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STRUCTURED FINANCE RESEARCH

European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
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 Maturities Loan Delinquencies, Nonmonetary Breaches, And Cures Specially Serviced Loans Ratings And Note-Level Matters Transactions And Related Publications Loan Delinquencies And Nonmonetary Breaches Data Specially Serviced Loans Data Ratings And Note-Level Matters Data Related Criteria And Research

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
The European commercial mortgage-backed securities (CMBS) sector had a mixed year in 2013. While we observed a nascent revival in new issuance volumes, continued declines in commercial real estate values, difficult financing conditions, and the application of Standard & Poor's Ratings Services' European CMBS criteria led to downgrades (see "European CMBS Methodology And Assumptions," published on Nov. 7, 2012). In 2014, the growth in investor-placed European CMBS issuance may slow, while credit performance could remain weak, as we do not expect refinancing conditions to improve markedly. Our recently published outlook for the sector addresses some of the key themes for 2014, looking at CMBS issuance, regulatory pressure, the continued impact of restricted lending, and declines in capital values (see "European CMBS Outlook 2014: The Issuance Revival May Slow," published on Dec. 19, 2013). The information below is as of the end of November 2013, unless stated otherwise.
Table 1

Data Snapshot For Loans And Ratings


Loan developments Total delinquent Total in nonmonetary breach 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 6 0 4 0 Number of loans Number of transactions affected 152 26 177 55 21 60

Number of tranches Number of transactions affected 4 1 21 18 0 2 157 19 2 1 10 6 0 2 57 7

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

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 372 at the end of November 2013. The British pound sterling and euro-denominated balances of this universe over this period were 25,648,359,824 and 24,482,225,160, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 27,373,738,380 and 26,509,296,533, respectively.

Loan Maturities
Loan maturity performance
Of the six loans that matured: Servicers extended the term of two loans; and Servicers declared four to be in default.
Table 2

Maturities In November 2013


Transaction 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. JUNO (ECLIPSE 2007-2) Ltd. Titan Europe 2007-2 Ltd. Loan Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza Le Croissant Petersbogen Project Christie Jurisdiction France Germany Italy Belgium Germany Germany Asset Loan maturity type date Office Retail Mixed use Office Retail Retail Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2014 Nov 10, 2013 Dec 16, 2013 Note final maturity date May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022 Nov 1, 2022 Apr 1, 2017 Comment Defaulted Defaulted Defaulted Extended to November 2014 Defaulted Extended to December 2013

Loan maturity default rate and performance statistics. The maturity default rate decreased to 14.54% from 16.06%.

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

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Chart 1

Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of November is tracked against the total balance of loans scheduled to mature between Dec. 1, 2012 and Nov. 30, 2013 is 19.52 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 12 months (chart 5), jurisdiction and sector breakdowns of the maturity profiles for pound sterling and euro loans from 2013 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2013 onward (chart 8).

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Loan Delinquencies, Nonmonetary Breaches, And Cures


Loan delinquencies and cures
One loan was resolved from our delinquencies index (see table 3). There were five additional loan delinquencies, all of which failed to repay at maturity. As a result, the number of loans in our delinquencies index increased to 152 from 148. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased to 38.58% from 37.37%; and Outstanding pound sterling-denominated loans decreased to 11.87% from 12.47%.
Chart 2

Table 3

Delinquencies
Transaction Loan Additions Infinity 2007-1 Soprano FCC EHE - Pool B Germany Mixed use Maturity payment default Jurisdiction Asset type Comment

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 3

Delinquencies (cont.)
Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. JUNO (ECLIPSE 2007-2) Ltd. FORNAX (ECLIPSE 2006-2) B.V. Babcock French Portfolio Henderson Hanau Shopping Centre Petersbogen Cassina Plaza Cures/resolutions Cornerstone Titan 2006-1 PLC Argos Distribution Centre U.K. Distribution warehouse Repaid France Germany Germany Italy Office Retail Retail Mixed use Maturity payment default Maturity payment default Maturity payment default Maturity payment default

Loan nonmonetary breaches and cures


There were no nonmonetary breaches and resolutions. As a result, the number of loans in our nonmonetary breaches index remained flat at 26 across 21 transactions (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans marginally increased to 5.52% from 5.46%; and Outstanding pound sterling-denominated senior loans increased to 3.13% from 3.11%.
Chart 3

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

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


Five loans entered special servicing (see table 5). We removed one loan from our special servicing index. Overall, the number of loans in our special servicing index increased to 177 from 173 (see chart 4).

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

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Chart 4

Table 5

Specially Serviced Loans


Transaction Loan Additions Infinity 2007-1 "Soprano" FCC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Titan Europe 2007-3 Ltd. EHE - Pool B Babcock French Portfolio Henderson Hanau Shopping Centre Petersbogen Project Regulator Cures/resolved Cornerstone Titan 2006-1 PLC Argos Distribution Centre U.K. Distribution warehouse Repaid Germany France Germany Germany U.K. Mixed use Office Retail Retail Office Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Jurisdiction Asset type Comment

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Specially serviced loans data


See "Specially Serviced Loans Data" below for our full special servicing index (table 12), as well as data on loans in special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.

Ratings And Note-Level Matters


Ratings performance
Withdrawals. We withdrew our ratings on 19 classes of notes in seven transactions. Affirmations. We affirmed our ratings on 18 classes of notes in six transactions. Upgrades. We raised our rating on one class of notes in one transaction. Downgrades. We lowered our ratings on 21 classes of notes in 10 transactions. Rating defaults. There were two defaults.
Table 6

Rating Defaults
Transaction Victoria Funding (EMC-III) PLC Cornerstone Titan 2007-1 PLC Class E A2 Month rating lowered to 'D (sf)' November 2013 November 2013 Original rating BB (sf) AAA (sf) Rating immediately before 'D (sf)' CC (sf) CCC- (sf) Comment Principal loss allocation Interest shortfall

Transactions And Related Publications


Table 7

Transactions And Related Publications


Transaction Patrimonio Uno CMBS S.r.l. Article Various Rating Actions Taken In Italian CMBS Transaction Patrimonio Uno CMBS Due To Lower Recovery Assumptions Ratings Lowered On U.K. CMBS Transaction Epic(More London)'s Class A And B Notes After Counterparty Downgrade Ratings Lowered On European CMBS Transaction Epic (Value Retail)'s Class A, B, And C Notes After Counterparty Downgrade The Situs Companies AVERAGE Rankings Affirmed As A Primary And Special Commercial Loan Servicer In The U.K. And Germany Various Rating Actions Taken In U.K. CMBS Transaction Windermere VIII CMBS Following Review Various Rating Actions Taken In German CMBS Transaction Bluebonnet Finance Following Restructuring Ratings Withdrawn In Dutch CMBS Transaction Quality Parking 2007 Following Note Redemptions Ratings Lowered On Cirene Finance's Class D And E European CMBS Notes Following Review; Class C Rating Affirmed Date Nov. 29, 2013 Nov. 28, 2013 Nov. 28, 2013 Nov. 27, 2013 Nov. 22, 2013 Nov. 22, 2013 Nov. 20, 2013 Nov. 19, 2013

Epic (More London) PLC Epic (Value Retail) Ltd. Situs Asset Management Windermere VIII CMBS PLC Bluebonnet Finance PLC

Quality Parking 2007 B.V. Cirene Finance S.r.l.

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Table 7

Transactions And Related Publications (cont.)


UNITE (USAF) II PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2007-1 PLC Triton (European Loan Conduit No. 26) PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Titan Europe 2006-3 PLC Cornerstone Titan 2006-1 PLC UNITE (USAF) II PLC Rating Assigned To Further U.K. CMBS Issuance From UNITE (USAF) II Rating Withdrawn On U.K. CMBS Transaction Cornerstone Titan 2005-1's Class C Notes Following Note Redemption Various Rating Actions Taken In European CMBS Transaction Cornerstone Titan 2007-1 Following Interest Shortfalls Ratings Withdrawn On Triton (European Loan Conduit No. 26)'s Class A1, A2, D, And E U.K. CMBS Notes Various Rating Actions Taken In CMBS Transaction Taurus CMBS (Pan-Europe) 2007-1 Following Review Rating Lowered On European CMBS Transaction Titan Europe 2006-3's Class A Notes Following Note Event Of Default All Ratings Withdrawn In U.K. CMBS Transaction Cornerstone Titan 2006-1 Following Note Redemptions Preliminary Ratings Assigned To Further U.K. CMBS Issuance From UNITE (USAF) II Nov. 19, 2013 Nov. 15, 2013 Nov. 13, 2013 Nov. 13, 2013 Nov. 8, 2013 Nov. 8, 2013 Nov. 4, 2013 Nov. 1, 2013

Chart 5

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Chart 6

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Chart 7

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Chart 8

Table 8

Loans Maturing Over The Past Quarter


Loan maturity date Sep 2, 2013 Sep 9, 2013 Sep 15, 2013 Nov 20, 2013 Sep 30, 2013 Oct 1, 2013 Oct 3, 2013 Note final maturity date Oct 31, 2019 Dec 20, 2032 Sep 15, 2016 Apr 1, 2017 Loan balance 3,139,073 57,600,000 297,845,000 291,236,427

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.

Loan Derrick 1200304120 Credent Ltd Project Christie

Jurisdiction Germany U.K. Germany Germany

Asset type Office Mixed use Retail Retail

Comment Awaiting information Repaid Repaid Extended to November 2013 Repaid Repaid with a loss Repaid

TOR Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V.

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

Multifamily housing Office Car parks

Oct 31, 2019 Oct 1, 2016 Oct 1, 2016

14,037,990 108,615,491 300,000,000

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Table 8

Loans Maturing Over The Past Quarter (cont.)


Hypo Real Estate Bank International AG (ESTATE UK-3) 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. 123 775 U.K. Office Oct 5, 2013 Mar 20, 2022 Oct 10, 2018 Jul 25, 2018 9,133,587 Awaiting information Repaid Repaid

CPUK Mortgage Finance Ltd. Loan 15

U.K. Germany

Leisure Multifamily housing Office

Oct 5, 2013 Oct 10, 2013 Oct 15, 2015 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 Jan 17, 2014 Oct 18, 2013 Oct 18, 2013 Jan 18, 2014 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013

746,322,000 84,878,000

Government Income Portfolio Mortgage Penguin Mango Pineapple 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

76,063,415

Extended to October 2015 Defaulted Awaiting information Awaiting information Repaid Repaid Awaiting information Repaid Defaulted Repaid Defaulted Awaiting information Defaulted Extended to January 2014 Repaid with a loss Defaulted Extended to January 2014 Defaulted Defaulted Repaid Repaid with a loss * * * * * * * * * * * *

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

Office Office Multifamily housing Multifamily housing Office Office

52,768,237 85,600,540 48,692,786 67,741,160 22,219,075 69,483,625

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

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

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

7,580,650 500,400,000 6,247,500 175,959,261 369,282,403 33,942,938 9,571,523 90,930,000 41,149,300 52,889,520 19,418,800 59,283,080 6,356,571 80,100,000

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Table 8

Loans Maturing Over The Past Quarter (cont.)


Cornerstone Titan 2007-1 PLC 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. Zana Centrum Rubicon Nike Allokton Access Portfolio Poland The Netherlands Sweden U.K. Office Office Mixed use Self Storage Oct 18, 2013 Oct 20, 2014 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, 2016 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Jan 23, 2017 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 12,105,000 55,085,933 56,991,728 158,400,000 Defaulted Extended to October 2014 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 13,806,459 150,124,261 26,876,071

Awaiting information Defaulted Repaid Repaid Repaid Defaulted Defaulted Extended to October 2016 Defaulted Defaulted Defaulted Defaulted Awaiting information Defaulted/in standstill

* *

* *

Regent Capital StarcharmLtd. 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 5, 2019 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019

2,540,100 41,180,905

Repaid Defaulted/in standstill Defaulted *

France

Office

26,035,444

Germany

Retail

18,900,000

Defaulted

Italy

Mixed use

39,888,550

Defaulted

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Table 8

Loans Maturing Over The Past Quarter (cont.)


JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Titan Europe 2007-2 Ltd. Le Croissant Belgium Office Nov 10, 2014 Nov 10, 2013 Dec 16, 2013 Nov 1, 2022 18,215,000 Extended to November 2014 Defaulted/in standstill Extended to December 2013 *

Petersbogen Project Christie

Germany Germany

Retail Retail

Nov 1, 2022 Apr 1, 2017

68,816,748 291,236,427

*According to our data at the end of November 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).

Chart 9

Table 9

Loans Maturing In December 2013


Loan maturity date Dec 6, 2013 Note final maturity date Apr 26, 2019 Loan balance (euro equivalent) 97,680,000

Transaction Prominent CMBS Conduit No. 2 Ltd.

Loan Lavincino

Jurisdiction U.K.

Asset type Retail

Comment --

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Table 9

Loans Maturing In December 2013 (cont.)


Immeo Residential Finance No.2 Ltd. Immeo Residential Finance No.2 Ltd. Project Christie European Property Capital 1 Loan 5 Germany Multifamily housing Dec 15, 2013 Dec 15, 2016 537,123,677 Repaid

Titan Europe 2007-2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma"

Germany France

Retail Mixed use

Dec 16, 2013 Dec 24, 2013

Apr 1, 2017 Dec 31, 2013

291,236,427 87,732,244

-Repaid

France

Office

Dec 28, 2013

Jul 25, 2018

22,000,000

Repaid

Master

France

Office

Dec 31, 2013

Nov 1, 2019

80,673,520

Repaid

*According to our data at the end of November 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 2007-1 PLC Cornerstone Titan 2007-1 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. Germany Germany Germany Germany

Asset type Office Retail Retail Office Retail Office Office DIY

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

BHP January 2011 Deutsche Bahn January 2012 Eschborn German Retail Portfolio I April 2011 April 2013

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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 DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 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 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. German Retail Portfolio III Hannover Hornbach July 2010 July 2013 July 2011 Germany Germany Germany France Switzerland Germany Germany Germany Germany Germany Germany Poland Germany Switzerland Germany Switzerland Germany Germany U.K. U.K. U.K. U.K. U.K. U.K. Germany Retail Office DIY Office Retail Industrial Leisure Retail Hotel Mixed use Office Office Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Distribution warehouse Distribution warehouse Retail Mixed use Mixed use Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 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 Principal 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 Term payment default

Hugo January 2012 Klimson Koblenz/Pforzheim Stade Star Steigenberger Hotel Wolfsburg Xanadu Zana Centrum Edeka Retail Emmen Wohncenter Lubeck Retail Swisscom Toom DIY Treveria II CPI Retail Active Management Investco Estates Ltd. Regent Capital Starcharm Ltd. Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2013 October 2012 October 2013 October 2013 October 2013 October 2013 July 2012 December 2011 October 2013 October 2013 October 2013 April 2010 April 2012 March 2010

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Table 10

Delinquencies Index (cont.)


DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. 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 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 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 DD Karstadt Hilden Main September 2010 July 2011 Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. U.K. Germany Finland U.K. Germany Germany Germany Germany Germany Germany Retail Retail Retail Retail Retail Retail Retail Industrial Retail Residential ground rents Office Retail Multifamily housing Office Retail Mixed use Office Retail Mixed use Office Mixed use Multifamily housing Distribution warehouse Mixed use Mixed use Office Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Term 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 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

Plus Retail January 2012 Mayne October 2013

Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012

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. Countrywide January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 June 2012

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

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Table 10

Delinquencies Index (cont.)


Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fordgate Commercial Securitisation No.1 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. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC Hypo Real Estate Bank International AG (ESTATE UK-3) Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC Opera Finance (CMH) PLC Opera Germany (No. 2) 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 Corleone Senior Saxony Senior Fordgate Commercial Securitisation No.1 PLC April 2013 July 2013 October 2013 Germany Germany U.K. Mixed use Nursing homes Office No Yes Yes Scheduled Principal payment default Maturity payment default Maturity payment default Maturity payment default 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 Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default

ATU Austria January 2013 Cassina Plaza Century Center Kingbu Portfolio Netto Portfolio Gemini 140 202 November 2013 February 2013 October 2012 August 2012 November 2009 April 2013

Austria Italy Belgium Germany Germany U.K. U.K.

Car service workshops Mixed use Retail Retail Retail Mixed use Office

Yes Yes Yes Yes Yes Yes No

EHE - Pool B MONHEIM Petersbogen

November 2013 October 2012 November 2013

Germany Germany Germany The Netherlands The Netherlands U.K. Ireland Germany Germany

Mixed use Office Retail Office Office Office Office Retail Retail

Yes Yes Yes Yes Yes Yes Yes Yes Yes

Dutch Offices I January 2012 Dutch Offices II January 2013 Fern Trustee 1 Ltd and Fern Trustee 2 Ltd October 2013

Opera Finance (CMH) January 2013 PLC K KG & OP KG & SM KG & RRZ KG H & B Retail October 2013 November 2012

Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio February 2013 November 2012 July 2013

France Italy

Office Retail

No Yes

Italy

Mixed use

Yes

DT-12

Germany

Office

Yes

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 10

Delinquencies Index (cont.)


Talisman-4 Finance PLC Talisman-5 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. 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 Valentine July 2013 Germany Finland Germany Germany France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Mixed use Mixed use Mixed use Mixed use Office Retail Office Retail Retail Multifamily housing Office Office Mixed use Office Office Office Retail Office Retail Retail Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes 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 Maturity payment default Maturity payment default Interest 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 Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default

Reindeer January 2013 Fish Monkey Penguin July 2013 July 2013 October 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 Schubert July 2013

Wagner January 2012 Bremen (Haven/Project Norman) Bewag Berlin Portfolio Walzmuhle Portfolio Triumph June 2012 April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012

Leipzig

Germany

Office

Yes

Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre

U.K. Germany Germany Germany

Office Mixed use Mixed use Office

Yes Yes Yes No

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 10

Delinquencies Index (cont.)


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 Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet April 2012 July 2012 July 2012 April 2012 Germany Germany The Netherlands Germany Germany Germany Luxembourg France Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use Yes Yes Yes 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 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 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 Interest payment default

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. 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. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC

Twin Squares (Prater) Quartier 206 Shopping Centre

May 2011 April 2010

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

Office Retail Healthcare Retail Office Hotel Office Industrial Office Office Industrial Distribution warehouse Office Office Office Office

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Libra January 2009 Caprice January 2012 Nantes October 2011

Six Hotels January 2012 Toy Box Bacchus Norwich Union House Project Kennet July 2013 August 2009 October 2013 October 2013

Project Koito January 2012 Project Middleton Project Regulator Quadrant House St. Mark's Court July 2013 October 2013 October 2013 April 2012

City Point January 2012

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 10

Delinquencies Index (cont.)


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. 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 Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Babcock French Portfolio November 2013 February 2011 May 2013 France Office Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default

Guardian Bonn Rochustrasse H&B Retail Portfolio II

Germany

Office

Yes

Germany

Retail

Yes

Henderson Hanau Shopping Centre Inovalis Eboue Paris

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

Germany

Retail

Yes

France

Office

Yes

Tishman German Office Portfolio Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II

Germany

Office

No

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

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

Yes Yes 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 Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Term payment default Maturity payment default Maturity 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 Baywatch Sisu July 2009 March 2009 April 2013 April 2013

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 11

Nonmonetary Breaches Index


Transaction 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 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 EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. NEMUS II (Arden) PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Loan Rivermead Court Essen German Retail Portfolio II DFK Portfolio Mapeley Gamma Borehamwood Investments Ltd. and Oakdale Investments Ltd. CGG- Tambelle REDO 3 Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A Henderson Staples Cassina Plaza Ashbourne Portfolio A Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Kirkglade Ltd. Barthonia Mango Bruckner Hof Month added April 2013 July 2010 June 2011 July 2013 October 2012 January 2012 July 2013 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 May 2010 April 2011 June 2011 September 2011 July 2013 July 2009 April 2013 March 2009 September 2010 July 2010 January 2013 January 2013 Jurisdiction U.K. Germany Germany Germany U.K. U.K. Germany Germany U.K. U.K. Germany Greece U.K. Germany Italy U.K. U.K. Germany Germany Germany U.K. Germany Germany Germany Germany Asset type Office Retail Retail Mixed Use Office Mixed use Mixed use Retail Retail Office Retail Retail/car parks Nursing home Mixed use Mixed use Nursing home Distribution warehouse Retail Retail Retail Office Mixed use Office Multifamily housing Car showrooms Comment 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 ICR 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 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 * * * * * * * * * * * * * * * * * * * *

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 11

Nonmonetary Breaches Index (cont.)


Taurus CMBS (U.K.) 2006-2 PLC Times Square Sutton Ltd. March 2009 U.K. Retail Breach of the ICR covenant *

*According to our data at the end of November 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


Chart 12

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Chart 13

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1232688 | 301112013

European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

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 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Loan Rivermead Court Eagle Office Portfolio Jubilee Way Bradford West Midlands Office BHP Deutsche Bahn Eschborn Month added April 2013 July 2012 April 2009 September 2009 October 2012 January 2011 January 2012 April 2011 Jurisdiction U.K. U.K. U.K. U.K. U.K. Germany Germany Germany Asset type Office Office Retail Retail Office Special servicer Barclays Capital Mortgage Servicing Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd.

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

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

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 DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 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 Essen August 2010 German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hannover Hornbach Klimson Koblenz/Pforzheim Stade Star Steigenberger Hotel Wolfsburg Xanadu Zana Centrum DFK Portfolio Edeka Retail Emmen Wohncenter Lubeck Retail Swisscom Toom DIY Treveria II CPI Retail Active Management Investco Estates Ltd. April 2013 April 2011 May 2011 July 2013 June 2011 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 January 2012 October 2013 July 2013 October 2012 October 2013 October 2013 October 2013 October 2013 July 2012 November 2010 October 2013 October 2012 Germany Germany Germany Germany Germany Germany Switzerland Germany Germany Germany Germany Germany Germany Poland Germany Germany Switzerland Germany Switzerland Germany Germany U.K. U.K. Retail Capita Assets Services (UK) Ltd. DIY Capita Assets Services

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. Office Mixed use Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Office Capita Assets Services Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch 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. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd.

Mapeley Gamma

U.K.

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 12

Special Servicing Index (cont.)


DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Regent Capital October 2013 October 2013 April 2010 January 2012 May 2012 March 2010 U.K. Distribution warehouse Distribution warehouse Retail Mixed use Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. 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. 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.

Starcharm Ltd.

U.K.

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

U.K. U.K.

DECO 12 - UK 4 PLC 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 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

U.K. Germany

Mixed use Retail

DD Karstadt Hilden

December 2010 July 2013

Germany

Retail

CGG- Tambelle REDO 3

Germany

Mixed use

Mansford Nord Bayern Main Plus Retail Mayne Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Ltd. Elbank Ltd. Fairhold Portfolio Swiftgold Ltd. Rowan UK Commercial

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

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

Retail Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 12

Special Servicing Index (cont.)


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 Epic (Drummond) Ltd. 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 VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fordgate Commercial Securitisation No.1 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. FORNAX (ECLIPSE 2006-2) B.V. Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Countrywide Ashbourne Portfolio A Royal Mint Court St Mary's House Randstad Epic Horse Epic Rhino Gutperle Project Ash Sunrise II Sunrise Blue Star Senior Saxony Senior Fordgate Commercial Securitisation No.1 PLC ATU Austria Cassina Plaza Century Center Kingbu Portfolio July 2010 July 2012 July 2012 Unknown July 2012 December 2011 January 2013 June 2011 December 2012 October 2012 October 2010 July 2010 July 2010 July 2013 November 2011 July 2012 July 2010 April 2012 July 2013 October 2013 January 2013 October 2013 February 2013 October 2012 Germany Germany U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. The Netherlands Germany Germany Germany Germany Germany Germany Germany Retail Multifamily housing Office Retail Mixed use Office Retail 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. Royal Bank of Scotland

Nursing home Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing Distribution warehouse 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 Citibank International PLC, London branch

Office Capita Assets Services (UK) Ltd. Capita Assets Services Morgan Stanley Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.

Germany Nursing homes U.K. Austria Italy Belgium Germany Germany Office Car service workshops Mixed use Retail Retail Retail

Netto Portfolio August 2012

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 12

Special Servicing Index (cont.)


GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Opera Finance (CMH) PLC Opera Germany (No. 2) 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 Gemini August 2008 Ashbourne Portfolio A Workspace Portfolio EHE - Pool 1A EHE - Pool B Monheim Neumarkt Petersbogen Dutch Offices I Dutch Offices II Carlton Fern Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail June 2011 September 2011 July 2013 November 2013 October 2012 July 2009 November 2013 October 2011 April 2012 December 2008 April 2013 January 2013 October 2013 November 2012 U.K. U.K. U.K. Germany Germany Germany Germany Germany The Netherlands The Netherlands U.K. U.K. Ireland Germany Germany Mixed use Capita Assets Services (UK) Ltd. Nursing home Capita Assets Services (UK) Ltd. Distribution Capita Assets Services (UK) Ltd. warehouse Retail Mixed use Office Capita Assets Services Capita Assets Services Barclays Capital Mortgage Servicing Ltd.

Retail Capita Assets Services (UK) Ltd. Retail Office Office Mixed use Office Office Retail Retail Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Eurohypo AG 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.

Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer Monkey February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013

Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany

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

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 12

Special Servicing Index (cont.)


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. 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 Penguin Apple Coconut Mango Pineapple Bach Brahms Bruckner Handel Haydn Hof Mozart Schubert Wagner Bremen (Haven/Project Norman) Ruhr Portfolio (Larmag) Bewag Berlin Portfolio Walzmuhle Portfolio Triumph September 2013 January 2013 January 2012 May 2011 March 2012 January 2012 November 2011 January 2013 October 2012 November 2011 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 France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Office Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use Office Car showrooms Mixed use Office Office 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.

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

Germany

Office

Barclays Capital Mortgage Servicing Ltd.

Dundee Times Square Sutton Ltd. KQ Warehouse Mangusta Tiden Portfolio

U.K. U.K. Germany Germany Germany

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

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 12

Special Servicing Index (cont.)


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 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. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Margaux Portfolio Kurhaus Hotel Monnet Portfolio Quelle Nurnberg Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Quartier 206 Shopping centre Libra Caprice Cobalt MPC Portfolio Nantes Six Hotels Skoduv Palace Toy Box July 2012 September 2012 September 2009 September 2009 April 2013 April 2011 April 2013 May 2011 April 2013 April 2010 November 2008 January 2012 February 2013 March 2012 October 2011 January 2012 November 2012 July 2013 Germany The Netherlands Germany/Belgium Germany Germany Luxembourg France Belgium Germany Germany U.K. Germany Finland The Netherlands France Germany Czech Republic Germany U.K. U.K. U.K. U.K. U.K. U.K. U.K. 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.

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 Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator Quadrant House October 2013 October 2013 January 2012 July 2013 November 2013 October 2013

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

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

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Table 12

Special Servicing Index (cont.)


Titan Europe 2007-3 Ltd. 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. 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 Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. St. Mark's Court City Point April 2012 February 2012 November 2013 April 2010 May 2013 November 2013 October 2010 July 2011 U.K. U.K. Office Capita Assets Services (UK) Ltd. Office 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. 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.

Babcock French Portfolio Guardian Bonn Rochustrasse H&B Retail Portfolio II Henderson Hanau Shopping Centre Inovalis Eboue Paris Spanish (Heron City)

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

Office Office Retail Retail Office Mixed use Office Office Office Retail

Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch Sisu April 2011 November 2011 September 2009 February 2013 December 2008 October 2012 June 2011 September 2011 January 2010 July 2009 February 2009 September 2012 April 2013

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

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Table 13

Special Notice Tracker


Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants)

Transaction Cornerstone Titan 2007-1 PLC Juturna (ELOC No. 16) PLC Quality Parking 2007 B.V. Titan Europe 2006-5 plc STABILITY CMBS 2007-1 GmbH Victoria Funding (EMC-III) PLC Deutsche Bank Luxembourg S.A. Alburn Real Estate Capital Ltd. 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 Cornerstone Titan 2007-1 PLC EuroProp (EMC VI) S.A. Taurus CMBS (Germany) 2006-1 PLC Windermere XI CMBS PLC

Loan Star

Notice topic

Standstill Notice that the Special Servicer has agreed to enter into a new standstill agreement agreement with the Borrower under the Star Credit Agreement to grant a further standstill until close of business on 18 January 2014. Other Full redemption Other Other Default Notice regarding the Financial Statement as on June 30, 2013. Notice that the notes will be redeemed in full at their principal balance on 3rd Oct 2013. Notice regarding the enforcement proceeding in the German Court. Notice regarding new interest rate for the next interest period have been calculated on the 01.11.2013. Notice that the payment of interest on the Notes of the Most Senior Class of Notes Outstanding have not received the interest payment at the recent IPD and potential event of Default has occurred. Notice confirming that notes are still held by Deutsche Bank Luxembourg. Notice informing that Merrill Lynch & Co. Inc is now rated NR Notice informing that Merrill Lynch & Co. Inc is now rated NR

Transaction-level notice Transaction-level notice Quartier 206 Shopping Center Transaction-level notice Transaction-level notice

Transaction-level notice Transaction-level notice Transaction-level notice

Other Other Other

Transaction-level notice

Other

Notice informing that Merrill Lynch & Co. Inc is now rated NR

Transaction-level notice

Other

Notice informing that Merrill Lynch & Co. Inc is now rated NR

Transaction-level notice BHP Ash Bewag Berlin

Other Standstill agreement Standstill agreement Standstill agreement Property Sale

Notice informing that Merrill Lynch & Co. Inc is now rated NR Notice that the standstill agreement has been extended until 18 Nov 2013. Notice Correction of notice of Ninth Standstill agreement in respect of the Ash Loan. Notice that standstill period is extended and expiring in Jan 18, 2014.

Westville Mortgage

Notice that the Westville Mortgaged Property known as 'Kidderminster Shopping Center' was sold for 2150000 on 25th Oct 2013 and the proceeds of sale will be applied in accordance with the transaction Doc on Jan 2014 IPD. Notice regarding the valuation Claim update Notice that standstill period is extended until 02 Dec 2013. Notice that the the expiry of the relevant grace period, a Note Event of Default has now occurred due to the non payment of interest due on 24 October 2013 in respect of the Class A Notes. Notice regarding launch and pricing of 185 million usaf bond financing Notice that standstill period is extended until 19 Nov 2013.

GEMINI (ECLIPSE 2006-3) PLC Silenus (ELOC No. 25) Ltd. Titan Europe 2006-3 PLC UNITE (USAF) PLC Fordgate CS No. 1 PLC

Transaction-level notice Orazio Portfolio Senior Term Transaction-level notice

Other Standstill agreement Note Event of Default Other Standstill agreement

Transaction-level notice Transaction-level notice

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Table 13

Special Notice Tracker (cont.)


Opera Finance (Metro Centre) PLC Transaction-level notice Other Notice that Intu Properties Plc ("Intu") today announced the launch of a proposed 485 million bond to refinance the loan secured on intu MetroCentre, which is scheduled to mature in February 2015. The current amount of Notes outstanding is 508,517,974.

Meadowhall Finance PLC Broadgate Financing PLC BL Superstores Finance PLC Windermere X CMBS Ltd. Vesteda Residential Funding II B.V. Trafford Centre Finance Ltd. (The) Talisman-7 Finance Ltd. Talisman-6 Finance PLC Talisman-5 Finance PLC Talisman-4 Finance PLC Sandwell Commercial Finance No. 2 PLC Opera Finance (Metro Centre) PLC Mall Funding PLC (The) Isobel Finance No.1 PLC Imser Securitisation 2 S.r.l. FIP Funding S.r.l. Finance for Residential Social Housing PLC Epic Opera (Arlington) Ltd. MESDAG (Charlie) B.V. Epic (Value Retail) Ltd. Premiertel PLC Epic (More London) PLC Epic (Drummond) Ltd. Talisman-4 Finance PLC Epic (Culzean) PLC

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 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 Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice

Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A'

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Table 13

Special Notice Tracker (cont.)


Talisman-6 Finance PLC Epic (Brodie) PLC Canary Wharf Finance II PLC Windermere Private Placement I S.A. Bruntwood Alpha PLC Annington Finance No. 4 PLC DECO 15 - Pan Europe 6 Ltd. Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Main Other Other Other Other Other Other Valuation Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that the valuation prepared as of 1 June 2013 shows that the market value of the Main Properties is 49,590,000 against a current debt of 71,193,397.44 (the New Valuation) and the New Valuation shows a decrease in market value of 5,690,000 from the 2011 Valuation. Notice that the EHE Pool 1B Reference Obligation has become a Specially Serviced Loan as of 4th November 2013.

Infinity 2007-1 ''Soprano'' FCC Portfolio GREEN German CMBS GmbH DECO 17 - Pan Europe 7 Ltd.

EHE Pool 1B Reference Obligation G13, BG 1027 and BG 1057 Faktor

Transferred to special servicing

Transferred to Notice that the Loans granted to Borrower Groups G13, BG 1027 and BG special servicing 1057 have become Specially Serviced Loans. Standstill Notice that the Special Servicer (Deutsche Bank AG, London Branch) agreement and the Borrower have now entered into a further standstill agreement to allow Ernst & Young to finalise the restructuring opinion. The extended standstill will run until 20 January 2014, unless terminated in writing by the Special Servicer. Transferred to special servicing Property sales Notice that the Babcock Portfolio Loan has become a Specially Serviced Loan and the Special Servicer has granted a short term standstill, which will end on 9 December 2013. Notice that the Special Servicer can confirm that the highest bid of 20m was accepted on 22 October 2013 and that completion of sale has now taken place and sales proceeds received. Notice that an updated valuation of the Foretzza Properties has been received by the Delegate Italian Master Servicer on 7 November 2013. The valuation indicates that the market value of the Foretzza Properties is 79,820,000. Notice regarding change of accounts with respect to the Built Loan.

Vulcan (European Loan Conduit No. 28) Ltd. Cornerstone Titan 2005-2 PLC Windermere X CMBS Ltd.

Babcock Portfolio

West Midlands Office

Fortezza Portfolio

Valuation

Windermere X CMBS Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Windermere XII FCC Windermere XIV CMBS Ltd.

Built Henderson Hanau

Other

Transferred to Notice that a Servicing Transfer Event has occurred and the Special special servicing Servicer formally assumed special servicing duties in relation to the Loan on 8 November 2013. Other Valuation Notice regarding amendment agreements Notice that an updated valuation of the Foretzza II Properties has been received by the Delegate Italian Master Servicer on 7 November 2013. The valuation indicates that the market value of the Foretzza Properties is 172,900,000 Notice that the standstill agreement has been further extended until 07 February 2014. Notice that the standstill agreement has been further extended until 07 February 2014. Notice that the loan reached Final Maturity on the 31st October 2013, the Borrower failed to make repayment. A Standstill agreement has been entered into until the 31 December 2013 .

Transaction-level notice Fortezza II loan

Quirinus (European Loan Conduit No. 23) PLC Vulcan (European Loan Conduit No. 28) Ltd. NEMUS II (Arden) PLC

H&B Retails

Standstill agreement Standstill agreement Standstill agreement

H&B Retail Portfolio II

Fern loan

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Table 13

Special Notice Tracker (cont.)


Titan Europe 2007-3 Ltd. Windermere X CMBS Ltd. Titan Europe 2006-2 PLC Titan Europe 2007-1 (NHP) Ltd. Cornerstone Titan 2007-1 PLC LCP Proudreed PLC EuroProp (EMC VI) S.A. Regulator Bridge Margaux Portfolio Libra loan Stade Transaction-level notice EPIC Rhino & EPIC Horse Valuation Valuation Standstill agreement Other Standstill agreement Other Standstill agreement Notice regarding the updated valuation dated July 2013 is 160,000,000 . Notice regarding the updated valuation dated Nov 08, 2013 is 325,000,000. Notice that the standstill agreement has been further extended until 20 Jan 2014. Notice regarding HC-One Limited Update and Issuance of an Information Memorandum . Notice that the Borrower under the Stade Loan requested a further extension of the Standstill Period to January 30th, 2014. Notice regarding management accounts for the period ended 30 September 2013. Notice that the EPIC Horse and EPIC Rhino Borrowers entered into an eighth amendment agreement relating to the Horse and Rhino Standstill agreement pursuant to which the Standstill Period was extended and shall now end on January 31st, 2014 Notice that Telecom Italia SpA, has been downgraded to 'BB+' from 'BBB-'. Notice that the Loans outstanding on the 20th November 2013 will be prepaid in full. Notice that the Petersbogen Non-Payment constitutes a Special Servicing Event and therefore the Petersbogen Reference Obligation will become a Specially Serviced Reference Obligation from 10 November 2013 Notice that on 4 October 2013, Spanish Issuer received 113,400,000 as a prepayment in full of the Parque Principado Loan together with 208,712.70 as interest collections Notice that following the Maturity Date Event of Default to enable the Special Servicer to consider and evaluate the options available to maximize the return to Noteholders a standstill agreement has been entered into between the Italian Special Servicer and the Cassina Plaza Borrowers until 28 February 2014. Notice about Interim Management Statement Notice that the Special Servicer has agreed to further extend the Standstill until 6 December 2013 (the "Eighth Standstill Extension"). Notice that the Sisu Whole Loan transferred to special servicing on 16 April 2013, following a Maturity Default on 15 April 2013. Notice that the Special Servicer has entered into a new standstill agreement with the Triumph Borrower for the period expiring on 30 January 2014 (the "Fourth Standstill Period"). Notice that the Special Servicer has executed a further standstill agreement (the "Standstill agreement") to allow time to progress discussions with the Borrower regarding the refinancing of the loan or disposal of the Properties. Notice that the Special Servicer has granted the request for the Further Extension in order to allow time to progress discussions with the Borrower regarding a strategy for the repayment of the Loan. Notice that The Borrowers have requested a further standstill agreement to be entered into, extending the Standstill Period to (and including) 31st December 2013 Notice that an Event of Default of the Notes has occurred and the Issuer has given notice to that effect to the Trustee in accordance with Clause 13.1(f) of the Trust Deed.

Imser Securitisation 2 S.r.l. Opera Finance (Metro Centre) PLC JUNO (ECLIPSE 2007-2) Ltd.

Transaction-level notice Transaction-level notice Petersbogen Reference Obligation

Other Repaid Transferred to special servicing

RIVOLI Pan Europe 1 PLC FORNAX (ECLIPSE 2006-2) B.V.

Parque Principado

Repaid

Cassina Plaza

Default

UNITE (USAF) II PLC Talisman-6 Finance PLC Windermere XIV CMBS Ltd. Taurus CMBS (Pan-Europe) 2006-3 PLC Titan Europe 2007-2 Ltd.

Transaction-level notice Apple Sisu Triumph

Other Standstill agreement Transferred to special servicing Standstill agreement Standstill agreement

Six Hotels

Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Victoria Funding (EMC-III) PLC

Toy Box

Standstill agreement Standstill agreement Default

Caprice

Transaction-level notice

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Table 13

Special Notice Tracker (cont.)


Talisman-7 Finance Ltd. Schubert Appraisal reduction & Valuation Notice that the special servicer has received a new property valuation report dated 15 September 2013 commissioned in respect of the Schubert Property, which determined that the current valuation of the Schubert Property is 4,640,000.00. Also, the special servicer has calculated the Appraisal Reduction Amount as 4,311,653.11. Notice that the maturity date has been extended until 10th Nov 2014. Notice that S&P has withdrawn its rating on Deutsche Bank AG (London branch) which it subsequently re-instated. Notice that S&P has withdrawn its rating on Deutsche Bank AG (London branch) which it subsequently re-instated Notice that S&P has withdrawn its rating on Deutsche Bank AG (London branch) which it subsequently re-instated Notice that a valuation dated 6 November 2013 determines that the current market value of the Hof Property is 4,650,000. Notice that the standstill agreement has been extended until 03 December 2013. Notice that the especial servicer has agreed to the Margaux Standstill Extension, the Margaux Interest Rate Amendment, the Margaux Capital Expenditure Amendment and the Margaux Operating Costs Amendment. Notice regarding consent for waiver of certain provisions of the Margaux Portfolio Credit Agreement.

JUNO (ECLIPSE 2007-2) Ltd. DECO 11 - UK Conduit 3 PLC Epic (Value Retail) Ltd. Isobel Finance No.1 PLC Talisman-7 Finance Ltd. Fordgate Commercial Securitisation No. 1 PLC Titan Europe 2006-2 PLC

Le Crossiant Transaction-level notice Transaction-level notice Transaction-level notice Hof Transaction-level notice

Loan extension Other Other Other Valuation Standstill agreement Other

Margaux Portfolio

Titan Europe 2006-2 PLC Portfolio GREEN German CMBS GmbH Titan Europe 2007-3 Ltd. MESDAG (Charlie) B.V. Windermere X CMBS Ltd.

Margaux Portfolio Group G13 Regulator Dutch Offices II Bridge

Other

Other Notice regarding Termination of Loan Agreement pertaining to Borrower Group G13 Transferred to special servicing Valuation Valuation Notice that the Regulator Whole Loan became a Specially Serviced Loan as of 19th November 2013. Notice that the Dutch Offices II properties were valued at 19,990,000 on 1 September 2013. Notice that the 2013 Valuation shows a decrease in value of 171,120,000 from the previous valuation at origination. As a result of the 2013 valuation, a Control Valuation Event has occured with respect to the Bridge Whole Loan. Notice regarding amendments to Tishman Finance Documents.

Vulcan (European Loan Conduit No. 28) Ltd. Cornerstone Titan 2007-1 PLC Titan Europe 2007-3 Ltd. Talisman-6 Finance PLC DECO 17 - Pan Europe 7 Ltd.

Tishman German Office Portfolio German Retail Portfolio III Regulator

Other

Valuation

Notice that compared to previous valuation as of 31st July 2011 (59,920,000) and on a like-by-like basis, the 2013 Valuation indicates a decline in value of 23% Notice that the servicer has received an updated valuation of the Regulator property, which provides a market value of 160, 000,000 as at July 2013. Notice that the aggregate purchase price for the Property and certain accessories was 15,800,000. Notice that the 1 month standstill period expired on 21 November 2013 and has subsequently been extended to 3 December 2013 to allow for the completion of the analysis and finalisation of the Proposed Amended Business Plan. Notice regarding the compliance certificates. Notice regarding the updated valuation dated 22nd Aug 2013 is GBP107,813000. Notice regarding the noteholders meeting.

Valuation

Mango Rockpoint

Property sales Standstill agreement

LCP Proudreed PLC DECO 11 - UK Conduit 3 PLC Titan Europe 2006-3 PLC

Transaction-level notice Mapeley Gamma Transaction-level notice

Other Valuation Other

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Table 13

Special Notice Tracker (cont.)


DECO 11 - UK Conduit 3 PLC Epic (Value Retail) Ltd. Isobel Finance No.1 PLC JUNO (ECLIPSE 2007-2) Ltd. Transaction-level notice Transaction-level notice Transaction-level notice Petersbogen Reference Obligation Other Other Other Standstill agreement Notice that S&P re-instated its rating on Deutsche Bank AG (London branch). Notice that S&P re-instated its rating on Deutsche Bank AG (London branch). Notice that S&P re-instated its rating on Deutsche Bank AG (London branch). Notice that the Sub Special Servicer agreed to enter into the Standstill agreement which expires on 10 February 2014, to enable the Petersbogen Reference Entity to evaluate its options with the Sub Special Servicer.

EQUINOX (ECLIPSE 2006-1) PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. DECO 7 - Pan Europe 2 PLC Titan Europe 2006-3 PLC GEMINI (ECLIPSE 2006-3) PLC

St. Mary's Court Leipzig

Property sales Notice that a sale of the Property was completed on 22nd November and the purchase price of the Property was 2,350,000. Standstill agreement Other Other Noteholder meeting Notice that the Standstill agreement has been extended untill 30 January 2014. Notice regarding the loan performance. Notice regarding the Legal claim against initial valuer Notice that the Issuer will hold an informal meeting of the holders of the Class A Notes at 11:00 am on 9 December 2013 to discuss a proposal received from Danske Bank A/S, London Branch to restructure the repayment of certain outstanding amounts under the Liquidity Facility Agreement Notice that the Henderson Paris Retail Park Loan was prepaid in full on 29 November 2013. Notice that the Servicer has entered into an amendment agreement to extend the maturity date of the Project Christie Loan until 16th December 2013.

Karstadt Kompakt Quelle Nurnberg Transaction-level notice

Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2007-2 Ltd.

Henderson Paris Retail Park Project Christie

Repaid

Loan extension

Ratings And Note-Level Matters Data


Table 14

Ratings Default Index


Transaction Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. 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.* Class A B C D E E D E E F Reason for default Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Date rating lowered to 'D (sf)' October 2013 October 2013 October 2013 October 2013 October 2013 December 2011 July 2011 July 2011 March 2011 March 2011 Original rating AAA AA A BBB BBB BB (sf) BBB (sf) BB (sf) BBB- (sf) BB (sf) Rating immediately before 'D (sf)' CC (sf) CC (sf) CC (sf) CC (sf) CC (sf) B (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf)

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Table 14

Ratings Default Index (cont.)


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 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 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 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 D E E G H J A2 B C D E C D E F D E F E F G G F G C D E F G H E F G D E F A B C 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 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 Principal deficiency Principal loss allocation Principal loss allocation Principal loss allocation August 2013 November 2010 April 2013 April 2010 April 2010 August 2009 November 2013 June 2013 February 2013 November 2012 June 2012 August 2013 April 2013 October 2013 November 2008 April 2013 February 2011 February 2011 December 2011 December 2011 November 2010 November 2011 September 2012 May 2011 September 2012 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 A (sf) BBB- (sf) BBB- (sf) BBB- (sf) BB (sf) B (sf) AAA (sf) AA+ (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) BBBBB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) 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) 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) CCC- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (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)

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Table 14

Ratings Default Index (cont.)


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 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. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. D E F D E F D F A B C D E A E D E C D E A B C D E F D E C D E D 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 Restructuring Restructuring Restructuring Restructuring Restructuring Restructuring Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall 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 December 2012 December 2012 December 2012 December 2012 December 2012 December 2012 February 2012 February 2012 October 2013 May 2012 May 2012 November 2012 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) AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) A BBB (sf) BB (sf) BBB (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) A (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B (sf) B- (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf)

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 14

Ratings Default Index (cont.)


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 Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 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 E D Loan E A B C D C D A B C D E F G G G D E F E F G D E F C D F C D 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 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 Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall 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 February 2013 February 2013 May 2013 May 2013 May 2013 October 2013 October 2013 February 2009 March 2013 May 2012 May 2013 February 2013 October 2012 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) BB (sf) B (sf) BBB (sf) BB (sf) B (sf) BBB BBBBB (sf) A (sf) BBB (sf) BB (sf) AA (sf) A (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) CC (sf) CC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B+ (sf) B- (sf) CCC- (sf) CCC- (sf)

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 14

Ratings Default Index (cont.)


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. 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 Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. 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 D E F G C D E E E F 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 Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Interest shortfall Interest shortfall 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 March 2010 May 2009 February 2009 October 2008 February 2013 May 2012 May 2012 November 2013 September 2010 August 2009 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) BBB (sf) BBB- (sf) BB (sf) B (sf) AA (sf) A (sf) BBB (sf) BB (sf) BBB (sf) BBB- (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) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CC (sf) CCC- (sf) CCC- (sf)

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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014

Table 14

Ratings Default Index (cont.)


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 G E E F D E Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation August 2009 August 2011 November 2012 November 2012 May 2010 May 2010 BB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) BB (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


European CMBS Outlook 2014: The Issuance Revival May Slow, Dec. 19, 2013 Standard & Poor's Ratings Definitions, Nov. 25, 2013 Counterparty Risk Framework Methodology And Assumptions, June 25, 2013 European CMBS Methodology And Assumptions, Nov. 7, 2012 Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, May 14, 2012 Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011 Principles Of Credit Ratings, Feb. 16, 2011 Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Dec. 23, 2010 Methodology: Credit Stability Criteria, June 3, 2010 Global Methodology For Rating Interest-Only Securities, June 15, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009 Framework For Credit Analysis In European CMBS Transactions, June 21, 2007 Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006 Technical Challenges In European CMBS Structures, Feb. 16, 2006

Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com

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