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STRUCTURED FINANCE RESEARCH

European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue
Surveillance Credit Analyst: James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com Secondary Contact: Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com Research Contributor: Mahesh L Bodke, Mumbai; mahesh.bodke@standardandpoors.com Media Contact: Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com

Table Of Contents
Loan maturity performance September maturities Loan maturities data 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

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Table Of Contents (cont.)


Ratings And Note-Level Matters Data Related Criteria And Research

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue
In August, 88% of European commercial mortgage-backed securities (CMBS) loans repaid at maturity. This is significantly higher than the first half of 2013, when only 40% of loans had repaid at loan maturity. Standard & Poor's Ratings Services notes that 12 of the 17 maturing loans were backed by multifamily assetsa traditionally strong asset classwhich would help explain the robust performance over the month. Of the loans set to mature over the next 15 months, only about 9% are backed by multifamily assets. We do not believe that this month's improved loan maturity repayment rate is a turning point for the European CMBS transactions that we rate. Overall, we expect that many legacy CMBS loans will continue to default at loan maturity, as stronger loans refinance ahead of maturity, while the remaining loans are more susceptible to default and entering special servicing. Over the last few years, a combination of looming loan maturity dates and poor market conditions has led to a steady rise in the number of loans entering special servicing as a proportion of the overall European CMBS universe. The number of loans in special sevicing has increased to about 24% of the total outstanding European CMBS loan balance that we rate, from just 3% in 2008. From 2008 to date, only 39% of the 22 billion of loans that entered our special servicing index have been resolved. The current average time of loans in our special servicing index is 2.5 years. The average recorded resolution time for loans that have been either worked out or removed from our special servicing index is 1.4 years.

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue

Chart A

The balance of loans entering our special servicing index in 2013 to date is substantially below the recorded balance in 2012. About 2 billion of loans entered special servicing this year to date, while at the end of September 2012, over 3 billion of loans had entered special servicingreaching a total of 5.5 billion by the end of 2012. However, we are still expecting a further 48 loans to mature by the end of 2013, with a total outstanding balance of 3.8 billion. Of this amount, approximately 3 billion are backed by retail and office loans, which have underperformed other asset classes this year. Due to the approaching legal final maturity dates for over 11.5 billion of European CMBS notes in 2017, there is pressure to resolve current nonperforming loans. We therefore consider that note-level losses will be realized over the medium term, as borrowers and noteholders alike run out of options and workouts are accelerated. The information below is as of the end of August 2013, unless stated otherwise.
Table 1

Data Snapshot For Loans And Ratings


Loan developments Total delinquent Total in nonmonetary breach Number of loans Number of transactions affected 135 33 52 23

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Table 1

Data Snapshot For Loans And Ratings (cont.)


Total in special servicing Maturity performance Scheduled to mature Repaid by maturity date Rating actions New Raised Lowered Affirmed To CreditWatch negative To 'D (sf)' Total at 'D (sf)' Redemptions 17 15 6 5 165 60

Number of tranches Number of transactions affected 0 0 13 11 0 8 146 34 0 0 7 6 0 5 54 10

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 411 at the end of August 2013. The British pound sterling and euro balances of this universe over this period were 26,488,132,312 and 25,271,608,962, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 27,335,164,489 and 28,304,912,286, respectively.

Loan maturity performance


Of the 17 loans that matured: Borrowers repaid 15 in full; Servicers declared one to be in default; and We're currently awaiting information for the remaining loan.
Table 2

Maturities
Loan maturity date Aug 7, 2013 Aug 7, 2013 Note final maturity date May 15, 2017 May 15, 2019

Transaction Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd.

Loan Tishman Munich Office II Margaux EDF

Jurisdiction Germany France

Asset type Mixed Use Office

Comment Repaid Repaid

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Table 2

Maturities (cont.)
Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9 The Netherlands Belgium Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Office Retail Retail Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Aug 10, 2013 Aug 10, 2013 Aug 10, 2013 Aug 15, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Oct 15, 2019 Nov 1, 2022 Nov 1, 2022 Aug 22, 2018 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Defaulted Repaid Awaiting information Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid

September maturities
We expect the maturity default rate to remain flat in our next European CMBS monthly bulletin, as only five loans are scheduled to mature, three of which have already repaid.

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue

Chart 1

Loan maturity default rate and performance statistics. The maturity default rate decreased to 10.43% from 12.77%. 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 August is tracked against the total balance of loans scheduled to mature between Sept. 1, 2012 and Aug. 31, 2013 is 17.55 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 distribution of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue

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 was one loan delinquency and one loan was resolved from our delinquencies index (see table 3). As a result, the number of loans in our delinquencies index remained flat at 135. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased to 31.71% from 29.64%; and Outstanding pound sterling-denominated loans decreased marginally to 10.01% from 10.06%.
Chart 2

Table 3

Delinquencies
Transaction Loan Jurisdiction Additions EuroProp (EMC VI) S.A. Gutperle Loan Germany Distribution warehouse Maturity payment default Asset type Comment

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue

Table 3

Delinquencies (cont.)
Cures/resolved Quirinus (European Loan Conduit No. 23) PLC Fairacre Germany Retail Repaid with a loss

Loan nonmonetary breaches and cures


There were no nonmonetary breaches and no cures. As a result, the number of loans in our nonmonetary breaches index remained flat at 33 across 23 transactions (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans increased to 5.19% from 4.78%; and Outstanding pound sterling-denominated senior loans decreased marginally to 4.51% from 4.58%.
Chart 3

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Table 4

Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Comment Additions None -----

Cures/resolved, or transferred to our delinquencies index None -----

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).

Specially Serviced Loans


One loan entered special servicing (see table 5). We removed one loan from our special servicing index, which has repaid with a loss. Overall, the number of loans in our special servicing index remained flat at 165 in 60 transactions (see chart 4).

Notices
We expect loans in our special servicing index to remain flat in our next European CMBS monthly bulletin, with only five loans scheduled to mature, three of which have already repaid.

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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue

Chart 4

Table 5

Specially Serviced Loans


Transaction Loan Jurisdiction Additions EuroProp (EMC VI) S.A. Gutperle Loan Germany Distribution warehouse Maturity payment default Asset type Comment

Cures/resolved Quirinus (European Loan Conduit No. 23) PLC Fairacre Germany 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

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Ratings performance
Withdrawals. We withdrew our ratings on 36 classes of notes in 11 transactions. Affirmations. We affirmed our ratings on 11 classes of notes in six transactions. Upgrades. There were no upgrades last month. Downgrades. We lowered our ratings on 13 classes of notes in seven transactions. Rating defaults. There were eight rating defaults.
Table 6

Rating Defaults
Transaction Fleet Street Finance Three PLC Fleet Street Finance Three PLC BELLATRIX (ECLIPSE 2005-2) PLC Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. DECO 10-Pan Europe 4 PLC EQUINOX (ECLIPSE 2006-1) PLC Class D E D A B C C D Month rating lowered to 'D (sf)' August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 Original rating BBB (sf) BBB- (sf) A (sf) AAA (sf) AA (sf) A (sf) A (sf) A (sf) Rating immediately before 'D (sf)' CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) Comment Principal loss allocation Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Principal loss allocation

Transactions And Related Publications


Table 7

Transactions And Related Publications


Transaction Tahiti Finance PLC Article Ratings Withdrawn On All Classes Of Notes In European CMBS Transaction Tahiti Finance Following Note Redemption Date Aug. 23, 2013

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Table 7

Transactions And Related Publications (cont.)


Trafford Centre Finance Ltd. Ratings Raised And Removed From CreditWatch Developing On The Trafford Centre Finance's Class A1(N) To B2 CMBS Notes Ratings Lowered On U.K. CMBS Transaction EQUINOX (ECLIPSE 2006-1)'s Class C And D Notes Following Principal Losses Rating Lowered To 'D (sf)' On CMBS Transaction DECO 10-Pan Europe 4's Class C Notes Following Interest Shortfall Servicer Evaluation: Hatfield Philips International Ltd. And Hatfield Philips Deutschland GmbH Servicer Evaluation: Capita Asset Services (Ireland) Ltd. And Capital Asset Services (UK) Ltd. Ratings Lowered On U.K. CMBS Transaction Prominent CMBS Conduit No. 2's Class A, B, And C Notes; Other Classes Affirmed Aug. 23, 2013

EQUINOX (ECLIPSE 2006-1) PLC

Aug. 22, 2013

DECO 10-Pan Europe 4 PLC

Aug. 22, 2013

Hatfield PhilipsInternational Ltd. And Hatfield PhilipsDeutschland GmbH

Aug. 19, 2013

Capita AssetServices (Ireland) Ltd. And CapitalAsset Services (UK) Ltd.

Aug. 16, 2013

ProminentCMBS Conduit No. 2 Ltd.

Aug. 16, 2013

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Table 7

Transactions And Related Publications (cont.)


Perseus (European Loan Conduit No. 22) PLC All Ratings Withdrawn In U.K. CMBS Transaction Perseus (European Loan Conduit No. 22) Following Note Redemptions All Ratings Withdrawn In U.K. CMBS Transaction Epic (Ayton) Following Note Redemptions Servicer Evaluation: Credito Fondiario SpA (FONSPA) Rating Withdrawn On U.K. CMBS Transaction Windermere VIII CMBS' Class A2 Notes Following Redemption All Ratings Withdrawn In U.K. CMBS Transaction Radamantis (European Loan Conduit No. 24) Following Redemption Servicer Evaluation: CBRE Loan Servicing Ltd. Ratings Lowered On European CMBS Transaction Fleet Street Finance Three's Class D And E Notes Following Losses Aug. 16, 2013

Epic (Ayton) PLC

Aug. 16, 2013

Credito FondiarioSpA (FONSPA)

Aug. 14, 2013

Windermere VIII CMBS PLC

Aug. 14, 2013

Radamantis (European Loan ConduitNo. 24) PLC

Aug. 13, 2013

CBRE Loan Servicing Ltd.

Aug. 12, 2013

Fleet Street Finance Three PLC

Aug. 9, 2013

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Table 7

Transactions And Related Publications (cont.)


BELLATRIX(ECLIPSE 2005-2) PLC Various Rating Actions Taken In European CMBS Transaction BELLATRIX (ECLIPSE 2005-2) Following Interest Shortfalls Various Rating Actions Taken On Cornerstone Titan 2005-1's Class D, E, And F CMBS Notes Following Interest Shortfalls Ratings Lowered On EuroProp (EMC VI)'s Class C To E European CMBS Notes Following Updated Property Valuations Servicer Evaluation: Hudson Advisors Germany GmbH Rating Withdrawn On German CMBS Transaction Fleet Street Finance Two's Class A Notes Following Redemption Ratings Withdrawn In CMBS Transaction German Residential Asset Note Distributor Following Note Redemptions Aug. 9, 2013

Cornerstone Titan 2005-1 PLC

Aug. 9, 2013

EuroProp (EMC VI) S.A.

Aug. 9, 2013

Hudson Advisors Germany GmbH

Aug. 7, 2013

Fleet Street Finance Two PLC

Aug. 6, 2013

German Residential Asset Note DistributorPLC

Aug. 2, 2013

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Table 7

Transactions And Related Publications (cont.)


REC Plantation Place Ltd. Ratings Withdrawn On All Classes Of Notes In U.K. CMBS Transaction REC Plantation Place Following Note Redemptions Rating Withdrawn On European Transaction Duncannon CRE CDO I's Class X Notes Following Redemption Aug. 2, 2013

Duncannon CRE CDO I PLC

Aug. 2, 2013

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 Jun 1, 2016 Jun 20, 2013 Jun 28, 2013 Jun 30, 2013 Jun 30, 2013 Jun 30, 2013 Note final maturity date Feb 15, 2024 Jan 27, 2036 Jul 25, 2018

Transaction Infinity 2006-1 "Classico" DECO 8 - UK Conduit 2 PLC Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) DRACO (ECLIPSE 2005-4) PLC

Loan Chianti Upper King Street Limited Loan 2

Jurisdiction Italy U.K. France

Asset type Office Office Office

Loan balance 346,715,696 842,150 190,600,000

Comment Extended to June 2016 Repaid Repaid

Loan 27

Germany

Retail

Jul 25, 2018

66,000,000

Repaid

Loan 28

France

Retail

Jul 25, 2018

50,250,000

Repaid

Loan 4

France

Office

Jul 25, 2018

57,000,000

Repaid

1 Trafalgar Square

U.K.

Office Jul 15, 2013

Oct 1, 2017

95,343,000

Repaid

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Table 8

Loans Maturing Over The Past Quarter (cont.)


Windermere X CMBS Ltd. RIVOLI Pan Europe 1 PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Windermere XIV CMBS Ltd. Windermere X CMBS Ltd. Talisman-4 Finance PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Titan Europe 2006-3 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2006-3 PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Fleet Street Finance Three PLC DECO 9 - Pan Europe 3 PLC Epic (Ayton) PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC Falcon Crest Parque Principado The Barthonia Loan The DT-12 Loan The Fish Loan The Monkey Loan The Odin Loan Woolworth Boenen The Valentine Loan Skoduv Palace Loan Holmewood Chesterfield Loan Geneva Loan Hannover Klimson Loan Matrix Data Project Charles II Loan Project Middleton Loan Project Towergate Loan Target Toy Box Loan Wolfsburg Loan Saxony Senior Loan Terranias Portfolio 214 Oxford St Edeka Retail Investco Estates Limited Germany Spain Germany Germany Germany Germany Finland Germany Germany Czech Rep U.K. Switzerland Germany Switzerland The Netherlands U.K. U.K. U.K. France Germany Germany Germany Switzerland U.K. Germany U.K. Multifamily Jul 15, 2013 housing Retail Jul 15, 2013 Mixed use Jul 15, 2013 Oct 15, 2019 Aug 3, 2018 Jul 22, 2015 Jul 22, 2015 Oct 22, 2016 Oct 22, 2016 Apr 22, 2018 Oct 15, 2019 Jul 22, 2015 Apr 1, 2017 Oct 23, 2016 Jan 23, 2017 Jan 23, 2017 Jan 23, 2017 Jul 1, 2016 Oct 23, 2016 Oct 23, 2016 Oct 23, 2016 Jul 1, 2016 Apr 1, 2017 Jan 23, 2017 Oct 25, 2016 Jul 27, 2017 Oct 1, 2016 Oct 27, 2019 Jan 27, 2020 90,305,243 113,400,000 98,634,887 168,212,000 59,955,900 42,000,000 38,930,000 46,468,210 74,347,699 52,889,520 18,307,000 7,253,147 1,541,591 18,825 10,024,000 7,895,999 24,800,000 9,191,888 232,099,169 10,338,500 9,382,907 49,393,173 62,299,054 147,956,861 12,479,262 1,700,000 Repaid In standstill Awaiting information Defaulted Defaulted Defaulted Repaid Repaid with a loss Defaulted Extended to October 2013 Repaid Repaid Defaulted/In standstill Defaulted Repaid Repaid with a loss Defaulted Defaulted Awaiting information Defaulted/In standstill Defaulted/In standstill Defaulted Repaid Repaid Defaulted Awaiting information * * * * * * * * * * * *

Office Jul 15, 2013 Mixed use Mixed use Jul 15, 2013 Jul 15, 2013

Distribution Jul 15, 2013 warehouse Distribution Jul 15, 2013 warehouse Mixed use Office Jul 15, 2013 Oct 18, 2013

Industrial Jul 18, 2013 Industrial Jul 18, 2013 Office Jul 18, 2013 Retail Jul 18, 2013 Industrial Jul 18, 2013 Office Jul 18, 2013 Distribution Jul 18, 2013 warehouse Office Jul 18, 2013 Mixed use Jul 18, 2013

Office Jul 18, 2013 Mixed use Jul 18, 2013

Nursing Jul 20, 2013 homes Multifamily Jul 20, 2013 housing Retail Jul 20, 2013 Retail Jul 20, 2013 Distribution Jul 20, 2013 warehouse

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Table 8

Loans Maturing Over The Past Quarter (cont.)


DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Deco 17 - Pan Europe 7 Ltd. REC Plantation Place Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Ubrique Holdings Limited Holmes Care Portfolio Elbblick Plantation Place Tishman Munich Office II Margaux EDF U.K. U.K. Germany U.K. Germany Residential Jul 20, 2013 Nursing Jul 22, 2013 homes Retail Jul 22, 2013 Office Jul 25, 2013 Mixed use Aug 7, 2013 Jan 27, 2020 Jan 27, 2020 Jul 27, 2020 Jul 25, 2016 May 15, 2017 May 15, 2019 Oct 15, 2019 Nov 1, 2022 Nov 1, 2022 36,600,000 22,664,215 39,333,605 416,559,782 30,030,000 Repaid Repaid Awaiting information Repaid Repaid

France

Office

Aug 7, 2013

134,371,823

Repaid

Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9

The Netherlands Belgium Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany

Office Retail Retail Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing

Aug 10, 2013 Aug 10, 2013 Aug 10, 2013

15,542,500 26,691,000 122,312,500 2,025,321,590 19,066,821 37,675,829 176,554,410 31,307,947 67,833,357 71,709,283 20,655,387 28,507,307 45,690,969 25,310,755 31,139,661

Defaulted Repaid Awaiting information Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid

Aug 15, Aug 22, 2018 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016

*According to our data at the end of August 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.

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Chart 9

Table 9

Loans Maturing From September To December 2013


Loan maturity date Sep 2, 2013 Sep 9, 2013 Sep 15, 2013 Sep 20, 2013 Sep 30, 2013 Oct 1, 2013 Oct 3, 2013 Oct 5, 2013 Note final maturity date Oct 31, 2019 Dec 20, 2032 Sep 15, 2016 Apr 1, 2017 Oct 31, 2019 Oct 1, 2016 Oct 1, 2016 Mar 20, 2022 Loan balance (euro equivalent) 3,158,073 57,600,000 297,845,000 296,506,541 14,037,990 108,615,491 300,000,000 13,290,466

Transaction MESDAG (Charlie) B.V. Prominent CMBS Funding No. 1 PLC Credent Ltd. Titan Europe 2007-2 Ltd. MESDAG (Charlie) B.V. Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. Hypo Real Estate Bank International AG (ESTATE UK-3)

Loan Derrick 1200304120 Credent Ltd. Project Christie Loan TOR Alburn Real Estate Capital Ltd. Loan Quality Parking 2007 B.V. 123 775

Jurisdiction Germany U.K. Germany Germany Germany U.K. The Netherlands/U.K. U.K.

Asset type Office Mixed use Retail Retail Multifamily housing Office Car Parks Office

Comment -Repaid Repaid -Repaid ---*

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Table 9

Loans Maturing From September To December 2013 (cont.)


CPUK Mortgage Finance Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) Windermere XI CMBS PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Windermere X CMBS Ltd. INDUS (ECLIPSE 2007-1) PLC EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Opera Germany (No. 2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-3 Ltd. Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC Cornerstone Titan 2007-1 PLC Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Cornerstone Titan 2007-1 PLC CPUK Mortgage Finance Ltd. Loan 15 U.K. Germany Leisure Multifamily housing Office Oct 5, 2013 Oct 10, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 10, 2018 Jul 25, 2018 746,322,000 84,878,000 Repaid Repaid

The Government Income Portfolio Mortgage Loan The Penguin Loan The Mango Loan The Pineapple Loan Thunderbird Pitch 2 Royal Mint Court

U.K.

Apr 15, 2017 Oct 22, 2016 Oct 24, 2016 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019 Jan 23, 2017

79,164,518

--

France Germany Germany Germany U.K. U.K.

Office Office Multifamily housing Multifamily housing Office Office

52,997,711 86,197,016 48,692,786 67,741,160 22,219,075 70,096,625

------* * *

Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator Loan EHE - Pool 1A EHE - Pool B Munster Loan Ambassador Norwich Union House Loan Skoduv Palace Loan Project Kennet Loan Quadrant House Loan Redbus Interhouse Loan Roade One Zana Centrum Loan

U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K. U.K. The Netherlands U.K. Poland

Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office

7,621,650 500,400,000 6,247,500 176,000,000 371,670,760 35,295,072 1,861,106 90,930,000 41,149,300 52,889,520 19,420,400 59,283,080 6,356,571 80,100,000 1,252,220

-------Repaid with a loss -----Repaid with a loss -* *

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Table 9

Loans Maturing From September To December 2013 (cont.)


DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Epic (Drummond) Ltd. Epic (Drummond) Ltd. DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC Epic (Drummond) Ltd. Fordgate Commercial Securitisation No.1 PLC Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. FORNAX (ECLIPSE 2006-2) B.V. JUNO (ECLIPSE 2007-2) Ltd. Rubicon Nike Allokton Access Portfolio The Netherlands Sweden U.K. Office Mixed use Self storage Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Oct 27, 2019 Oct 27, 2019 Oct 27, 2020 Jan 25, 2022 Jan 25, 2022 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Jan 27, 2020 Jan 27, 2020 Oct 27, 2019 Oct 27, 2019 Jan 25, 2022 Oct 23, 2016 55,085,933 56,991,728 158,400,000 -Repaid Repaid

DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK

Germany Switzerland Germany Italy Italy Germany Germany U.K.

Mixed use Retail Multifamily housing Retail Retail Mixed use Retail Office

32,452,549 89,064,819 146,702,496 53,000,000 27,000,000 13,806,459 102,120,090 26,876,071

---------

Regent Capital Starcharm Limited Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza

U.K. U.K. Switzerland Germany Greece U.K.

Distribution warehouse Distribution warehouse Office Retail Retail/car parks Office

5,679,571 34,772,000 47,183,557 7,133,625 36,177,400 261,893,781

------*

France U.K.

Multifamily housing Office

Oct 21, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2013

Nov 5, 2019 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022

2,540,100 41,180,905

Repaid -*

France

Office

26,035,444

--

Germany

Retail

18,900,000

--

Italy

Mixed use

39,888,550

--

LE Croissant

Belgium

Office

18,320,000

--

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Table 9

Loans Maturing From September To December 2013 (cont.)


JUNO (ECLIPSE 2007-2) Ltd. Prominent CMBS Conduit No. 2 Ltd. Immeo Residential Finance No.2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma" Petersbogen Lavincino Immeo Residential Finance No.2 Ltd. European Property Capital 1 Loan 5 Germany U.K. Germany France France Retail Nov 10, 2013 Nov 1, 2022 Apr 26, 2019 Dec 15, 2016 Dec 31, 2013 Jul 25, 2018 68,983,694 97,680,000 537,123,677 87,732,244 22,000,000 --Repaid Repaid Repaid *

Retail Dec 6, 2013 Multifamily housing Mixed use Office Dec 15, 2013 Dec 24, 2013 Dec 28, 2013 Dec 31, 2013

Master

France

Office

Nov 1, 2019

80,673,520

--

*According to our data at the end of August 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.

Loan Delinquencies And Nonmonetary Breaches Data


Chart 10

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Chart 11

Table 10

Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes

Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC

Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office

Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. Germany Germany

Asset type Office Retail Retail Office Distribution warehouse Office Retail Office

Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default

Argos Distribution January 2013 Centre Lloyds Chamber October 2011

BHP January 2011 Deutsche Bahn January 2012

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Table 10

Delinquencies Index (cont.)


Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC Eschborn German Retail Portfolio I German Retail Portfolio III Hannover Hornbach April 2011 April 2013 July 2010 July 2013 July 2011 Germany Germany Germany Germany Germany France Switzerland Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. Germany Germany Germany Germany Germany Germany Germany Office DIY Retail Office DIY Office Retail Industrial Leisure Retail Hotel Mixed use Office Retail Mixed use Retail Retail Mixed use Mixed use Retail Retail Retail Retail Retail Retail Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default

Hugo January 2012 Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu Edeka Retail Treveria II CPI Retail Active Management Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia DD Karstadt Hilden Main July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2012 July 2012 December 2011 April 2010 April 2012 March 2010 September 2010 July 2011

Plus Retail January 2012 Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012

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Table 10

Delinquencies Index (cont.)


DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. Braeside Ltd. January 2011 Elbank Ltd. January 2013 Fairhold Portfolio Rowan UK Commercial Swiftgold Ltd. AWOBAG Commercial and Warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Sandfile Ltd. Countrywide January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 February 2010 June 2012 U.K. U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. U.K. U.K. Germany Finland U.K. Germany Germany Germany Germany Germany Germany Germany Germany Austria Belgium Germany Germany Industrial Retail Residential ground rents Office Retail Multifamily housing Office Retail Mixed use Office Industrial Retail Mixed use Office Mixed use Multifamily housing Distribution warehouse Mixed use Mixed use Office Mixed use Nursing homes Car service workshops Retail Retail Retail Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Scheduled Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default

Project DD January 2011 St Mary's House Epic Horse Epic Rhino Gutperle Loan Sunrise II Sunrise Blue Star Senior Corleone Senior Loan Saxony Senior Loan October 2012 July 2010 July 2010 July 2013 July 2012 July 2012 April 2012 April 2013 July 2013

ATU Austria January 2013 Century Center Kingbu Portfolio Netto Portfolio February 2013 October 2012 August 2012

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Table 10

Delinquencies Index (cont.)


GEMINI (ECLIPSE 2006-3) PLC Hypo Real Estate Bank International AG (ESTATE UK-3) JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. Opera Finance (CMH) PLC Quirinus (European Loan Conduit No. 23) PLC RIVOLI Pan Europe 1 PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Gemini 140 202 November 2009 April 2013 U.K. U.K. Mixed use Office Yes No Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default

MONHEIM

October 2012

Germany The Netherlands The Netherlands Ireland Germany

Office Office Office Office Retail

Yes Yes Yes Yes Yes

Dutch Offices I January 2012 Dutch Offices II January 2013 Opera Finance (CMH) January 2013 PLC H & B Retail November 2012

Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio The DT-12 Loan The Valentine Loan February 2013 November 2012 July 2013 July 2013

France Italy Italy Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany

Office Retail Mixed use Office Mixed use Mixed use Mixed use Mixed use Retail Office Retail Retail Multifamily housing Office Office Mixed use Office Office

No Yes Yes Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes

Reindeer January 2013 The Fish Loan The Monkey Loan July 2013 July 2013

Apple January 2013 Coconut January 2012 Orange Peach Pineapple July 2012 July 2012 October 2012

Bach January 2012 Brahms Handel February 2010 October 2012

Haydn January 2012 The Schubert Loan July 2013

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Table 10

Delinquencies Index (cont.)


Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 plc Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Wagner January 2012 Bremen (Haven/Project Norman) The Bewag Berlin Loan Portfolio The Walzmuhle Portfolio Triumph Loan June 2012 April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012 April 2012 July 2012 July 2012 April 2012 Germany Germany Germany Germany Germany Office Retail Office Retail Retail Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Safeguarding Proceedings has been issued by the Tribunal de Commerce de Paris. Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default

Leipzig Loan

Germany

Office

Yes

Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet

U.K. Germany Germany Germany Germany Germany The Netherlands Germany Germany Germany Luxembourg France

Office Mixed use Mixed use Office Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use

Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes

Quelle Nurnberg January 2013 Stage Syrdall Business Park Target April 2013 April 2011 April 2013

Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd.

Twin Squares (Prater) Quartier 206 Shopping Centre

May 2011 April 2010

Belgium Germany U.K. Germany France Germany

Office Retail Healthcare Retail Office Hotel

Yes Yes Yes Yes Yes Yes

Libra January 2009 Caprice January 2012 Nantes October 2011

Six Hotels January 2012

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Table 10

Delinquencies Index (cont.)


Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Toy Box Loan Bacchus July 2013 August 2009 Germany U.K. U.K. U.K. U.K. U.K. U.K. Office Industrial Industrial Distribution warehouse Office Office Office Yes Yes Yes Yes Yes Yes Yes Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default

Project Koito January 2012 Project Middleton Loan Project Towergate Loan St. Mark's Court July 2013 July 2013 April 2012

City Point January 2012

Brisk Ltd. Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Tishman German Office Portfolio The Spanish Loan (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II

September 2011 February 2011 May 2013 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013

U.K. Germany Germany France Germany Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France

Retail Office Retail Office Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office Office

Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Term payment default

Amadeus January 2009 Government Income Portfolio Mortgage October 2012

Wood Green Mortgage January 2013 Built September 2011

Tresforte January 2010 Westville Coeur Defense July 2009 March 2009

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Table 10

Delinquencies Index (cont.)


Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. The Baywatch Loan The Sisu Loan April 2013 April 2013 Germany Finland Mixed use Mixed use Yes Yes Maturity payment default Maturity payment default

Table 11

Nonmonetary Breaches Index


Transaction Alburn Real Estate Capital Ltd. BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Loan Alburn Real Estate Capital Ltd. Rivermead Court Month added May 2011 April 2013 Jurisdiction U.K. U.K. Asset type Office Office Comment Breach of the LTV ratio covenant Breach of the ICR covenant *

Essen German Retail Portfolio II DFK Portfolio Mapeley Gamma Borehamwood Investments Ltd. and Oakdale Investments Ltd. LMM Overseas Investments CGG- Tambelle REDO 3 Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A MacAllan Portfolio Henderson Staples Cassina Plaza Ashbourne Portfolio A Adelphi

July 2010 June 2011 July 2013 October 2012 January 2012

Germany Germany Germany U.K. U.K.

Retail Retail Mixed use Office Mixed use

Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant

* * * * *

DECO 12 - UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 9 - Pan Europe 3 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC

September 2012 July 2013 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 November 2009 May 2010 April 2011 June 2011 August 2009

U.K. Germany Germany U.K. U.K. Germany Greece U.K. U.K. Germany Italy U.K. U.K.

Office Mixed Use Retail Retail Office Retail Retail/car parks Nursing home Office Mixed use Mixed use Nursing home Office

Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the DSCR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the LTV ratio covenant

* *

* * *

* *

* *

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Table 11

Nonmonetary Breaches Index (cont.)


Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (U.K.) 2006-2 PLC St George February 2010 September 2011 July 2013 July 2009 April 2013 January 2009 August 2009 March 2009 September 2010 July 2010 January 2013 January 2013 March 2009 U.K. Office Breach of the LTV ratio covenant and the project ICR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Anticipated breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant * * * * * * * * * *

Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Senior Den Tir Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. Kirkglade Ltd. Barthonia Mango Bruckner Hof Times Square Sutton Ltd.

U.K. Germany Germany Germany Belgium U.K. U.K. Germany Germany Germany Germany U.K.

Distribution warehouse Retail Retail Retail Office Office Office Mixed use Office Multifamily housing Car showrooms Retail

*According to our data at the end of August 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

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Chart 12

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Chart 13

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Chart 14

Table 12

Special Servicing Index


Transaction BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Loan Rivermead Court Eagle Office Portfolio Jubilee Way Bradford West Midlands Office Argos Distribution Centre Lloyds Chamber BHP Month added April 2013 July 2012 April 2009 September 2009 October 2012 January 2013 October 2011 January 2011 Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. U.K. Germany Asset type Office Office Retail Retail Office Distribution warehouse Special Servicer Barclays Capital Mortgage Servicing Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Capita Assets Services

Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd.

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Table 12

Special Servicing Index (cont.)


Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Deutsche Bahn Eschborn January 2012 April 2011 Germany Germany Germany Germany Germany Germany Germany Germany Switzerland Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. DIY Capita Assets Services

Essen August 2010 German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hannover Hornbach Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu DFK Portfolio Edeka Retail Treveria II CPI Retail Active Management Mapeley Gamma April 2013 April 2011 May 2011 July 2013 June 2011 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 January 2012 July 2013 October 2012 July 2012 November 2010 October 2012 April 2010 January 2012 May 2012 September 2012

Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services

DIY Capita Assets Services (UK) Ltd. Retail Capita Assets Services

Industrial Capita Assets Services (UK) Ltd. Leisure Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Hotel Mixed Use Capita Assets Services Capita Assets Services

Office Capita Assets Services (UK) Ltd. Mixed Use Retail Mixed use Retail Office Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Solutus Advisors Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) LMM Overseas Investments

U.K. U.K.

Retail Mixed use

DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC

U.K. U.K.

Mixed use Office

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Table 12

Special Servicing Index (cont.)


DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 9 - Pan Europe 3 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Arcadia March 2010 Germany Retail Deutsche Bank AG, London branch, and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. (WOBA loan) Deutsche Bank AG London branch Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Deutsche Bank AG and Hatfield Philips International Ltd. Hatfield Philips International Ltd.

DD Karstadt Hilden

December 2010 July 2013

Germany

Retail

CGG- Tambelle REDO 3

Germany

Mixed Use

Mansford Nord Bayern Main Plus Retail Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Limited Elbank Limited Fairhold Portfolio Swiftgold Limited The Rowan UK Commercial Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Limited Sandfile Ltd.

December 2012 July 2011 January 2012 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010 July 2010 July 2012 July 2012 Unknown July 2012 December 2011 July 2012

Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany Germany U.K. U.K. U.K. U.K. U.K.

Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office Retail Multifamily housing Office Retail Mixed use Office Industrial

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Table 12

Special Servicing Index (cont.)


Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Property Capital 3 PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Countrywide Ashbourne Portfolio A MacAllan Portfolio Royal Mint Court St Mary's House Randstad Epic Horse Epic Rhino Project Ash Sunrise II Sunrise Blue Star Senior Saxony Senior Loan ATU Austria Century Center Kingbu Portfolio January 2013 June 2011 November 2009 December 2012 October 2012 October 2010 July 2010 July 2010 November 2011 July 2012 July 2010 April 2012 July 2013 January 2013 February 2013 October 2012 Germany U.K. U.K. U.K. U.K. The Netherlands Germany Germany Germany Germany Germany Germany Germany Austria Belgium Germany Germany U.K. U.K. U.K. U.K. Germany Germany Germany Belgium Retail Royal Bank of Scotland

Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing Multifamily housing Mixed use Mixed use Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd. Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC, London branch

Office Capita Assets Services (UK) Ltd. Nursing Homes Car service workshops Retail Retail Retail Capita Assets Services Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.

Netto Portfolio August 2012 Gemini August 2008 Ashbourne Portfolio A Adelphi Workspace Portfolio EHE - Pool 1A Monheim Neumarkt Senior Den Tir June 2011 January 2011 September 2011 July 2013 October 2012 July 2009 January 2009

Mixed use Capita Assets Services (UK) Ltd. Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Distribution Capita Assets Services (UK) Ltd. warehouse Retail Office Capita Assets Services Barclays Capital Mortgage Servicing Ltd.

Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd.

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Table 12

Special Servicing Index (cont.)


MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Opera Finance (CMH) PLC Quirinus (European Loan Conduit No. 23) PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Dutch Offices I Dutch Offices II Carlton Fern Loan Opera Finance (CMH) PLC H & B Retail October 2011 April 2012 December 2008 April 2013 January 2013 November 2012 The Netherlands The Netherlands U.K. U.K. Ireland Germany Office Office Mixed use Office Office Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer The Monkey Loan Apple Coconut Mango Pineapple Bach Brahms Bruckner Handel Haydn February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013 January 2013 January 2012 May 2011 March 2012 January 2012 November 2011 January 2013 October 2012 November 2011

Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany

Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Mixed use Mixed Use Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use Office

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Table 12

Special Servicing Index (cont.)


Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 plc Titan Europe 2006-5 PLC Hof Mozart The Schubert Loan Wagner Bremen (Haven/Project Norman) Ruhr Portfolio (Larmag) The Bewag Berlin Loan Portfolio The Walzmuhle Portfolio Triumph Loan January 2013 April 2010 April 2013 August 2010 November 2010 January 2011 April 2013 January 2013 February 2013 February 2013 September 2012 March 2009 November 2009 June 2008 January 2013 July 2012 September 2012 September 2009 September 2009 April 2013 April 2011 April 2013 May 2011 April 2013 April 2010 Germany Germany Germany Germany Germany Germany Germany Germany Germany Car showrooms Mixed use Office Office Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Retail Capita Assets Services Capita Assets Services

Retail Capita Assets Services (UK) Ltd.

Leipzig Loan

Germany

Office

Barclays Capital Mortgage Servicing Ltd.

Dundee Times Square Sutton Limited KQ Warehouse Mangusta Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet Portfolio Quelle Nurnberg Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Loan Quartier 206 Shopping centre

U.K. U.K. Germany Germany Germany Germany The Netherlands Germany/Belgium Germany Germany Luxembourg France Belgium Germany Germany

Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Mixed use Mixed use Office Multifamily housing Hotel Office Mixed use Mixed Use Office Mixed Use Office Retail Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

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Table 12

Special Servicing Index (cont.)


Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Libra Caprice Cobalt Loan MPC Portfolio Nantes Six Hotels Skoduv Palace Toy Box Loan November 2008 January 2012 February 2013 March 2012 October 2011 January 2012 November 2012 July 2013 U.K. Germany Finland The Netherlands France Germany Czech Republic Germany U.K. U.K. U.K. U.K. U.K. U.K. Healthcare Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Hotel Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services

Bacchus August 2009 Project Koito Project Middleton Loan Project Towergate Loan St. Mark's Court City Point January 2012 July 2013 July 2013 April 2012 February 2012 September 2011 April 2010 May 2013 October 2010 July 2011

Industrial Capita Assets Services (UK) Ltd. Industrial Capita Assets Services (UK) Ltd. Distribution warehouse Office Capita Assets Services Capita Assets Services

Office Capita Assets Services (UK) Ltd. Office Morgan Stanley Mortgage Servicing Ltd. Citibank International PLC Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. and Socit Gnrale Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

Brisk Limited Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Spanish (Heron City)

U.K. Germany Germany France Spain France Germany Germany Spain Spain U.K.

Retail Office Retail Office Mixed use Office Office Office Retail

Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II Amadeus April 2011 November 2011 September 2009 February 2013 December 2008

Retail Capita Assets Services (UK) Ltd. Office Hatfield Philips International Ltd.

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Table 12

Special Servicing Index (cont.)


Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. EuroProp (EMC VI) S.A. Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch The Sisu Loan Gutperle Loan October 2012 June 2011 September 2011 January 2010 July 2009 February 2009 September 2012 April 2013 July 2013 U.K. U.K. Germany The Netherlands U.K. France Germany Finland Germany Office Office Retail Office Mixed use Office Mixed use Mixed Use Distribution warehouse Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Citibank International PLC

Table 13

Special Notice Tracker


Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants) Notice that the Borrower under the BHP Loan requested an extension of the Original Standstill Period to 18 October 2013. Notice that the Issuer hereby elects Ireland as its Home Member State for the purposes of the Transparency Directive. Notice that the Mapeley Property at Ley Street House, Ilford was sold for 3,150,000 on 26 July 2013. Notice that the Special Servicer extended the Initial Standstill Period in agreement with the Leipzig Borrower. Notice that updated valuation of the Dundee Property has been obtained as at 24 June 2013 in which the market value of the Dundee Property is 4,300,000. Notice regarding further deferral of the payment of accrued but unpaid default interest in respect of the Leipzig Loan. Notice that the issuer has failed to pay intersest to CA CIB on the Interest Payment Date failing on 25 July 2013 also the remedy period of 3 Business days has elapsed and threfore a liquidity facility event of default has occured. Notice that following receipt of an independent valuation dated April 2013, the agreegate market value of the Wolfsburg Properties was determined to be 82,970,000. Notice that on 6 August 2013, the Issuer Special Servicer, on behalf of the Issuer, has granted a standstill upon request from the Monkey Borrower until and including 15 October 2013. If the Monkey Borrower fulfils certain conditions as set forth in the standstill, the standstill of the Monkey Loan will be extended until and including 15 January 2014

Transaction Cornerstone Titan 2007-1 PLC Longstone Finance PLC DECO 6 - UK Large Loan 2 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. BELLATRIX (ECLIPSE 2005-2) PLC

Loan BHP Loan

Notice topic Standstill agreement and valuation Other Property sales Standstill agreement Valuation

Transaction-level notice The Mapeley Loan The Leipzig Portfolio

Dundee Property

Leipzig Loan

Other

Transaction-level notice

Counterparty

Cornerstone Titan 2007-1 PLC Talisman-5 Finance PLC

Wolfsburg Loan

Valuation

The Monkey Loan

Standstill agreement

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Table 13

Special Notice Tracker (cont.)


White Tower Europe 2007-1 PLC The Spanish Loan (Heron City) Defaulted Notice that a rental discount was granted to a major tenant without the prior consent of the Loan Security Agent. Accordingly, such event of default has resulted in a loan event of default under the standstill agreement dated 31 July 2012 between, amongst others, the Spanish Loan Borrower and Societe Generale as the Loan Security Agent. Notice that the Valuation (Prepared as at 19 July 2013) shows that the market value of the Properties is 84,850,000. Notice that the Special Servicer has received an updated valuation of the six remaining Properties secured under the Caprice Loan, which provides an open market value of 5,610,000 as at July 2013. Notice that Towergate Loan has repaid in full on 2nd August 2013. Notice informing Event of deafult. Notice that the 2013 valuation shows that the market value of the remaining Built Properties as at 14 June 2013 was 3,480,000. Notice regaridng the standstill agreement extending untill 25th Oct 2013. Notice that the Special Servicer has agreed to enter into a further standstill agreement ending on the Quarterly Payment Date falling in October 2013 to allow time for the Six Hotels Borrower to finalise a strategy for the refinancing or disposal of the remaining Six Hotels Properties.

DECO 8 - UK Conduit 2 PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Windermere X CMBS Ltd. FORNAX (ECLIPSE 2006-2) B.V. Titan Europe 2007-2 Ltd.

Fairhold Whole Mortgage Loan Caprice Loan

Valuation Valuation

Project Towergate Loan Project Towergate Loan Built Loan Kingbu Portfolio Six Hotels Loan

Loan repaid Default Valuation Standstill agreement Standstill agreement

Cornerstone Titan 2005-1 PLC GEMINI (ECLIPSE 2006-3) PLC DECO 14 - Pan Europe 5 B.V. EuroProp (EMC VI) S.A. NEMUS II (Arden) PLC LCP Proudreed PLC Annington Finance No. 4 PLC Silenus (European Loan Conduit No. 25) Ltd. EQUINOX (ECLIPSE 2006-1) PLC HERCULES (ECLIPSE 2006-4) PLC Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2007-3 Ltd.

Eagle Office Loan Transaction-level notice

Other Notice regarding that Exclusivity entered into with a preferred bidder in relation to Mitre House, 160 Aldersgate Street, London EC1. Property sales Notice regarding the sale of the Nova Building, Slough by the fixed charge receivers completed on 9th August 2013 for a total consideration of 1,800,000. Notice informing that the Appraisal reduction Amount following the updated CGG loan valuation is 26 million. Notice that the standstill agreement is extended upto 16 October 2013. Notice regarding the request to extend the Termination Date to the 31 October 2016 has been approved. Notice regarding Management Accounts for the period ended 30 June 2013. Notice regarding the Dependent Information and rating actions. Notice that the standstill agreement has again been extended until 30 September 2013. Notice to noteholders regarding restructuring and valuation of Ashbourne Loan. Notice to noteholders regarding restructuring and valuation of Ashbourne Loan. Notice that the standstill agreement is extended upto 07 Nov 2013.

CGG Loan Gutperle Loan Kirkglade Ltd. Transaction-level notice Transaction-level notice Orazio Portfolio

Appraisal reduction Defaulted and standstill agreement Loan Extension Other Other Standstill agreement Valuation Valuation Standstill agreement Transfer to special servicing

Ashbourne Loan Ashbourne Loan H&B Retail Portfolio II

Project Middleton Loan

Notice that the Loan was transferred to Special Servicing as a result of a failure on the part of the Borrower to repay the Loan on the final maturity date of 18th July 2013 & Hudson Advisors Germany GmbH was appointed Special Servicer. Notice regarding the valuation of properties.

LCP Proudreed PLC

Transaction-level notice

Valuation

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Table 13

Special Notice Tracker (cont.)


DECO 12 - UK 4 PLC LCP Proudreed PLC BELLATRIX (ECLIPSE 2005-2) PLC Fleet Street Finance Three PLC JUNO (ECLIPSE 2007-2) Ltd. Chesterton Commercial (Berks) Transaction-level notice Rivermead Court Loan Transaction-level notice Transaction-level notice Loan repaid Valuation Valuation Other Other Notice that the Loan has been repaid in full on 13th August 2013. On 13 August 2013 LCP Real Estate Ltd. acquired two industrial properties valued by JLL at 12,320,000 in total. Notice that The Special Servicer has obtained a new valuation of the Property which indicates a market value as of July 2013 of 750,000. Notice that the payment structure has changed. Notice regarding the appointment on 22 May 2013, the Eligibility Criteria Verification Agent has finalised the review of the relevant loan documentation and servicing files. The tests performed did not indicate any material breach in criteria. Notice regarding the restructing agreement. Notice that the Special Servicer has confirmed that the Available Principal Recovery Funds in respect of the Fairacre Retail Loan were EUR 7,652,016.99 resulting in an NAI Shortfall Amount of EUR 342,369.09 as at the 16 August 2013 Interest Payment Date. Notice of Eighth Standstill agreement untill 18th Oct 2013 in respect of the Ash Loan Notice of Results of Meeting held on 20th August 2013, the Extraordinary Resolutions set out in such notices were duly passed by the holders of the Class A Notes, the Class B Notes and the Class C Notes, respectively. The sale of Northfield Shopping Centre, Birmingham by the fixed charge receivers completed on 20th August 2013 for a total consideration of 22,950,000. This represents an 8% discount to the most recent valuation.

Titan Europe 2006-3 PLC Quirinus (ELOC No. 23) PLC

Kurhaus Hotel Fairacre

Restructuring Other

EuroProp (EMC VI) S.A. Opera Finance (CMH) PLC

Project Ash Loan Transaction-level notice

Standstill agreement Other

GEMINI (ECLIPSE 2006-3) PLC

Transaction-level notice

Property sales

BELLATRIX (ECLIPSE 2005-2) PLC EuroProp (EMC) S.A. (Compartment) 1 Cornerstone Titan 2005-2 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Quirinus (European Loan Conduit No. 23) PLC European Property Capital 3 PLC Talisman-4 Finance PLC EuroProp (EMC VI) S.A. Cornerstone Titan 2007-1 PLC Windermere X CMBS Ltd.

Transaction-level notice

Note event of Notice is hereby given that the Director of the Issuer, having default considered the financial position of the Issuer, believe that a Note event of default has occurred. Property sales Other Default and transfer to special servicing Default and transfer to special servicing Standstill agreement Property sales Notice regarding update on property disposal from Treveria I Loan. Notice regarding the Servicer's agreement to all the securiization parties. Notice of LTV event of default and transfer to special servicing. Notice of LTV event of default and transfer to special servicing Notice that the standstill agreement has been extended upto 7th Nov 2013. Notice that on 16 August 2013 the disposal of the property owned by D/L Real Estate K03 Utrecht B.V. was completed for 5,800,000 which resulted in a net disposal amount equal to 5,657,234.57 notice that the sale of Barthonia loan is completed for an amount of EUR 86544175.18. Notice of Amendment Agreements to Standstill agreements EPIC Horse Loan and EPIC Rhino Loan which has extended unto 31st Oct 2013. Hugo Loan : The standstill agreement has extended untill 19th Nov 2013. Notice regarding the Payment default and updated valuation in relation to the Ligthning Dutch Loan.

Treveria I Transaction-level notice DFK Portfolio CGG- Tambelle REDO 3 H&B3

Randstad Loan

Barthonia Whole Loan EPIC Horse Loan and EPIC Rhino Loan Hugo Loan Lightning Dutch

Property sales Standstill agreement Standstill agreement Default and valuation

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Table 13

Special Notice Tracker (cont.)


LCP Proudreed PLC DECO 14 - Pan Europe 5 B.V. DECO 7 - Pan Europe 2 PLC Hypo RE Bank Intl. AG (ESTATE UK-3) LEO-MESDAG B.V. MESDAG (Berlin) B.V. MESDAG (Charlie) B.V. MESDAG (Delta) B.V. Epic (Drummond) Ltd. Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Other Other Other Other Other Other Other Other Other Notice regarding the compliance certificate. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the Dependent Instrument and Rating action on organization. Notice regarding the The agreement to sell the properties followed a marketing period and a competitive bidding process run by the trustee in the bankruptcies of the Countrywide Kaufland Reference Entities, Mr de Roy van Zuidewijn, in accordance with his duties to the company and creditors as a matter of Dutch insolvency law Notice regarding the resignation of HypothekenBank Frankfurt AG, London Branch as Servicer and Special Servicer and proposes to novate its rights under the Servicing Agreement to Wells Fargo Bank, N.A. by way of a novation agreement. Notice regarding the resignation of HypothekenBank Frankfurt AG, London Branch as Servicer and Special Servicer and proposes to novate its rights under the Servicing Agreement to Wells Fargo Bank, N.A. by way of a novation agreement. Notice regarding the resignation of HypothekenBank Frankfurt AG, London Branch as Servicer and Special Servicer and proposes to novate its rights under the Servicing Agreement to Wells Fargo Bank, N.A. by way of a novation agreement. Notice regarding the proposed Property Manager replacement Notice that the August 2013 Valuation states that the valuer's opinion of the market value of the German equivalent of the freehold interest in the Properties as at 4 February 2013 is 18,040,000 exclusive of VAT. Notice that the disposal process the Sisu Special Servicer has provided consent to the sale of two of the Sisu Properties, both of which have been agreed for a sale price above the relevant Release Price with aggregate net disposal proceeds of 1.58 million. Notice that the Obligors made a request for a six months stand still to sell some properties and refinance others. Notice regarding the Sixth Standstill agreement unti 26th Sept 2013. Notice that the appraisal reduction has been recalculated based on the valuation amount including the property valued via the liquidation approach. Notice that The Special Servicer and the Borrower have entered into a further standstill agreement until 30th September 2013 Notice regarding the result of meeting on Extraordinary Resolutions. Notice regarding the downgrades taken by Fitch.

Opera Finance (CMH) PLC

Transaction-level notice

Other

Opera Finance (Metro Centre) PLC

Transaction-level notice

Other

Epic Opera (Arlington) Ltd.

Transaction-level notice

Other

Titan Europe 2006-5 Plc FORNAX (ECLIPSE 2006-2) B.V. Windermere XIV CMBS Ltd.

Transaction-level notice Tanne B.V. & Co. KG

Other Valuation

Sisu Whole Loan

Property sales

Opera Germany (No. 2) PLC Talisman-6 Finance PLC DECO 14 - Pan Europe 5 B.V. Cornerstone Titan 2007-1 PLC Opera Finance (CMH) PLC Talisman-7 Finance Ltd.

Transaction-level notice The Apple Loan CGG Loan

Standstill agreement Standstill agreement Appraisal reduction

Stade Transaction-level notice Transaction-level notice

Standstill agreement Other Other

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Table 13

Special Notice Tracker (cont.)


Taurus CMBS (Germany) 2006-1 PLC DECO 12 - UK 4 PLC The Bewag Berlin Loan Portfolio Chesterton Commercial (Berks) Ltd. Standstill agreement Loan repaid Notice regarding the Standstill agreement Oct 18, 2013 Notice that the Loan has been repaid in full,

Ratings And Note-Level Matters Data


Table 14

Ratings Default Index


Transaction AQUILA (ECLIPSE 2005-1) PLC ARES FINANCE 2 S.A. ARES FINANCE 2 S.A. ARES FINANCE S.r.l.* ARES FINANCE S.r.l.* BELLATRIX (ECLIPSE 2005-2) PLC BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC Class E D E E F D E E G H J B C D E C D F D E F E F G G F G C Reason for default Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest shortfall Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Date rating lowered to 'D (sf)' December 2011 July 2011 July 2011 March 2011 March 2011 August 2013 November 2010 April 2013 April 2010 April 2010 August 2009 June 2013 February 2013 November 2012 June 2012 August 2013 April 2013 November 2008 April 2013 February 2011 February 2011 December 2011 December 2011 November 2010 November 2011 September 2012 May 2011 September 2012 Original rating BB (sf) BBB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) BBB- (sf) BBB- (sf) BBB- (sf) BB (sf) B (sf) AA+ (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) Rating immediately before 'D (sf)' B (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC+ (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf)

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Table 14

Ratings Default Index (cont.)


DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Diversity Funding No. 1 Ltd. Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Prime Real Estate No. 1 PLC EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 Excalibur Funding No. 1 PLC Fleet Street Finance One PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC D E F G H E F G D E F A B C D E F D E F D F A B C D E A E D E C D E Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal deficiency Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Default Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall July 2012 December 2012 November 2012 December 2011 September 2011 June 2013 June 2013 December 2009 September 2011 August 2007 April 2012 October 2011 October 2011 October 2011 October 2011 October 2011 October 2011 August 2013 May 2011 May 2011 August 2010 July 2013 May 2013 May 2013 May 2013 May 2013 May 2013 March 2011 May 2011 August 2013 August 2013 October 2012 October 2012 March 2011 BBB BBB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) B (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB+ (sf) BBB (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) A (sf) BB (sf) BBB (sf) BBB- (sf) AA (sf) A (sf) BBB (sf) CCC- (sf) CCC- (sf) B- (sf) BB- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf) CCC- (sf) CCC (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) BB (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) CCC (sf)

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Table 14

Ratings Default Index (cont.)


German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. Morpheus (European Loan Conduit No. 19) PLC Morpheus (European Loan Conduit No. 19) PLC Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Perseus (European Loan Conduit No. 22) PLC Perseus (European Loan Conduit No. 22) PLC Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Radamantis (European Loan Conduit No. 24) PLC Silenus (European Loan Conduit No. 25) Ltd. Talisman 1 Finance PLC Talisman-3 Finance PLC A B C D E F D E D E D E D Loan E A B C D C D A B C D E F G G G D Restructuring Restructuring Restructuring Restructuring Restructuring Restructuring Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation and interest shortfall Interest shortfall Principal loss allocation Principal loss allocation December 2012 December 2012 December 2012 December 2012 December 2012 December 2012 February 2012 February 2012 May 2012 May 2012 November 2012 September 2011 May 2013 March 2011 February 2012 February 2012 February 2012 February 2012 September 2012 July 2011 August 2013 August 2013 August 2013 February 2013 February 2013 February 2013 November 2011 September 2011 February 2011 February 2013 AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BB (sf) BB (sf) BBB (sf) A (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B (sf) B- (sf) CCC (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B (sf) CCC (sf) BB+ (sf) CC (sf)

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Table 14

Ratings Default Index (cont.)


Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. E F E F G F C D F C D E F G H F G H J B C D E F G H A2 A3 B C D E F B C D E B C Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall February 2013 February 2013 May 2013 May 2013 May 2013 February 2009 March 2013 May 2012 May 2013 February 2013 October 2012 December 2010 December 2010 June 2010 June 2010 February 2013 February 2013 November 2010 November 2008 February 2013 February 2013 February 2013 September 2012 September 2012 April 2010 July 2009 June 2013 June 2013 February 2013 September 2012 February 2011 November 2010 February 2009 July 2011 July 2011 July 2011 July 2011 July 2012 November 2010 BB (sf) B (sf) BBB (sf) BB (sf) B (sf) BB (sf) A (sf) BBB (sf) BB (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) B (sf) BBB+ (sf) BBB (sf) BB (sf) B (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) AAA (sf) AA+ (sf) AA (sf) A (sf) AA A (sf) CC (sf) CC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B+ (sf) B- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) BB+ (sf) BB (sf) B+ (sf) B- (sf) B- (sf) CCC- (sf)

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Table 14

Ratings Default Index (cont.)


Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Ulysses (European Loan Conduit No. 27) PLC Ulysses (European Loan Conduit No. 27) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XI CMBS PLC D E F G C D E E F G E E F D E Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation March 2010 May 2009 February 2009 October 2008 February 2013 May 2012 May 2012 September 2010 August 2009 August 2009 August 2011 November 2012 November 2012 May 2010 May 2010 BBB (sf) BBB- (sf) BB (sf) B (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) BB (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC (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


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 Standard & Poor's Ratings Definitions, June 22, 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

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