

Bradford December

2009


default


PLC

Eschborn April 2011 Germany Office Yes Maturity payment

default


PLC

German Retail Portfolio I April 2013 Germany DIY Yes Maturity payment

default


PLC

German Retail Portfolio III July 2010 Germany Retail Yes Term payment

default


PLC

Hannover July 2013 Germany Office Yes Maturity payment

default


PLC

Hugo January

2012

France Office No Maturity payment

default


1274086 | 301112013


Table 10

Delinquencies Index (cont.)


PLC

Klimson July 2013 Switzerland Retail Yes Maturity payment

default


PLC

Koblenz/Pforzheim October

2011

Germany Industrial Yes Maturity payment

default


PLC

Munster January

2014

Germany Retail Yes Maturity payment

default


PLC

Stade October

2011

Germany Leisure Yes Maturity payment

default


PLC

Star April 2012 Germany Retail Yes Maturity payment

default


PLC

Steigenberger Hotel April 2013 Germany Hotel Yes Maturity payment

default


PLC

Wolfsburg July 2013 Germany Mixed use Yes Maturity payment

default


PLC

Edeka Retail October

2012

Germany Retail Yes Principal payment

default


PLC

Emmen Wohncenter October

2013

Switzerland Retail Yes Maturity payment

default


PLC

Lubeck Retail October

2013

Germany Mixed use Yes Maturity payment

default


PLC

Swisscom October

2013

Switzerland Office Yes Maturity payment

default


PLC

Toom DIY October

2013


default


PLC

Treveria II July 2012 Germany Mixed use Yes Maturity payment

default


PLC

CPI Retail Active

Management

December

2011


default


PLC

Investco Estates Limited October

2013

U.K. Distribution

warehouse

Yes Maturity payment

default


PLC

Regent Capital October

2013

U.K. Distribution

warehouse


default


PLC

Starcharm Limited October

2013

U.K. Distribution

warehouse


default


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


B.V.

Arcadia March 2010 Germany Mixed use Yes Term payment

default


B.V.

DD Karstadt Hilden September

2010

Germany Retail Yes Term payment

default

DECO 14Pan Europe 5

B.V.

CGG- Tambelle REDO 3 January

2014


default


Ltd.

Main July 2011 Germany Retail Yes Maturity payment

default


Ltd.

Plus Retail January

2012


default

Deco 17 - Pan Europe 7

Ltd.

Faktor January

2014

Germany Office Yes Maturity payment

default


1274086 | 301112013


Table 10



Ltd.

Mayne October

2013


default


PLC

Karstadt Kompakt January

2011

Germany Retail Yes Term payment

default


PLC

Procom November

2012


default


PLC

Schmeing December

2012


default


PLC

Braeside Limited January

2011

U.K. Industrial Yes Maturity payment

default


PLC

Elbank Limited January

2013


default


PLC

Fairhold Portfolio January

2013

U.K. Residential

ground rents


default


PLC

Rowan UK Commercial November

2010

U.K. Office Yes Maturity payment

default


PLC

Swiftgold Limited 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

CPI Retail Active

Management

November

2010


default

DECO Series 2005-UK

Conduit 1 PLC

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

default

Epic (Brodie) PLC Terry January

2014

Germany Retail No Maturity payment

default

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

default

Epic (Drummond) Ltd. Magnum January

2014

Germany Retail No Maturity payment

default

Epic (Drummond) Ltd. Project DD January

2011

Finland Mixed use No Term payment

default

Epic (Drummond) Ltd. Zenon December

2013

Greece Retail / Car

Parks


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. Henderson - Bergen January

2014


default

EuroProp (EMC VI) S.A. Henderson - Staples January

2014


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


1274086 | 301112013


Table 10


Fleet Street Finance Three

PLC

Blue Star Senior April 2012 Germany Office Yes Maturity payment

default

Fleet Street Finance Three

PLC

Corleone Senior April 2013 Germany Mixed use No Scheduled Principal

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.

Cassina Plaza November

2013

Italy Mixed use Yes Maturity payment

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

Hypo Real Estate Bank

International AG (ESTATE

UK-3)

123 775 December

2013


default


International AG (ESTATE

UK-3)

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

default

Infinity 2007-1 Soprano

FCC

EHE - Pool 1A January

2014


default

Infinity 2007-1 Soprano

FCC

EHE - Pool B November

2013


default

JUNO (ECLIPSE 2007-2)

Ltd.

MONHEIM October

2012


default

JUNO (ECLIPSE 2007-2)

Ltd.

Petersbogen November

2013


default

MESDAG (Charlie) B.V. Derrick December

2013


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

Opera Germany (No. 2)

PLC

K 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 Loan

Conduit No. 25) Ltd.

Metropolis Shopping

Center

February

2013

Italy Retail Yes Maturity payment

default



Orazio Portfolio November

2012

Italy Mixed use Yes Maturity payment

default


1274086 | 301112013


Table 10


Talisman-4 Finance PLC DT-12 July 2013 Germany Office Yes Maturity payment

default

Talisman-4 Finance PLC Valentine July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance PLC Reindeer January

2013

Finland Mixed use Yes Maturity payment

default

Talisman-5 Finance PLC Fish July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance PLC Monkey July 2013 Germany Mixed use 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-6 Finance PLC Mango December

2013


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. Bruckner January

2014

Germany Multifamily

housing

Yes Interest payment

default

Talisman-7 Finance Ltd. 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


2006-1 PLC

Bewag Berlin Portfolio April 2013 Germany Office Yes Maturity payment

default


2006-1 PLC

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


1274086 | 301112013


Table 10


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

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 issued

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

France Office Yes Maturity payment

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


default

Titan Europe 2007-3 Ltd. Quadrant House October

2013


default

Ulysses (European Loan

Conduit No. 27) PLC

City Point January

2012

U.K. Office Yes Interest payment

default


1274086 | 301112013


Table 10


Vulcan (European Loan


Babcock French Portfolio November

2013


default



Guardian Bonn

Rochustrasse

February

2011


default



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

default



Henderson Hanau

Shopping Centre

November

2013


default



Inovalis Eboue Paris November

2010


default



Tishman German Office

Portfolio

December

2010

Germany Office No Term payment

default

White Tower Europe

2007-1 PLC

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 VIII CMBS

PLC

Amadeus January

2009

U.K. Office Yes Term payment

default


PLC

Government Income

Portfolio Mortgage

October

2012


default


PLC

Wood Green Mortgage January

2013


default

Windermere X CMBS Ltd. Bridge January

2014


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.

Baywatch April 2013 Germany Mixed use Yes Maturity payment

default

Windermere XIV CMBS

Ltd.

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 ICR

covenant

*

Cornerstone Titan

2007-1 PLC

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

ratio covenant

*


1274086 | 301112013


Table 11

Nonmonetary Breaches Index (cont.)

DECO 10-Pan Europe

4 PLC

DFK Portfolio July 2013 Germany Mixed use Breach of LTV

covenant

*

DECO 11 - UK Conduit

3 PLC

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

ratio covenant

*

DECO 12 - UK 4 PLC Borehamwood Investments

Limited and Oakdale Investments

Limited

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

covenant

*

DECO 17 - Pan Europe

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

*

EQUINOX (ECLIPSE

2006-1) PLC

Ashbourne Portfolio A June 2011 U.K. Nursing home 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

*

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 LTV

covenant

NEMUS II (Arden) PLC Kirkglade Limited March 2009 U.K. Office 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 Limited March 2009 U.K. Retail Breach of the ICR

covenant

*

*According to our data at the end of December 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.

Specially Serviced Loans Data


1274086 | 301112013


Chart 12


1274086 | 301112013


Chart 13


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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

2007-1 PLC

Eschborn April 2011 Germany Office 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.


1274086 | 301112013


Table 12

Special Servicing Index (cont.)

Cornerstone Titan

2007-1 PLC

Hannover July 2013 Germany Office Capita Assets Services

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

Munster January 2014 Germany Retail Capita Assets Services

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


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 Limited 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


U.K. Ltd.


3 PLC

Regent Capital October

2013

U.K. Distribution

warehouse



U.K. Ltd.


3 PLC

Starcharm Limited October

2013

U.K. Distribution

warehouse



U.K. 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.


1274086 | 301112013


Table 12



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.

DECO 14Pan Europe

5 B.V.

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

branch and Hatfield Philips

International Ltd. (WOBA loan)

DECO 14Pan Europe

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.

Faktor January 2014 Germany Office Hatfield Philips International

Ltd.


Ltd.

Mayne October

2013

Germany Retail Hatfield Philips International

Ltd.


Ltd.

Rockpoint January 2012 Germany Retail Hatfield Philips International

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

U.K. Office Hatfield Philips International

Ltd.


PLC

Karstadt Kompakt December

2010


Ltd.


PLC

Procom November

2012


Ltd.


PLC

Schmeing December

2012


Ltd.

DECO 8 - UK Conduit

2 PLC

Braeside Limited January 2011 U.K. Industrial Solutus Advisors Ltd.

DECO 8 - UK Conduit

2 PLC

Elbank Limited January 2013 U.K. Retail Hatfield Philips International

Ltd.

DECO 8 - UK Conduit

2 PLC

Fairhold Portfolio January 2013 U.K. Ground rents Hatfield Philips International

Ltd.

DECO 8 - UK Conduit

2 PLC

Swiftgold Limited October

2012

U.K. Retail Hatfield Philips International

Ltd.

DECO 8 - UK Conduit

2 PLC

Rowan UK Commercial November

2010

U.K. Office Solutus Advisors Ltd.


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

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.

Epic (Drummond) Ltd. Countrywide January 2013 Germany Retail Royal Bank of Scotland

Epic (Drummond) Ltd. Zenon December

2013

Greece Retail/car

parks

Royal Bank of Scotland


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Table 12


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.

Henderson - Bergen January 2014 Germany Mixed use Citibank International PLC

EuroProp (EMC VI)

S.A.

Henderson - Staples January 2014 Germany Mixed use Citibank International PLC

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

Fleet Street Finance

Three PLC

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

Ltd.

Fordgate Commercial

Securitisation No.1

PLC

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.

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.


International AG

(ESTATE UK-3)

123 775 December

2013

U.K. Office Not Available

Indus (ECLIPSE

2007-1) PLC

Workspace Portfolio September

2011

U.K. Distribution

warehouse

Capita Assets Services (UK)

Ltd.

Infinity 2007-1

Soprano FCC

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

Infinity 2007-1

Soprano FCC

EHE - Pool B November

2013

Germany Mixed use Capita Assets Services


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Table 12


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.

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen November

2013

Germany Retail Barclays Capital Mortgage

Servicing Ltd.

MESDAG (Charlie) B.V. Derrick December

2013

Germany Office Hatfield Philips International

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

Opera Germany (No. 2)

PLC

K KG & OP KG & SM KG &

RRZ KG

October

2013

Germany Retail Eurohypo AG

Quirinus (European

Loan Conduit No. 23)

PLC

H & B Retail November

2012

Germany Retail Morgan Stanley Mortgage

Servicing 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

DT-12 December

2012


Ltd.

Talisman-4 Finance

PLC

Valentine December

2012

Germany Mixed use Hatfield Philips International

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

Monkey July 2013 Germany Mixed use Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Apple January 2013 Germany Retail Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Coconut January 2012 Germany Office Hatfield Philips International

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 Germany Office Hatfield Philips International

Ltd.


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Table 12


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.

Schubert April 2013 Germany Office Hatfield Philips International

Ltd.

Talisman-7 Finance

Ltd.

Wagner August 2010 Germany Office Hatfield Philips International

Ltd.

Taurus CMBS

(Germany) 2006-1 PLC

Bremen (Haven/Project

Norman)

November

2010

Germany Retail Capita Assets Services (UK)

Ltd.

Taurus CMBS


Bewag Berlin Portfolio April 2013 Germany Office Capita Assets Services

Taurus CMBS


Walzmuhle Portfolio January 2013 Germany Retail Capita Assets Services

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph February

2013

Germany Retail Capita Assets Services (UK)

Ltd.

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

Limited

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 Germany Office Hatfield Philips International

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.

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.


1274086 | 301112013


Table 12


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 Germany Retail Capita Assets Services (UK)

Ltd.

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 Repu

Untitled

Documents

remaining loans

multifamily loans

webelieve loans

average ltv ratio

ltv ratios

ofmaturing loans defaultin

loan count

largest loan