Untitled

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

Surveillance Credit Analyst:

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

Secondary Contact:

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

Research Contributor:

Mahesh L Bodke, Mumbai; [email protected]

Media Contact:

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

Table Of Contents

Loan Maturities

Loan Delinquencies, Nonmonetary Breaches, And Cures

Specially Serviced Loans

Ratings And Note-Level Matters

Transactions And Related Publications

Loan Delinquencies And Nonmonetary Breaches Data

Specially Serviced Loans Data

Ratings And Note-Level Matters Data

Related Criteria And Research

STRUCTURED

FINANCE

RESEARCH

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 24, 2013 1

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European CMBS Monthly Bulletin (December2013): Credit Performance Could Remain Weak In2014

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 Number of loans Number of transactions affected

Total delinquent 152 55

Total in nonmonetary breach 26 21

Total in special servicing 177 60

Maturity performance

Scheduled to mature 6 4

Repaid by maturity date 0 0

Rating actions Number of tranches Number of transactions affected

New 4 2

Raised 1 1

Lowered 21 10

Affirmed 18 6

To CreditWatch negative 0 0

To 'D (sf)' 2 2

Total at 'D (sf)' 157 57

Redemptions 19 7


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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 Loan Jurisdiction

Asset

type

Loan maturity

date

Note final

maturity date Comment

Vulcan (European Loan

Conduit No. 28) Ltd.

Babcock French

Portfolio

France Office Nov 7, 2013 May 15, 2017 Defaulted



Henderson Hanau

Shopping Centre

Germany Retail Nov 7, 2013 May 15, 2017 Defaulted

FORNAX (ECLIPSE 2006-2)

B.V.

Cassina Plaza Italy Mixed

use

Nov 10, 2013 Feb 20, 2019 Defaulted

JUNO (ECLIPSE 2007-2) Ltd. Le Croissant Belgium Office Nov 10, 2014 Nov 1, 2022 Extended to

November 2014

JUNO (ECLIPSE 2007-2) Ltd. Petersbogen Germany Retail Nov 10, 2013 Nov 1, 2022 Defaulted

Titan Europe 2007-2 Ltd. Project Christie Germany Retail Dec 16, 2013 Apr 1, 2017 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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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 Jurisdiction Asset type Comment

Additions

Infinity 2007-1 ’’Soprano’’ FCC EHE - Pool B Germany Mixed use Maturity payment

default


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Table 3

Delinquencies (cont.)

Vulcan (European Loan Conduit No.

28) Ltd.

Babcock French Portfolio France Office Maturity payment

default


28) Ltd.

Henderson Hanau Shopping

Centre

Germany Retail Maturity payment

default

JUNO (ECLIPSE 2007-2) Ltd. Petersbogen Germany Retail Maturity payment

default

FORNAX (ECLIPSE 2006-2) B.V. Cassina Plaza Italy Mixed use Maturity payment

default

Cures/resolutions

Cornerstone Titan 2006-1 PLC Argos Distribution Centre U.K. Distribution warehouse Repaid

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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Table 4

Nonmonetary Breaches


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).


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



Additions

Infinity 2007-1 "Soprano" FCC EHE - Pool B Germany Mixed use Maturity payment

default


28) Ltd.

Babcock French Portfolio France Office Maturity payment

default


28) Ltd.


Centre

Germany Retail Maturity payment

default

JUNO (ECLIPSE 2007-2) Ltd. Petersbogen Germany Retail Maturity payment

default

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

default

Cures/resolved

Cornerstone Titan 2006-1 PLC Argos Distribution Centre U.K. Distribution warehouse Repaid


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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 Class

Month rating lowered to

'D (sf)'

Original

rating

Rating immediately before

'D (sf)' Comment

Victoria Funding (EMC-III)

PLC

E November 2013 BB (sf) CC (sf) Principal loss

allocation

Cornerstone Titan 2007-1

PLC

A2 November 2013 AAA (sf) CCC- (sf) Interest shortfall


Table 7


Transaction Article Date

Patrimonio Uno CMBS S.r.l. Various Rating Actions Taken In Italian CMBS Transaction Patrimonio Uno CMBS Due To

Lower

Recovery Assumptions

Nov. 29,

2013

Epic (More London) PLC Ratings Lowered On U.K. CMBS Transaction Epic(More London)'s Class A And B Notes

After Counterparty Downgrade

Nov. 28,

2013

Epic (Value Retail) Ltd. Ratings Lowered On European CMBS Transaction Epic (Value Retail)'s Class A, B, And C

Notes After Counterparty Downgrade

Nov. 28,

2013

Situs Asset Management The Situs Companies AVERAGE Rankings Affirmed As A Primary And Special Commercial

Loan Servicer In The U.K. And Germany

Nov. 27,

2013

Windermere VIII CMBS PLC Various Rating Actions Taken In U.K. CMBS Transaction Windermere VIII CMBS

Following Review

Nov. 22,

2013

Bluebonnet Finance PLC Various Rating Actions Taken In German CMBS Transaction Bluebonnet Finance

Following

Restructuring

Nov. 22,

2013

Quality Parking 2007 B.V. Ratings Withdrawn In Dutch CMBS Transaction Quality Parking 2007 Following Note

Redemptions

Nov. 20,

2013

Cirene Finance S.r.l. Ratings Lowered On Cirene Finance's Class D And E European CMBS Notes Following

Review; Class C Rating Affirmed

Nov. 19,

2013


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Table 7

Transactions And Related Publications (cont.)

UNITE (USAF) II PLC Rating Assigned To Further U.K. CMBS Issuance From UNITE (USAF) II Nov. 19,

2013

Cornerstone Titan 2005-1 PLC Rating Withdrawn On U.K. CMBS Transaction Cornerstone Titan 2005-1's Class C Notes

Following Note Redemption

Nov. 15,

2013

Cornerstone Titan 2007-1 PLC Various Rating Actions Taken In European CMBS Transaction Cornerstone Titan 2007-1

Following Interest Shortfalls

Nov. 13,

2013

Triton (European Loan Conduit No.

26) PLC

Ratings Withdrawn On Triton (European Loan Conduit No. 26)'s Class A1, A2, D, And E

U.K. CMBS Notes

Nov. 13,

2013

Taurus CMBS (Pan-Europe) 2007-1

Ltd.

Various Rating Actions Taken In CMBS

Transaction Taurus CMBS (Pan-Europe) 2007-1 Following Review

Nov. 8, 2013

Titan Europe 2006-3 PLC Rating Lowered On European CMBS Transaction Titan Europe 2006-3's Class A Notes

Following Note Event Of Default

Nov. 8, 2013

Cornerstone Titan 2006-1 PLC All Ratings Withdrawn In U.K. CMBS Transaction Cornerstone Titan 2006-1 Following

Note Redemptions

Nov. 4, 2013

UNITE (USAF) II PLC Preliminary Ratings Assigned To Further U.K. CMBS Issuance From UNITE (USAF) II Nov. 1, 2013

Chart 5


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Chart 6


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Chart 7


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Chart 8

Table 8

Loans Maturing Over The Past Quarter

Transaction Loan Jurisdiction Asset type

Loan

maturity

date

Note final

maturity

date

Loan

balance Comment

MESDAG (Charlie)

B.V.

Derrick Germany Office Sep 2, 2013 Oct 31,

2019

3,139,073 Awaiting

information

Prominent CMBS

Funding No. 1 PLC

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

2032

57,600,000 Repaid

Credent Ltd Credent Ltd Germany Retail Sep 15,

2013

Sep 15,

2016

297,845,000 Repaid

Titan Europe

2007-2 Ltd.

Project Christie Germany Retail Nov 20,

2013

Apr 1, 2017 291,236,427 Extended to

November

2013

MESDAG (Charlie)

B.V.

TOR Germany Multifamily

housing

Sep 30,

2013

Oct 31,

2019

14,037,990 Repaid

Alburn Real Estate

Capital Ltd.

Alburn Real Estate

Capital Ltd.

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

loss

Quality Parking

2007 B.V.

Quality Parking

2007 B.V.

The

Netherlands/U.K.

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


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Table 8

Loans Maturing Over The Past Quarter (cont.)

Hypo Real Estate

Bank International

AG (ESTATE UK-3)

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

2022

9,133,587 Awaiting

information

CPUK Mortgage

Finance Ltd.

CPUK Mortgage

Finance Ltd.

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

2018

746,322,000 Repaid

Hypo Real Estate

Bank AG (Estate

Pan-Europe 5)

Loan 15 Germany Multifamily

housing

Oct 10,

2013

Jul 25, 2018 84,878,000 Repaid

Windermere XI

CMBS PLC

Government

Income Portfolio

Mortgage

U.K. Office Oct 15,

2015

Apr 15,

2017

76,063,415 Extended to

October 2015

Talisman-5 Finance

PLC

Penguin France Office Oct 15,

2013

Oct 22,

2016

52,768,237 Defaulted *

Talisman-6 Finance

PLC

Mango Germany Office Oct 15,

2013

Oct 24,

2016

85,600,540 Awaiting

information

*

Talisman-6 Finance

PLC

Pineapple Germany Multifamily

housing

Oct 15,

2013

Oct 24,

2016

48,692,786 Awaiting

information

*

Windermere X

CMBS Ltd.

Thunderbird Germany Multifamily

housing

Oct 15,

2013

Oct 15,

2019

67,741,160 Repaid

INDUS (ECLIPSE

2007-1) PLC

Pitch 2 U.K. Office Oct 16,

2013

Jan 1, 2020 22,219,075 Repaid

EQUINOX

(ECLIPSE 2006-1)

PLC

Royal Mint Court U.K. Office Oct 16,

2013

Jan 25,

2018

69,483,625 Awaiting

information

*

INDUS (ECLIPSE

2007-1) PLC

Alba Gate U.K. Office Oct 17,

2013

Jan 1, 2020 7,580,650 Repaid

Opera Germany

(No. 2) PLC

Kö KG & OP KG &

SM KG & RRZ KG

Germany Retail Oct 17,

2013

Oct 20,

2014

500,400,000 Defaulted *

INDUS (ECLIPSE

2007-1) PLC

St George U.K. Office Oct 17,

2013

Jan 1, 2020 6,247,500 Repaid

Titan Europe

2007-3 Ltd.

Project Regulator U.K. Office Oct 18,

2013

Oct 23,

2016

175,959,261 Defaulted *

Infinity 2007-1

’’Soprano’’ FCC

EHE - Pool 1A Germany Retail Oct 18,

2013

Nov 5, 2019 369,282,403 Awaiting

information

*

Infinity 2007-1


EHE - Pool B Germany Mixed use Oct 18,

2013

Nov 5, 2019 33,942,938 Defaulted *

Cornerstone Titan

2007-1 PLC

Munster Germany Retail Jan 17,

2014

Jan 23,

2017


January 2014

Prominent CMBS

Conduit No. 2 Ltd.

Ambassador U.K. Retail Oct 18,

2013

Apr 26,

2019

90,930,000 Repaid with a

loss

Titan Europe

2007-3 Ltd.

Norwich Union

House

U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-2 Ltd.

Skoduv Palace Czech Rep Office Jan 18,

2014

Apr 1, 2017 52,889,520 Extended to

January 2014

*

Titan Europe

2007-3 Ltd.

Project Kennet U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-3 Ltd.

Quadrant House U.K. Office Oct 18,

2013

Oct 23,

2016


Titan Europe

2007-2 Ltd.

Redbus Interhouse The Netherlands Office Oct 18,

2013

Apr 1, 2017 6,356,571 Repaid

Prominent CMBS

Conduit No. 2 Ltd.

Roade One U.K. Distribution

warehouse

Oct 18,

2013

Apr 26,

2019

80,100,000 Repaid with a

loss


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Table 8


Cornerstone Titan

2007-1 PLC

Zana Centrum Poland Office Oct 18,

2013

Jan 23,

2017


DECO 10-Pan

Europe 4 PLC

Rubicon Nike The Netherlands Office Oct 20,

2014

Oct 27,

2019


October 2014

Deco 17 - Pan

Europe 7 Ltd.

Allokton Sweden Mixed use Oct 20,

2013

Jul 27, 2020 56,991,728 Repaid

Triton (European

Loan Conduit No.

26) PLC

Access Portfolio U.K. Self Storage Oct 20,

2013

Oct 25,

2019

158,400,000 Repaid

DECO 10-Pan

Europe 4 PLC

DFK Portfolio Germany Mixed use Oct 20,

2013

Oct 27,

2019

32,452,549 Awaiting

information

*

DECO 10-Pan

Europe 4 PLC

Emmen

Wohncenter

Switzerland Retail Oct 20,

2013

Oct 27,

2019


DECO 14—Pan

Europe 5 B.V.

GA 1 MF Germany Multifamily

housing

Oct 20,

2013

Oct 27,

2020

146,702,496 Repaid

Epic (Drummond)

Ltd.

Giugliano 1 Italy Retail Oct 20,

2013

Jan 25,

2022

53,000,000 Repaid

Epic (Drummond)

Ltd.

Giugliano 2 Italy Retail Oct 20,

2013

Jan 25,

2022

27,000,000 Repaid

DECO 10-Pan

Europe 4 PLC

Lubeck Retail Germany Mixed use Oct 20,

2013

Oct 27,

2019


Deco 17 - Pan

Europe 7 Ltd.

Mayne Germany Retail Oct 20,

2013

Jul 27, 2020 150,124,261 Defaulted *

Triton (European

Loan Conduit No.

26) PLC

Nextra 2 UK U.K. Office Oct 20,

2016

Oct 25,

2019


October 2016

DECO 11 - UK

Conduit 3 PLC

Regent Capital U.K. Distribution

warehouse

Oct 20,

2013

Jan 27,

2020


DECO 11 - UK

Conduit 3 PLC

StarcharmLtd. U.K. Distribution

warehouse

Oct 20,

2013

Jan 27,

2020


DECO 10-Pan

Europe 4 PLC

Swisscom Switzerland Office Oct 20,

2013

Oct 27,

2019


DECO 10-Pan

Europe 4 PLC

Toom DIY Germany Retail Oct 20,

2013

Oct 27,

2019


Epic (Drummond)

Ltd.

Zenon Greece Retail/car

parks

Oct 20,

2013

Jan 25,

2022

36,177,400 Awaiting

information

*

Fordgate

Commercial

Securitisation No.1

PLC

Fordgate

Commercial

Securitisation No.1

PLC

U.K. Office Oct 21,

2013

Oct 23,

2016

261,893,781 Defaulted/in

standstill

*

Infinity 2007-1


UFG France Multifamily

housing

Oct 21,

2013

Nov 5, 2019 2,540,100 Repaid

NEMUS II (Arden)

PLC

Fern Trustee 1 Ltd

and Fern Trustee 2

Ltd

U.K. Office Oct 31,

2013

Feb 15,

2020

41,180,905 Defaulted/in

standstill

*

Vulcan (European

Loan Conduit No.

28) Ltd.

Babcock French

Portfolio

France Office Nov 7,

2013

May 15,

2017


Vulcan (European

Loan Conduit No.

28) Ltd.

Henderson Hanau

Shopping Centre

Germany Retail Nov 7,

2013

May 15,

2017


FORNAX

(ECLIPSE 2006-2)

B.V.

Cassina Plaza Italy Mixed use Nov 10,

2013

Feb 20,

2019



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Table 8


JUNO (ECLIPSE

2007-2) Ltd.

Le Croissant Belgium Office Nov 10,

2014

Nov 1, 2022 18,215,000 Extended to

November

2014

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen Germany Retail Nov 10,

2013

Nov 1, 2022 68,816,748 Defaulted/in

standstill

*

Titan Europe

2007-2 Ltd.

Project Christie Germany Retail Dec 16,

2013

Apr 1, 2017 291,236,427 Extended to

December 2013

*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

Transaction Loan Jurisdiction Asset type

Loan

maturity

date

Note final

maturity

date

Loan balance

(euro

equivalent) Comment

Prominent CMBS

Conduit No. 2 Ltd.

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


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Table 9

Loans Maturing In December 2013 (cont.)

Immeo Residential

Finance No.2 Ltd.

Immeo

Residential

Finance No.2

Ltd.

Germany Multifamily

housing

Dec 15, 2013 Dec 15, 2016 537,123,677 Repaid

Titan Europe 2007-2

Ltd.

Project Christie Germany Retail Dec 16, 2013 Apr 1, 2017 291,236,427 --

European Property

Capital 1

European

Property Capital

1

France Mixed use Dec 24, 2013 Dec 31, 2013 87,732,244 Repaid

Hypo Real Estate

Bank AG (Estate

Pan-Europe 5)

Loan 5 France Office Dec 28, 2013 Jul 25, 2018 22,000,000 Repaid

FCT Infinity 2009-1

"Gamma"

Master France Office Dec 31, 2013 Nov 1, 2019 80,673,520 Repaid

*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

Transaction Loan

Month

added Jurisdiction Asset type

Special

serviced

loan Comment

Cornerstone Titan

2005-1 PLC

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

default

Cornerstone Titan

2005-1 PLC

Jubilee Way December

2009

U.K. Retail Yes Maturity payment

default

Cornerstone Titan

2005-2 PLC

Bradford December

2009


default

Cornerstone Titan

2005-2 PLC

West Midlands Office October

2012

U.K. Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

BHP January 2011 Germany Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Deutsche Bahn January 2012 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Eschborn April 2011 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

German Retail Portfolio I April 2013 Germany DIY Yes Maturity payment

default


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Table 10

Delinquencies Index (cont.)

Cornerstone Titan

2007-1 PLC

German Retail Portfolio

III

July 2010 Germany Retail Yes Term payment default

Cornerstone Titan

2007-1 PLC

Hannover July 2013 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Hornbach July 2011 Germany DIY Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Hugo January 2012 France Office No Maturity payment

default

Cornerstone Titan

2007-1 PLC

Klimson July 2013 Switzerland Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Koblenz/Pforzheim October

2011

Germany Industrial Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Stade October

2011

Germany Leisure Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Star April 2012 Germany Retail Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Steigenberger Hotel April 2013 Germany Hotel Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Wolfsburg July 2013 Germany Mixed use Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Xanadu May 2012 Germany Office Yes Maturity payment

default

Cornerstone Titan

2007-1 PLC

Zana Centrum October

2013

Poland Office Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Edeka Retail October

2012

Germany Retail Yes Principal payment

default

DECO 10-Pan Europe

4 PLC

Emmen Wohncenter October

2013

Switzerland Retail Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Lubeck Retail October

2013

Germany Mixed use Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Swisscom October

2013

Switzerland Office Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Toom DIY October

2013

Germany Retail Yes Maturity payment

default

DECO 10-Pan Europe

4 PLC

Treveria II July 2012 Germany Mixed use Yes Maturity payment

default

DECO 11 - UK Conduit

3 PLC

CPI Retail Active

Management

December

2011


default


3 PLC

Investco Estates Ltd. October

2013

U.K. Distribution

warehouse

Yes Maturity payment

default


3 PLC

Regent Capital October

2013

U.K. Distribution

warehouse


default


3 PLC

Starcharm Ltd. October

2013

U.K. Distribution

warehouse


default


3 PLC

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

default

DECO 12 - UK 4 PLC Chesterton Commercial

(Berks)

April 2012 U.K. Mixed use Yes Maturity payment

default

DECO 14 - Pan Europe

5 B.V.

Arcadia March 2010 Germany Mixed use Yes Term payment default


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Table 10



5 B.V.

DD Karstadt Hilden September

2010

Germany Retail Yes Term payment default


6 Ltd.

Main July 2011 Germany Retail Yes Maturity payment

default


6 Ltd.

Plus Retail January 2012 Germany Retail Yes Maturity payment

default

Deco 17 - Pan Europe

7 Ltd.

Mayne October

2013


default

DECO 7 - Pan Europe

2 PLC

Karstadt Kompakt January 2011 Germany Retail Yes Term payment default

DECO 7 - Pan Europe

2 PLC

Procom November

2012


default

DECO 7 - Pan Europe

2 PLC

Schmeing December

2012


default

DECO 8 - UK Conduit

2 PLC

Braeside Ltd. January 2011 U.K. Industrial Yes Maturity payment

default

DECO 8 - UK Conduit

2 PLC

Elbank Ltd. January 2013 U.K. Retail Yes Maturity payment

default

DECO 8 - UK Conduit

2 PLC

Fairhold Portfolio January 2013 U.K. Residential

ground rents


default

DECO 8 - UK Conduit

2 PLC

Rowan UK Commercial November

2010


default

DECO 8 - UK Conduit

2 PLC

Swiftgold Ltd. November

2010

U.K. Retail Yes Term payment default

DECO Series 2005-Pan

Europe 1 PLC

AWOBAG July 2012 Germany Multifamily

housing


default

DECO Series 2005-UK

Conduit 1 PLC

Commercial and

Warehouse

July 2012 U.K. Office Yes Maturity payment

default

DECO Series 2005-UK

Conduit 1 PLC

CPI Retail Active

Management

November

2010


default

DECO Series 2005-UK

Conduit 1 PLC

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

default

DECO Series 2005-UK

Conduit 1 PLC

Holaw (420) Ltd. December

2011


default

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

Epic (Drummond) Ltd. Project DD January 2011 Finland Mixed use No Term payment default

EQUINOX (ECLIPSE

2006-1) PLC

St Mary's House October

2012


default

EuroProp (EMC VI)

S.A.

Epic Horse July 2010 Germany Mixed use Yes Term payment default

EuroProp (EMC VI)

S.A.

Epic Rhino July 2010 Germany Multifamily

housing

Yes Term payment default

EuroProp (EMC VI)

S.A.

Gutperle July 2013 Germany Distribution

warehouse


default

EuroProp (EMC VI)

S.A.

Sunrise II July 2012 Germany Mixed use Yes Maturity payment

default

EuroProp (EMC) S.A.

(Compartment) 1

Sunrise July 2012 Germany Mixed use Yes Maturity payment

default

Fleet Street Finance

Three PLC

Blue Star Senior April 2012 Germany Office Yes Maturity payment

default


1232688 | 301112013


Table 10



Three PLC

Corleone Senior April 2013 Germany Mixed use No Scheduled Principal

payment default


Three PLC

Saxony Senior July 2013 Germany Nursing homes Yes Maturity payment

default

Fordgate Commercial

Securitisation No.1

PLC

Fordgate Commercial

Securitisation No.1 PLC

October

2013


default

FORNAX (ECLIPSE

2006-2) B.V.

ATU Austria January 2013 Austria Car service

workshops


default

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza November

2013

Italy Mixed use Yes Maturity payment

default

FORNAX (ECLIPSE

2006-2) B.V.

Century Center February

2013

Belgium Retail Yes Maturity payment

default

FORNAX (ECLIPSE

2006-2) B.V.

Kingbu Portfolio October

2012


default

FORNAX (ECLIPSE

2006-2) B.V.

Netto Portfolio August 2012 Germany Retail Yes Maturity payment

default

GEMINI (ECLIPSE

2006-3) PLC

Gemini November

2009

U.K. Mixed use Yes Term payment default

Hypo Real Estate Bank

International AG

(ESTATE UK-3)

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

default

Infinity 2007-1


EHE - Pool B November

2013


default

JUNO (ECLIPSE

2007-2) Ltd.

MONHEIM October

2012

Germany Office Yes Maturity payment

default

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen November

2013


default

MESDAG (Charlie)

B.V.

Dutch Offices I January 2012 The

Netherlands

Office Yes Maturity payment

default

MESDAG (Charlie)

B.V.

Dutch Offices II January 2013 The

Netherlands

Office Yes Maturity payment

default

NEMUS II (Arden) PLC Fern Trustee 1 Ltd and

Fern Trustee 2 Ltd

October

2013


default

Opera Finance (CMH)

PLC

Opera Finance (CMH)

PLC

January 2013 Ireland Office Yes Maturity payment

default

Opera Germany (No. 2)

PLC

Kö KG & OP KG & SM

KG & RRZ KG

October

2013


default

Quirinus (European

Loan Conduit No. 23)

PLC

H & B Retail November

2012


default

RIVOLI Pan Europe 1

PLC

Rive Defense January 2013 France Office No Maturity payment

default

Silenus (European


Ltd.

Metropolis Shopping

Center

February

2013

Italy Retail Yes Maturity payment

default

Silenus (European


Ltd.

Orazio Portfolio November

2012

Italy Mixed use Yes Maturity payment

default

Talisman-4 Finance

PLC

DT-12 July 2013 Germany Office Yes Maturity payment

default


1232688 | 301112013


Table 10


Talisman-4 Finance

PLC

Valentine July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

Reindeer January 2013 Finland Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

Fish July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

Monkey July 2013 Germany Mixed use Yes Maturity payment

default

Talisman-5 Finance

PLC

Penguin October

2013

France Office Yes Maturity payment

default

Talisman-6 Finance

PLC

Apple January 2013 Germany Retail Yes Maturity payment

default

Talisman-6 Finance

PLC

Coconut January 2012 Germany Office Yes Maturity payment

default

Talisman-6 Finance

PLC

Orange July 2012 Germany Retail No Maturity payment

default

Talisman-6 Finance

PLC

Peach July 2012 Germany Retail No Maturity payment

default

Talisman-6 Finance

PLC

Pineapple October

2012

Germany Multifamily

housing

Yes Interest payment default

Talisman-7 Finance

Ltd.

Bach January 2012 Germany Office Yes Maturity payment

default

Talisman-7 Finance

Ltd.

Brahms February

2010


default

Talisman-7 Finance

Ltd.

Handel October

2012


default

Talisman-7 Finance

Ltd.

Haydn January 2012 Germany Office Yes Maturity payment

default

Talisman-7 Finance

Ltd.

Schubert July 2013 Germany Office Yes Interest payment default

Talisman-7 Finance

Ltd.

Wagner January 2012 Germany Office Yes Maturity payment

default

Taurus CMBS

(Germany) 2006-1 PLC

Bremen (Haven/Project

Norman)

June 2012 Germany Retail Yes Maturity payment

default

Taurus CMBS


Bewag Berlin Portfolio April 2013 Germany Office Yes Maturity payment

default

Taurus CMBS


Walzmuhle Portfolio January 2013 Germany Retail Yes Maturity payment

default

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph February

2013


default

Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Leipzig February

2013


default

Taurus CMBS (U.K.)

2006-2 PLC

Dundee September

2012


default

Titan Europe 2006-1

PLC

KQ Warehouse February

2010

Germany Mixed use Yes Term payment default

Titan Europe 2006-1

PLC

Mangusta August 2009 Germany Mixed use Yes Term payment default

Titan Europe 2006-1

PLC

Nuremberg Retail

Distribution Centre

October

2012

Germany Office No Maturity payment

default


1232688 | 301112013


Table 10


Titan Europe 2006-1

PLC

Tiden Portfolio April 2012 Germany Office Yes Maturity payment

default

Titan Europe 2006-2

PLC

Margaux Portfolio July 2012 Germany Multifamily

housing


default

Titan Europe 2006-3

PLC

Kurhaus Hotel July 2012 The

Netherlands

Hotel Yes Maturity payment

default

Titan Europe 2006-3

PLC

Monnet April 2012 Germany Office Yes Maturity payment

default

Titan Europe 2006-3

plc

Quelle Nurnberg January 2013 Germany Mixed use Yes Maturity payment

default

Titan Europe 2006-3

PLC

Stage April 2013 Germany Mixed use Yes Maturity payment

default

Titan Europe 2006-3

PLC

Syrdall Business Park April 2011 Luxembourg Office Yes Maturity payment

default

Titan Europe 2006-3

PLC

Target April 2013 France Mixed use Yes Safeguarding

proceedings has been

issued by the Tribunal

de Commerce de Paris.

Titan Europe 2006-3

PLC

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

default

Titan Europe 2006-5

PLC

Quartier 206 Shopping

Centre

April 2010 Germany Retail Yes Term payment default

Titan Europe 2007-1

(NHP) Ltd.

Libra January 2009 U.K. Healthcare Yes Maturity payment

default

Titan Europe 2007-2

Ltd.

Caprice January 2012 Germany Retail Yes Maturity payment

default

Titan Europe 2007-2

Ltd.

Nantes October

2011


default

Titan Europe 2007-2

Ltd.

Six Hotels January 2012 Germany Hotel Yes Maturity payment

default

Titan Europe 2007-2

Ltd.

Toy Box July 2013 Germany Office Yes Maturity payment

default

Titan Europe 2007-3

Ltd.

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

Titan Europe 2007-3

Ltd.

Norwich Union House October

2013


default

Titan Europe 2007-3

Ltd.

Project Kennet October

2013


default

Titan Europe 2007-3

Ltd.

Project Koito January 2012 U.K. Industrial Yes Maturity payment

default

Titan Europe 2007-3

Ltd.

Project Middleton July 2013 U.K. Distribution

warehouse


default

Titan Europe 2007-3

Ltd.

Project Regulator October

2013


default

Titan Europe 2007-3

Ltd.

Quadrant House October

2013


default

Titan Europe 2007-3

Ltd.

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

default

Ulysses (European


PLC

City Point January 2012 U.K. Office Yes Interest payment default


1232688 | 301112013


Table 10


Vulcan (European


Ltd.

Babcock French Portfolio November

2013


default

Vulcan (European


Ltd.

Guardian Bonn

Rochustrasse

February

2011


default

Vulcan (European


Ltd.

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

default

Vulcan (European


Ltd.

Henderson Hanau

Shopping Centre

November

2013


default

Vulcan (European


Ltd.

Inovalis Eboue Paris November

2010


default

Vulcan (European


Ltd.

Tishman German Office

Portfolio

December

2010

Germany Office No Term payment default

White Tower Europe

2007-1 PLC

Spanish (Heron City) December

2011

Spain Mixed use Yes Maturity payment

default

Windermere VII CMBS

PLC

Adductor August 2012 France Office Yes Maturity payment

default

Windermere VII CMBS

PLC

Mulheim April 2011 Germany Office Yes Maturity payment

default

Windermere VII CMBS

PLC

Nordostpark October

2012


default

Windermere VII CMBS

PLC

Redleaf I February

2010

Spain Retail Yes Term payment default

Windermere VII CMBS

PLC

RedLeaf II February

2013

Spain Retail Yes Maturity payment

default

Windermere VIII

CMBS PLC

Amadeus January 2009 U.K. Office Yes Term payment default

Windermere VIII

CMBS PLC

Government Income

Portfolio Mortgage

October

2012


default

Windermere VIII

CMBS PLC

Wood Green Mortgage January 2013 U.K. Office Yes Maturity payment

default

Windermere X CMBS

Ltd.

Built September

2011


default

Windermere X CMBS

Ltd.

Tresforte January 2010 The

Netherlands

Office Yes Term payment default

Windermere XI CMBS

PLC

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

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

Windermere XIV

CMBS Ltd.

Baywatch April 2013 Germany Mixed use Yes Maturity payment

default

Windermere XIV

CMBS Ltd.

Sisu April 2013 Finland Mixed use Yes Maturity payment

default


1232688 | 301112013


Table 11

Nonmonetary Breaches Index

Transaction Loan Month added Jurisdiction Asset type Comment

BELLATRIX (ECLIPSE

2005-2) PLC

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

covenant

*

Cornerstone Titan

2007-1 PLC

Essen July 2010 Germany Retail Breach of the LTV

ratio covenant

*

Cornerstone Titan

2007-1 PLC

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

ratio covenant

*

DECO 10-Pan Europe 4

PLC

DFK Portfolio July 2013 Germany Mixed Use Breach of the LTV

ratio covenant

*


3 PLC

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

ratio covenant

*

DECO 12 - UK 4 PLC Borehamwood Investments Ltd.

and Oakdale Investments Ltd.

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

covenant

*

DECO 14—Pan Europe

5 B.V.

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

ratio covenant

*


7 Ltd.

Elbblick April 2010 Germany Retail Breach of the ICR

covenant

DECO 6 - UK Large

Loan 2 PLC

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

covenant

*

DECO 6 - UK Large

Loan 2 PLC

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

covenant

*

DECO 9 - Pan Europe 3

PLC

Treveria 1 May 2010 Germany Retail Breach of the LTV

ratio covenant

*

Epic (Drummond) Ltd. Zenon September

2012

Greece Retail/car parks Breach of the LTV

ratio covenant

EQUINOX (ECLIPSE

2006-1) PLC

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

covenant

*

EuroProp (EMC VI)

S.A.

Henderson Staples May 2010 Germany Mixed use Breach of the ICR

covenant

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza April 2011 Italy Mixed use Breach of the ICR

covenant

*

HERCULES (ECLIPSE

2006-4) PLC

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

covenant

*

Indus (ECLIPSE

2007-1) PLC

Workspace Portfolio September

2011

U.K. Distribution

warehouse

Breach of the ICR

covenant

*

Infinity 2007-1


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

ratio covenant

*

JUNO (ECLIPSE

2007-2) Ltd.

Neumarkt July 2009 Germany Retail Anticipated breach of

the ICR covenant

*

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen April 2013 Germany Retail Breach of the LTV

ratio covenant

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

ratio covenant

Talisman-4 Finance

PLC

Barthonia September

2010

Germany Mixed use Breach of the LTV

ratio covenant

*

Talisman-6 Finance

PLC

Mango July 2010 Germany Office Breach of the LTV

ratio covenant

*

Talisman-7 Finance

Ltd.

Bruckner January 2013 Germany Multifamily

housing

Breach of the LTV

ratio covenant

*

Talisman-7 Finance

Ltd.

Hof January 2013 Germany Car showrooms Breach of the LTV

ratio covenant

*


1232688 | 301112013


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


1232688 | 301112013


Chart 13


1232688 | 301112013


Chart 14

Table 12

Special Servicing Index

Transaction Loan

Month

added Jurisdiction Asset type Special servicer

BELLATRIX (ECLIPSE

2005-2) PLC

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

Servicing Ltd.

Cornerstone Titan

2005-1 PLC

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

Cornerstone Titan

2005-1 PLC

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

Cornerstone Titan

2005-2 PLC

Bradford September

2009

U.K. Retail Solutus Advisors Ltd.

Cornerstone Titan

2005-2 PLC

West Midlands Office October

2012

U.K. Office Solutus Advisors Ltd.

Cornerstone Titan

2007-1 PLC

BHP January

2011

Germany Retail Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Deutsche Bahn January

2012

Germany Office Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

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


1232688 | 301112013


Table 12

Special Servicing Index (cont.)

Cornerstone Titan

2007-1 PLC

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

Cornerstone Titan

2007-1 PLC

German Retail Portfolio I April 2013 Germany DIY Capita Assets Services

Cornerstone Titan

2007-1 PLC

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

Cornerstone Titan

2007-1 PLC

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

Cornerstone Titan

2007-1 PLC

Hannover July 2013 Germany Office Capita Assets Services

Cornerstone Titan

2007-1 PLC

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

Cornerstone Titan

2007-1 PLC

Klimson July 2013 Switzerland Retail Capita Assets Services

Cornerstone Titan

2007-1 PLC

Koblenz/Pforzheim October

2011

Germany Industrial Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

Stade October

2011

Germany Leisure Capita Assets Services (UK) Ltd.

Cornerstone Titan

2007-1 PLC

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

Cornerstone Titan

2007-1 PLC

Steigenberger Hotel April 2013 Germany Hotel Capita Assets Services

Cornerstone Titan

2007-1 PLC

Wolfsburg July 2013 Germany Mixed use Capita Assets Services

Cornerstone Titan

2007-1 PLC

Xanadu January

2012


Cornerstone Titan

2007-1 PLC

Zana Centrum October

2013

Poland Office Capita Assets Services


PLC

DFK Portfolio July 2013 Germany Mixed use Deutsche Bank AG London

branch


PLC

Edeka Retail October

2012

Germany Retail Deutsche Bank AG London

branch


PLC

Emmen Wohncenter October

2013

Switzerland Retail Deutsche Bank AG London

branch


PLC

Lubeck Retail October

2013

Germany Mixed use Deutsche Bank AG London

branch


PLC

Swisscom October

2013

Switzerland Office Deutsche Bank AG London

branch


PLC

Toom DIY October

2013


branch


PLC

Treveria II July 2012 Germany Mixed use Deutsche Bank AG London

branch


3 PLC

CPI Retail Active Management November

2010

U.K. Retail Solutus Advisors Ltd.


3 PLC

Investco Estates Ltd. October

2013

U.K. Distribution

warehouse

Hatfield Philips International

Ltd. and Capmark Services U.K.

Ltd.


3 PLC

Mapeley Gamma October

2012

U.K. Office Hatfield Philips International


Ltd.


1232688 | 301112013


Table 12



3 PLC

Regent Capital October

2013

U.K. Distribution

warehouse



Ltd.


3 PLC

Starcharm Ltd. October

2013

U.K. Distribution

warehouse



Ltd.


3 PLC

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

DECO 12 - UK 4 PLC Borehamwood Investments

Ltd.and Oakdale Investments

Ltd.

January

2012

U.K. Mixed use Hatfield Philips International

Ltd.

DECO 12 - UK 4 PLC Chesterton Commercial

(Berks)

May 2012 U.K. Mixed use Hatfield Philips International

Ltd.


5 B.V.

Arcadia March 2010 Germany Retail Deutsche Bank AG, London

branch, and Hatfield Philips

International Ltd.


5 B.V.

DD Karstadt Hilden December

2010


branch and Hatfield Philips

International Ltd.


5 B.V.

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

branch and Hatfield Philips

International Ltd. (WOBA loan)


5 B.V.

Mansford Nord Bayern December

2012


branch


6 Ltd.

Main July 2011 Germany Retail Hatfield Philips International

Ltd.


6 Ltd.

Plus Retail January

2012

Germany Retail Hatfield Philips International

Ltd.

Deco 17 - Pan Europe 7

Ltd.

Mayne October

2013


Ltd.

Deco 17 - Pan Europe 7

Ltd.

Rockpoint January

2012


Ltd.

DECO 6 - UK Large

Loan 2 PLC

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

DECO 6 - UK Large

Loan 2 PLC

Mapeley October

2011


Ltd.


PLC

Karstadt Kompakt December

2010


Ltd.


PLC

Procom November

2012


Ltd.


PLC

Schmeing December

2012


Ltd.

DECO 8 - UK Conduit 2

PLC

Braeside Ltd. January

2011

U.K. Industrial Solutus Advisors Ltd.


PLC

Elbank Ltd. January

2013

U.K. Retail Hatfield Philips International

Ltd.


PLC

Fairhold Portfolio January

2013

U.K. Ground rents Hatfield Philips International

Ltd.


PLC

Swiftgold Ltd. October

2012

U.K. Retail Hatfield Philips International

Ltd.


PLC

Rowan UK Commercial November

2010

U.K. Office Solutus Advisors Ltd.


1232688 | 301112013


Table 12



PLC

Treveria I July 2010 Germany Retail Hatfield Philips International

Ltd.

DECO Series 2005-Pan

Europe 1 PLC

AWOBAG July 2012 Germany Multifamily

housing


Ltd.

DECO Series 2005-UK

Conduit 1 PLC

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

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

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

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

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

Ltd.

DECO Series 2005-UK

Conduit 1 PLC

Holaw (420) Ltd. December

2011

U.K. Office Deutsche Bank AG and Hatfield

Philips International Ltd.

Epic (Drummond) Ltd. Countrywide January

2013

Germany Retail Royal Bank of Scotland

EQUINOX (ECLIPSE

2006-1) PLC

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

EQUINOX (ECLIPSE

2006-1) PLC

Royal Mint Court December

2012

U.K. Office Barclays Capital Mortgage

Servicing Ltd.

EQUINOX (ECLIPSE

2006-1) PLC

St Mary's House October

2012

U.K. Office Barclays Capital Mortgage

Servicing Ltd.

European Property

Capital 3 PLC

Randstad October

2010

The Netherlands Office GMAC Commercial Mortgage

Servicing (U.K.) Ltd.

EuroProp (EMC VI)

S.A.

Epic Horse July 2010 Germany Mixed use Citibank International PLC

EuroProp (EMC VI)

S.A.

Epic Rhino July 2010 Germany Multifamily

housing

Citibank International PLC

EuroProp (EMC VI)

S.A.

Gutperle July 2013 Germany Distribution

warehouse


EuroProp (EMC VI)

S.A.

Project Ash November

2011

Germany Multifamily

housing


EuroProp (EMC VI)

S.A.

Sunrise II July 2012 Germany Mixed use Citibank International PLC

EuroProp (EMC) S.A.

(Compartment) 1

Sunrise July 2010 Germany Mixed use Citibank International PLC,

London branch


Three PLC

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


Three PLC

Saxony Senior July 2013 Germany Nursing homes Capita Assets Services

Fordgate Commercial


Fordgate Commercial


October

2013

U.K. Office Morgan Stanley Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

ATU Austria January

2013

Austria Car service

workshops

Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza October

2013

Italy Mixed use Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Century Center February

2013

Belgium Retail Hatfield Philips International

Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Kingbu Portfolio October

2012

Germany Retail Barclays Capital Mortgage

Servicing Ltd.

FORNAX (ECLIPSE

2006-2) B.V.

Netto Portfolio August 2012 Germany Retail Barclays Capital Mortgage

Servicing Ltd.


1232688 | 301112013


Table 12


GEMINI (ECLIPSE

2006-3) PLC

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

HERCULES (ECLIPSE

2006-4) PLC

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

Indus (ECLIPSE

2007-1) PLC

Workspace Portfolio September

2011

U.K. Distribution

warehouse

Capita Assets Services (UK) Ltd.

Infinity 2007-1


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

Infinity 2007-1


EHE - Pool B November

2013

Germany Mixed use Capita Assets Services

JUNO (ECLIPSE

2007-2) Ltd.

Monheim October

2012

Germany Office Barclays Capital Mortgage

Servicing Ltd.

JUNO (ECLIPSE

2007-2) Ltd.

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

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen November

2013

Germany Retail Barclays Capital Mortgage

Servicing Ltd.

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

2011

The Netherlands Office Hatfield Philips International

Ltd.

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

Ltd.

NEMUS II (Arden) PLC Carlton December

2008

U.K. Mixed use CB Richard Ellis Loan Servicing

Ltd.

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

Ltd.

Opera Finance (CMH)

PLC

Opera Finance (CMH) PLC January

2013

Ireland Office Eurohypo AG, London branch

Opera Germany (No. 2)

PLC

Kö KG & OP KG & SM KG &

RRZ KG

October

2013

Germany Retail Eurohypo AG

Quirinus (European


PLC

H & B Retail November

2012

Germany Retail Morgan Stanley Mortgage

Servicing Ltd.

Silenus (European Loan


Aprirose Munich Thun August 2011 Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Aprirose Retail Bonndorf August 2011 Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Metropolis Shopping Center February

2013

Italy Retail Morgan Stanley Mortgage

Servicing Ltd.



Orazio Portfolio May 2011 Italy Mixed use Morgan Stanley Mortgage

Servicing Ltd.

Talisman-4 Finance

PLC

Barthonia February

2011

Germany Mixed use Hatfield Philips International

Ltd.

Talisman-4 Finance

PLC

DT-12 December

2012

Germany Office Hatfield Philips International

Ltd.

Talisman-4 Finance

PLC

Valentine December

2012


Ltd.

Talisman-5 Finance

PLC

Fish November

2012


Ltd.

Talisman-5 Finance

PLC

Reindeer January

2013

Finland Mixed use Hatfield Philips International

Ltd.

Talisman-5 Finance

PLC

Monkey July 2013 Germany Mixed use Hatfield Philips International

Ltd.


1232688 | 301112013


Table 12


Talisman-5 Finance

PLC

Penguin September

2013

France Office Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Apple January

2013


Ltd.

Talisman-6 Finance

PLC

Coconut January

2012


Ltd.

Talisman-6 Finance

PLC

Mango May 2011 Germany Office Hatfield Philips International

Ltd.

Talisman-6 Finance

PLC

Pineapple March 2012 Germany Multifamily

housing


Ltd.

Talisman-7 Finance

Ltd.

Bach January

2012


Ltd.

Talisman-7 Finance

Ltd.

Brahms November

2011


Ltd.

Talisman-7 Finance

Ltd.

Bruckner January

2013

Germany Multifamily

housing


Ltd.

Talisman-7 Finance

Ltd.

Handel October

2012


Ltd.

Talisman-7 Finance

Ltd.

Haydn November

2011


Ltd.

Talisman-7 Finance

Ltd.

Hof January

2013

Germany Car

showrooms


Ltd.

Talisman-7 Finance

Ltd.

Mozart April 2010 Germany Mixed use Hatfield Philips International

Ltd.

Talisman-7 Finance

Ltd.

Schubert April 2013 Germany Office Hatfield Philips International

Ltd.

Talisman-7 Finance

Ltd.

Wagner August 2010 Germany Office Hatfield Philips International

Ltd.

Taurus CMBS


Bremen (Haven/Project

Norman)

November

2010


Taurus CMBS


Ruhr Portfolio (Larmag) January

2011


Taurus CMBS


Bewag Berlin Portfolio April 2013 Germany Office Capita Assets Services

Taurus CMBS


Walzmuhle Portfolio January

2013

Germany Retail Capita Assets Services

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph February

2013


Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Leipzig February

2013

Germany Office Barclays Capital Mortgage

Servicing Ltd.

Taurus CMBS (U.K.)

2006-2 PLC

Dundee September

2012

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

Taurus CMBS (U.K.)

2006-2 PLC

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

Titan Europe 2006-1

PLC

KQ Warehouse November

2009


Ltd.

Titan Europe 2006-1

PLC

Mangusta June 2008 Germany Mixed use Hatfield Philips International

Ltd.

Titan Europe 2006-1

PLC

Tiden Portfolio January

2013


Ltd.


1232688 | 301112013


Table 12


Titan Europe 2006-2

PLC

Margaux Portfolio July 2012 Germany Multifamily

housing


Ltd.

Titan Europe 2006-3

PLC

Kurhaus Hotel September

2012

The Netherlands Hotel Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Monnet Portfolio September

2009

Germany/Belgium Office Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Quelle Nurnberg September

2009


Ltd.

Titan Europe 2006-3

PLC

Stage April 2013 Germany Mixed use Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Syrdall Business Park April 2011 Luxembourg Office Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

Target April 2013 France Mixed use Hatfield Philips International

Ltd.

Titan Europe 2006-3

PLC

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

Ltd.

Titan Europe 2006-5

plc

Carat Park Shopping Centre April 2013 Germany Retail Hatfield Philips International

Ltd.

Titan Europe 2006-5

PLC

Quartier 206 Shopping centre April 2010 Germany Retail Hatfield Philips International

Ltd.

Titan Europe 2007-1

(NHP) Ltd.

Libra November

2008

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

Titan Europe 2007-2

Ltd.

Caprice January

2012


Titan Europe 2007-2

Ltd.

Cobalt February

2013

Finland Retail Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

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

Titan Europe 2007-2

Ltd.

Nantes October

2011

France Office Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Six Hotels January

2012

Germany Hotel Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Skoduv Palace November

2012

Czech Republic Office Capita Assets Services (UK) Ltd.

Titan Europe 2007-2

Ltd.

Toy Box July 2013 Germany Office Capita Assets Services

Titan Europe 2007-3

Ltd.

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

Titan Europe 2007-3

Ltd.

Norwich Union House October

2013

U.K. Office Capita Assets Services

Titan Europe 2007-3

Ltd.

Project Kennet October

2013


Titan Europe 2007-3

Ltd.

Project Koito January

2012

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

Titan Europe 2007-3

Ltd.

Project Middleton July 2013 U.K. Distribution

warehouse

Capita Assets Services

Titan Europe 2007-3

Ltd.

Project Regulator November

2013


Titan Europe 2007-3

Ltd.

Quadrant House October

2013



1232688 | 301112013


Table 12


Titan Europe 2007-3

Ltd.

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

Ulysses (European


PLC

City Point February

2012

U.K. Office Morgan Stanley Mortgage

Servicing Ltd.



Babcock French Portfolio November

2013

France Office Morgan Stanley Mortgage

Servicing Ltd.



Guardian Bonn Rochustrasse April 2010 Germany Office Morgan Stanley Mortgage

Servicing Ltd.



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

Servicing Ltd.




Centre

November

2013

Germany Retail Morgan Stanley Mortgage

Servicing Ltd.



Inovalis Eboue Paris October

2010

France Office Morgan Stanley Mortgage

Servicing Ltd.

White Tower Europe

2007-1 PLC

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

Ltd. and Société Générale

Windermere VII CMBS

PLC

Adductor August 2012 France Office Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

Mulheim April 2011 Germany Office Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

Nordostpark November

2011


Ltd.

Windermere VII CMBS

PLC

Redleaf I September

2009

Spain Retail Hatfield Philips International

Ltd.

Windermere VII CMBS

PLC

RedLeaf II February

2013

Spain Retail Capita Assets Services (UK) Ltd.

Windermere VIII CMBS

PLC

Amadeus December

2008


Ltd.


PLC

Government Income Portfolio

Mortgage

October

2012


Ltd.


PLC

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

Ltd.

Windermere X CMBS

Ltd.

Built September

2011


Ltd.

Windermere X CMBS

Ltd.

Tresforte January

2010

The Netherlands Office Hatfield Philips International

Ltd.

Windermere XI CMBS

PLC

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

Ltd.

Windermere XII FCC Coeur Defense February

2009

France Office CB Richard Ellis Loan Servicing

Ltd.

Windermere XIV CMBS

Ltd.

Baywatch September

2012


Ltd. and ABN AMRO Bank N.V.

Windermere XIV CMBS

Ltd.

Sisu April 2013 Finland Mixed use Hatfield Philips International

Ltd. and ABN AMRO Bank N.V.


1232688 | 301112013


Table 13

Special Notice Tracker

Transaction Loan Notice topic

Notice (directly quoted from special loan-level and

transaction-level notices received from various transaction

participants)

Cornerstone Titan

2007-1 PLC

Star Standstill

agreement

Notice that the Special Servicer has agreed to enter into a new standstill

agreement with the Borrower under the Star Credit Agreement to grant a

further standstill until close of business on 18 January 2014.

Juturna (ELOC No.

16) PLC

Transaction-level notice Other Notice regarding the Financial Statement as on June 30, 2013.

Quality Parking 2007

B.V.

Transaction-level notice Full redemption Notice that the notes will be redeemed in full at their principal balance

on 3rd Oct 2013.

Titan Europe 2006-5

plc

Quartier 206 Shopping

Center

Other Notice regarding the enforcement proceeding in the German Court.

STABILITY CMBS

2007-1 GmbH

Transaction-level notice Other Notice regarding new interest rate for the next interest period have been

calculated on the 01.11.2013.

Victoria Funding

(EMC-III) PLC

Transaction-level notice Default 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.

Deutsche Bank

Luxembourg S.A.

Transaction-level notice Other Notice confirming that notes are still held by Deutsche Bank

Luxembourg.

Alburn Real Estate

Capital Ltd.

Transaction-level notice Other Notice informing that Merrill Lynch & Co. Inc is now rated NR

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

BHP Standstill

agreement

Notice that the standstill agreement has been extended until 18 Nov

2013.

EuroProp (EMC VI)

S.A.

Ash Standstill

agreement

Notice Correction of notice of Ninth Standstill agreement in respect of

the Ash Loan.

Taurus CMBS

(Germany) 2006-1

PLC

Bewag Berlin Standstill

agreement

Notice that standstill period is extended and expiring in Jan 18, 2014.

Windermere XI CMBS

PLC

Westville Mortgage Property Sale 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.

GEMINI (ECLIPSE

2006-3) PLC

Transaction-level notice Other Notice regarding the valuation Claim update

Silenus (ELOC No. 25)

Ltd.

Orazio Portfolio Senior

Term

Standstill

agreement

Notice that standstill period is extended until 02 Dec 2013.

Titan Europe 2006-3

PLC

Transaction-level notice Note Event of

Default

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.

UNITE (USAF) PLC Transaction-level notice Other Notice regarding launch and pricing of £185 million usaf bond financing

Fordgate CS No. 1

PLC

Transaction-level notice Standstill

agreement

Notice that standstill period is extended until 19 Nov 2013.


1232688 | 301112013


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

Transaction-level notice Other Notice that National Westminster Bank has been downgraded to 'A-/A-2'

from 'A/A-1'

Broadgate Financing

PLC


from 'A/A-1'

BL Superstores

Finance PLC


from 'A/A-1'

Windermere X CMBS

Ltd.

Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

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



Centre) PLC


Mall Funding PLC

(The)


Isobel Finance No.1

PLC


Imser Securitisation 2

S.r.l.


FIP Funding S.r.l. Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

Finance for Residential

Social Housing PLC


Epic Opera (Arlington)

Ltd.


MESDAG (Charlie)

B.V.


Epic (Value Retail)

Ltd.


Premiertel PLC Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

Epic (More London)

PLC


Epic (Drummond) Ltd. Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

Talisman-4 Finance

PLC


Epic (Culzean) PLC Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'


1232688 | 301112013


Table 13


Talisman-6 Finance

PLC


Epic (Brodie) PLC Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

Canary Wharf Finance

II PLC


Windermere Private

Placement I S.A.


Bruntwood Alpha PLC Transaction-level notice Other Notice that RBS has been downgraded to 'A-' from 'A'

Annington Finance

No. 4 PLC


DECO 15 - Pan

Europe 6 Ltd.

Main Valuation 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.

Infinity 2007-1

''Soprano'' FCC

EHE Pool 1B Reference

Obligation

Transferred to

special servicing

Notice that the EHE Pool 1B Reference Obligation has become a

Specially Serviced Loan as of 4th November 2013.

Portfolio GREEN

German CMBS GmbH

G13, BG 1027 and BG

1057

Transferred to

special servicing

Notice that the Loans granted to Borrower Groups G13, BG 1027 and BG

1057 have become Specially Serviced Loans.

DECO 17 - Pan

Europe 7 Ltd.

Faktor Standstill

agreement

Notice that the Special Servicer (Deutsche Bank AG, London Branch)

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.

Vulcan (European


Ltd.

Babcock Portfolio Transferred to

special servicing

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.

Cornerstone Titan

2005-2 PLC

West Midlands Office Property sales 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.

Windermere X CMBS

Ltd.

Fortezza Portfolio Valuation 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.

Windermere X CMBS

Ltd.

Built Other Notice regarding change of accounts with respect to the Built Loan.

Vulcan (European


Ltd.

Henderson Hanau Transferred to

special servicing

Notice that a Servicing Transfer Event has occurred and the Special

Servicer formally assumed special servicing duties in relation to the Loan

on 8 November 2013.

Windermere XII FCC Transaction-level notice Other Notice regarding amendment agreements

Windermere XIV

CMBS Ltd.

Fortezza II loan Valuation 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

Quirinus (European


PLC

H&B Retails Standstill

agreement

Notice that the standstill agreement has been further extended until 07

February 2014.

Vulcan (European


Ltd.

H&B Retail Portfolio II Standstill

agreement


February 2014.

NEMUS II (Arden)

PLC

Fern loan Standstill

agreement

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 .


1232688 | 301112013


Table 13


Titan Europe 2007-3

Ltd.

Regulator Valuation Notice regarding the updated valuation dated July 2013 is £160,000,000 .

Windermere X CMBS

Ltd.

Bridge Valuation Notice regarding the updated valuation dated Nov 08, 2013 is

€325,000,000.

Titan Europe 2006-2

PLC

Margaux Portfolio Standstill

agreement


Jan 2014.

Titan Europe 2007-1

(NHP) Ltd.

Libra loan Other Notice regarding HC-One Limited Update and Issuance of an

Information Memorandum .

Cornerstone Titan

2007-1 PLC

Stade Standstill

agreement

Notice that the Borrower under the Stade Loan requested a further

extension of the Standstill Period to January 30th, 2014.

LCP Proudreed PLC Transaction-level notice Other Notice regarding management accounts for the period ended 30

September 2013.

EuroProp (EMC VI)

S.A.

EPIC Rhino & EPIC

Horse

Standstill

agreement

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

Imser Securitisation 2

S.r.l.

Transaction-level notice Other Notice that Telecom Italia SpA, has been downgraded to 'BB+' from

'BBB-'.


Centre) PLC

Transaction-level notice Repaid Notice that the Loans outstanding on the 20th November 2013 will be

prepaid in full.

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen Reference

Obligation

Transferred to

special servicing

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

RIVOLI Pan Europe 1

PLC

Parque Principado Repaid 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

FORNAX (ECLIPSE

2006-2) B.V.

Cassina Plaza Default 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.

UNITE (USAF) II PLC Transaction-level notice Other Notice about Interim Management Statement

Talisman-6 Finance

PLC

Apple Standstill

agreement

Notice that the Special Servicer has agreed to further extend the

Standstill until 6 December 2013 (the "Eighth Standstill Extension").

Windermere XIV

CMBS Ltd.

Sisu Transferred to

special servicing

Notice that the Sisu Whole Loan transferred to special servicing on 16

April 2013, following a Maturity Default on 15 April 2013.

Taurus CMBS

(Pan-Europe) 2006-3

PLC

Triumph Standstill

agreement

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").

Titan Europe 2007-2

Ltd.

Six Hotels Standstill

agreement

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.

Titan Europe 2007-2

Ltd.

Toy Box Standstill

agreement

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.

Titan Europe 2007-2

Ltd.

Caprice Standstill

agreement

Notice that The Borrowers have requested a further standstill agreement

to be entered into, extending the Standstill Period to (and including) 31st

December 2013

Victoria Funding

(EMC-III) PLC

Transaction-level notice Default 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.


1232688 | 301112013


Table 13


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.

JUNO (ECLIPSE

2007-2) Ltd.

Le Crossiant Loan extension Notice that the maturity date has been extended until 10th Nov 2014.

DECO 11 - UK

Conduit 3 PLC

Transaction-level notice Other Notice that S&P has withdrawn its rating on Deutsche Bank AG (London

branch) which it subsequently re-instated.

Epic (Value Retail)

Ltd.


branch) which it subsequently re-instated

Isobel Finance No.1

PLC


branch) which it subsequently re-instated

Talisman-7 Finance

Ltd.

Hof Valuation Notice that a valuation dated 6 November 2013 determines that the

current market value of the Hof Property is €4,650,000.

Fordgate Commercial

Securitisation No. 1

PLC

Transaction-level notice Standstill

agreement

Notice that the standstill agreement has been extended until 03

December 2013.

Titan Europe 2006-2

PLC

Margaux Portfolio Other 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.

Titan Europe 2006-2

PLC

Margaux Portfolio Other Notice regarding consent for waiver of certain provisions of the Margaux

Portfolio Credit Agreement.

Portfolio GREEN

German CMBS GmbH

Group G13 Other Notice regarding Termination of Loan Agreement pertaining to Borrower

Group G13

Titan Europe 2007-3

Ltd.

Regulator Transferred to

special servicing

Notice that the Regulator Whole Loan became a Specially Serviced Loan

as of 19th November 2013.

MESDAG (Charlie)

B.V.

Dutch Offices II Valuation Notice that the Dutch Offices II properties were valued at €19,990,000

on 1 September 2013.

Windermere X CMBS

Ltd.

Bridge Valuation 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.

Vulcan (European


Ltd.

Tishman German Office

Portfolio

Other Notice regarding amendments to Tishman Finance Documents.

Cornerstone Titan

2007-1 PLC

German Retail Portfolio

III

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%

Titan Europe 2007-3

Ltd.

Regulator Valuation 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.

Talisman-6 Finance

PLC

Mango Property sales Notice that the aggregate purchase price for the Property and certain

accessories was €15,800,000.

DECO 17 - Pan

Europe 7 Ltd.

Rockpoint Standstill

agreement

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.

LCP Proudreed PLC Transaction-level notice Other Notice regarding the compliance certificates.

DECO 11 - UK

Conduit 3 PLC

Mapeley Gamma Valuation Notice regarding the updated valuation dated 22nd Aug 2013 is

GBP107,813000.

Titan Europe 2006-3

PLC

Transaction-level notice Other Notice regarding the noteholders meeting.


1232688 | 301112013


Table 13


DECO 11 - UK

Conduit 3 PLC

Transaction-level notice Other Notice that S&P re-instated its rating on Deutsche Bank AG (London

branch).

Epic (Value Retail)

Ltd.


branch).

Isobel Finance No.1

PLC


branch).

JUNO (ECLIPSE

2007-2) Ltd.

Petersbogen Reference

Obligation

Standstill

agreement

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

St. Mary's Court 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.

Taurus CMBS

(Pan-Europe) 2007-1

Ltd.

Leipzig Standstill

agreement

Notice that the Standstill agreement has been extended untill 30 January

2014.

DECO 7 - Pan Europe

2 PLC

Karstadt Kompakt Other Notice regarding the loan performance.

Titan Europe 2006-3

PLC

Quelle Nurnberg Other Notice regarding the Legal claim against initial valuer

GEMINI (ECLIPSE

2006-3) PLC

Transaction-level notice Noteholder

meeting

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

Vulcan (European


Ltd.

Henderson Paris Retail

Park

Repaid Notice that the Henderson Paris Retail Park Loan was prepaid in full on

29 November 2013.

Titan Europe 2007-2

Ltd.

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

extend the maturity date of the Project Christie Loan until 16th

December 2013.

Ratings And Note-Level Matters Data

Table 14

Ratings Default Index

Transaction Class Reason for default

Date rating lowered

to 'D (sf)'

Original

rating

Rating immediately

before 'D (sf)'

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

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

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

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

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

AQUILA (ECLIPSE 2005-1)

PLC

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

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

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

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

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


1232688 | 301112013


Table 14

Ratings Default Index (cont.)

BELLATRIX (ECLIPSE 2005-2)

PLC

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

BELLATRIX (ECLIPSE 2005-2)

PLC

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

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

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

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

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

Cornerstone Titan 2007-1 PLC A2 Interest shortfall November 2013 AAA (sf) CCC- (sf)

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

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

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

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

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

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

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

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

DECO 12 - UK 4 PLC D Increased risk of interest

shortfall

April 2013 BBB (sf) CCC- (sf)

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

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

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

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

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

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

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

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

DECO 6 - UK Large Loan 2 PLC C Interest shortfall September 2012 A (sf) B- (sf)

DECO 6 - UK Large Loan 2 PLC D Interest shortfall July 2012 BBB CCC- (sf)

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

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

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

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

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

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

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

DECO Series 2005-UK Conduit

1 PLC

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

DECO Series 2005-UK Conduit

1 PLC

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

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

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

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

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


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Table 14


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

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

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

EQUINOX (ECLIPSE 2006-1)

PLC

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


PLC

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


PLC

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

European Prime Real Estate No.

1 PLC

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

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

EuroProp (EMC) S.A.

(Compartment) 1

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

EuroProp (EMC) S.A.

(Compartment) 1

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

EuroProp (EMC) S.A.

(Compartment) 1

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

EuroProp (EMC) S.A.

(Compartment) 1

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

EuroProp (EMC) S.A.

(Compartment) 1

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

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

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

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

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

GEMINI (ECLIPSE 2006-3) PLC C Interest shortfall October 2012 AA (sf) B- (sf)

GEMINI (ECLIPSE 2006-3) PLC D Interest shortfall October 2012 A (sf) B- (sf)

GEMINI (ECLIPSE 2006-3) PLC E Interest shortfall March 2011 BBB (sf) CCC (sf)

German Residential Asset Note

Distributor PLC

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


Distributor PLC

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


Distributor PLC

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


Distributor PLC

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


Distributor PLC

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


Distributor PLC

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

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

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

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

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

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

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


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Table 14


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

Morpheus (European Loan

Conduit No. 19) PLC

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

Morpheus (European Loan

Conduit No. 19) PLC

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

Opera Finance (Uni-Invest) B.V. A Maturity payment default February 2012 AAA (sf) CCC- (sf)

Opera Finance (Uni-Invest) B.V. B Maturity payment default February 2012 AA (sf) CCC- (sf)

Opera Finance (Uni-Invest) B.V. C Maturity payment default February 2012 A (sf) CCC- (sf)

Opera Finance (Uni-Invest) B.V. D Maturity payment default February 2012 BBB (sf) CCC- (sf)

Perseus (European Loan

Conduit No. 22) PLC

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

Perseus (European Loan

Conduit No. 22) PLC

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

Prominent CMBS Conduit No. 2

Ltd.

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


Ltd.

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


Ltd.

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


Ltd.

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


Ltd.

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


Ltd.

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

Radamantis (European Loan

Conduit No. 24) PLC

G Principal loss allocation and

interest shortfall

November 2011 BBB (sf) B (sf)

Silenus (European Loan Conduit

No. 25) Ltd.

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

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

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

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

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

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

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

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

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

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

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

Taurus CMBS (Pan-Europe)

2006-3 PLC

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


2006-3 PLC

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


2007-1 Ltd.

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

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

Titan Europe 2006-1 PLC D Increased risk of interest

shortfall

October 2012 A (sf) CCC- (sf)


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Table 14


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Titan Europe 2007-1 (NHP) Ltd. B Interest shortfall July 2011 AAA (sf) BB+ (sf)

Titan Europe 2007-1 (NHP) Ltd. C Interest shortfall July 2011 AA+ (sf) BB (sf)

Titan Europe 2007-1 (NHP) Ltd. D Interest shortfall July 2011 AA (sf) B+ (sf)

Titan Europe 2007-1 (NHP) Ltd. E Interest shortfall July 2011 A (sf) B- (sf)

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

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

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

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

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

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

Ulysses (European Loan

Conduit No. 27) PLC

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


Conduit No. 27) PLC

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


Conduit No. 27) PLC

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

Victoria Funding (EMC-III) PLC E Principal loss allocation November 2013 BB (sf) CC (sf)

Vulcan (European Loan Conduit

No. 28) Ltd.

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


No. 28) Ltd.

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


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Table 14



No. 28) Ltd.

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

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

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

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

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

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

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

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

Related Criteria And Research

• 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; [email protected]


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