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STRUCTURED FINANCE RESEARCH

European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
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 (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
The performance of commercial mortgage-backed securities (CMBS) that Standard & Poor's Ratings Services rates was mixed in 2013. At the start of the year, we expected approximately two-thirds of maturing loans to fail to repay at maturity. However, the results were more positive than we anticipated and sentiment at the beginning of 2014 is therefore better than this time last year. Loan maturities by balance outperformed our expectations in 2013, with approximately 64% of loans successfully repaying at maturity. However, loan maturity by loan count was significantly lower, with only 42% of loans scheduled to mature successfully repaying.

Loan maturity profiles by jurisdiction followed a similar pattern, with the repayment rate being higher when we consider it by loan balance, rather than loan count. Germany had the largest number of loan maturities in 2013, by both loan balance and count, followed by the U.K and France. Loans originated in Germany had a repayment rate of 71%, while those from the U.K were 57% by loan balance. But, by loan count, the U.K's repayment rate of 45% exceeded Germany's 36% rate. The better-than-expected performance of European CMBS repayment rates in 2013 was largely due to the successful

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

refinancing of loans backing large-ticket multifamily transactions, in our opinion. These loans performed better than other asset types, with a repayment rate of 95% by balance and 94% by loan count. When we review loan maturity performance excluding multifamily transactions, the results indicate a larger pool of nonperforming loans failing to repay at maturity (see chart D).
Chart B

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart C

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Our analysis shows that large multifamily transactions skewed the repayment profiles of European CMBS transactions, and when we exclude them, the percentage of loans failing to repay at maturity is far higher. These results may better indicate what to expect in 2014, as there are significantly fewer multifamily loans than in 2013. Loans backed by multifamily assets accounted for approximately 36.5% of 2013's maturing loans by balance. By contrast, this year, only 9.3% of maturing loans, by balance, are backed by multifamily assets. Without the large multifamily transactions of 2013 to support 2014's repayment profiles, we anticipate another tough year for the European CMBS sector. The information below is as of the end of December 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 6 5 6 5 Number of loans Number of transactions affected 155 24 179 55 20 61

Number of tranches Number of transactions affected 0 0

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Table 1

Data Snapshot For Loans And Ratings (cont.)


Raised Lowered Affirmed To CreditWatch negative To 'D (sf)' Total at 'D (sf)' Redemptions 1 10 4 0 0 157 8 1 5 2 0 0 57 3

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 366 at the end of December 2013. The British pound sterling and euro balances of this universe over this period were 27,296,810,442 and 23,802,182,932, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 28,993,577,141 and 25,773,667,595, respectively.

Loan Maturities
Loan maturity performance
Of the six loans that matured, borrowers fully repaid five. At the end of December, we were awaiting information on the remaining loan.
Table 2

Maturities In December 2013


Transaction Prominent CMBS Conduit No. 2 Ltd. Immeo Residential Finance No.2 Ltd. Titan Europe 2007-2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma" *This loan repaid in Januray 2014. Loan Lavincino Immeo Residential Finance No.2 Ltd. Project Christie European Property Capital 1 5 Master Jurisdiction U.K. Germany Germany France France France Loan Asset type maturity date Retail Multifamily housing Retail Mixed use Office Office Dec 6, 2013 Dec 15, 2013 Dec 16, 2013 Dec 24, 2013 Dec 28, 2013 Dec 31, 2013 Note final maturity date Apr 26, 2019 Dec 15, 2016 Apr 1, 2017 Dec 31, 2013 Jul 25, 2018 Nov 1, 2019 Comment Repaid Repaid Awaiting information* Repaid Repaid Repaid

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Loan maturity default rate and performance statistics. The maturity default rate increased to 16.11% from 14.54%.

January maturities
We expect the maturity default rate to increase in our next European CMBS monthly bulletin, as 34 loans are scheduled to mature. Of these, four have already repaid and three repaid with a loss.
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 December is tracked against the total balance of loans scheduled to mature between Jan. 1, 2013 and Dec. 31, 2013. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.

Loan maturities data


See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables 8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).

Loan Delinquencies, Nonmonetary Breaches, And Cures


Loan delinquencies and cures
There were four delinquent loans, all of which failed to repay at maturity. One loan was resolved from our delinquencies index following the extension of its maturity date (see table 3). As a result, the number of loans in our delinquencies index increased to 155 from 152. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased to 39.95% from 38.58%; and Outstanding pound sterling-denominated loans decreased to 11.18% from 11.87%.
Chart 2

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Table 3

Delinquencies
Transaction Loan Jurisdiction Additions Epic (Drummond) Ltd. Hypo Real Estate Bank International AG (ESTATE UK-3) MESDAG (Charlie) B.V. Talisman-6 Finance PLC Zenon 123 775 Derrick Mango Greece Retail/car parks U.K. Germany Germany Office Office Office Maturity payment default Maturity payment default Maturity payment default Maturity payment default Asset type Comment

Cures/resolutions Talisman-5 Finance PLC Penguin France Office Extended to October 2014

Loan nonmonetary breaches and cures


There were no new nonmonetary breaches. However, two loans were resolved and transferred to our delinquency index. As a result, the number of loans in our nonmonetary breaches index decreased to 24 from 26 (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans decreased to 5.16% from 5.52%; and Outstanding pound sterling-denominated senior loans decreased to 2.94% from 3.13%.
Chart 3

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Table 4

Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Comment

Additions None -----

Cures/resolved, or transferred to our delinquencies index Talisman-6 Finance PLC Epic (Drummond) Ltd. Mango Zenon Germany Office Transferred to delinquency index

Greece Retail/car parks Transferred to delinquency index

Loan delinquencies and nonmonetary breaches data


See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 9), our full nonmonetary breaches index (table 10), as well as data on the legal maturity profile for pound sterling and euro transactions from 2013 to 2020 (chart 8), and term and maturity delinquencies for pound sterling and euro loans (charts 9 and 10).

Specially Serviced Loans


Three loans entered special servicing (see table 5). We removed one loan from our special servicing index following the extension of its maturity date. Overall, the number of loans in our special servicing index increased to 179 from 177 (see chart 4). The number of loans in our special serving index account for 48.9% of our total universe, by loan count. By balance, 26.3% of our total universe is specially serviced loans.

Notices
In our next European CMBS monthly bulletin, we expect the number of loans in our special servicing index to increase, as 34 loans are scheduled to mature. Of these, four have already repaid and three repaid with a loss.

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart 4

Table 5

Specially Serviced Loans


Transaction Loan Jurisdiction Additions Epic (Drummond) Ltd. Hypo Real Estate Bank International AG (ESTATE UK-3) MESDAG (Charlie) B.V. Zenon 123 775 Derrick Greece Retail/car parks U.K. Germany Office Office Maturity payment default Maturity payment default Maturity payment default Asset type Comment

Cures/resolved Talisman-5 Finance PLC Penguin France Office Extended to October 2014

Specially serviced loans data


See "Specially Serviced Loans Data" below for our full special servicing index (table 11), as well as data on loans in special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Ratings And Note-Level Matters


Ratings performance
Withdrawals. We withdrew our ratings on eight classes of notes in four transactions. Affirmations. We affirmed our ratings on four classes of notes in two transactions. Upgrades. We raised our rating on one class of notes in one transaction. Downgrades. We lowered our ratings on 10 classes of notes in five transactions. Rating defaults. None.

Transactions And Related Publications


Table 6

Transactions And Related Publications


Transaction Isobel Finance No.1 PLC London & Regional Debt Securitisation No. 1 PLC London & Regional Debt Securitisation No. 1 PLC Annington Finance No. 4 PLC Epic (Culzean) PLC DECO 12 - UK 4 PLC Credito Fondiario SpA (FONSPA) Isobel Finance No.1 PLC Triton (European Loan Conduit No. 26) PLC Article Rating Raised On U.K. CMBS Transaction Isobel Finance No.1's Class C Notes Due To Partial Loan Repayments Ratings On London & Regional Debt Securitisation No. 1's Class A And B Notes Reinstated At The Issuer's Request Ratings Lowered And Withdrawn On U.K. CMBS London & Regional Debt Securitisation No. 1's Class A And B Notes All Ratings Lowered In U.K. CMBS Transaction Annington Finance No. 4 Following Counterparty Downgrade Rating Lowered On U.K. CMBS Transaction Epic (Culzean)'s Class B Notes After Counterparty Downgrade Ratings Lowered On U.K. CMBS Transaction DECO 12 - UK 4's Class B And C Notes Following Interest Shortfall Ranking Unchanged On FONSPA As Primary Servicer In Italy Following Its Sale Ratings Withdrawn On CMBS Transaction Isobel Finance No.1's Class A And B Notes Following Redemption Ratings Lowered On Triton (European Loan Conduit No. 26)'s Class C And F U.K. CMBS Notes; Rating On Class B Affirmed Date Dec. 20, 2013 Dec. 18, 2013 Dec. 17, 2013 Dec. 13, 2013 Dec. 12, 2013 Dec. 11, 2013 Dec. 6, 2013 Dec. 3, 2013 Dec. 3, 2013

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Chart 5

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Chart 6

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Chart 7

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Chart 8

Table 7

Loans Maturing Over The Past Quarter


Loan maturity date Oct 1, 2013 Oct 3, 2013 Oct 5, 2013 Note final maturity date Oct 1, 2016 Oct 1, 2016 Mar 20, 2022 Oct 10, 2018 Jul 25, 2018 Loan balance 108,615,491 300,000,000 9,133,587

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

Loan Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. 123 775

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

Asset type Office Car parks Office

Comment Repaid with a loss Repaid Defaulted *

CPUK Mortgage Finance Ltd. 15

U.K. Germany

Leisure Multifamily housing Office

Oct 5, 2013 Oct 10, 2013 Oct 15, 2015 Oct 15, 2014

746,322,000 84,878,000

Repaid Repaid

Government Income Portfolio Mortgage Penguin

U.K.

Apr 15, 2017 Oct 22, 2016

76,063,415

Extended to October 2015 Extended to October 2014 *

France

Office

52,768,237

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Table 7

Loans Maturing Over The Past Quarter (cont.)


Talisman-6 Finance PLC Talisman-6 Finance PLC Windermere X CMBS Ltd. INDUS (ECLIPSE 2007-1) PLC EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Opera Germany (No. 2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-3 Ltd. Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC Cornerstone Titan 2007-1 PLC Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Cornerstone Titan 2007-1 PLC 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 Mango Pineapple Thunderbird Pitch 2 Royal Mint Court Germany Germany Germany U.K. U.K. Office Multifamily housing Multifamily housing Office Office 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 Oct 18, 2013 Oct 20, 2014 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 24, 2016 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019 Jan 23, 2017 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Oct 27, 2019 Oct 27, 2019 85,600,540 48,692,786 67,741,160 22,219,075 69,483,625 Defaulted Defaulted 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 Defaulted Extended to October 2014 Repaid Repaid * * * * * * * * * * * *

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 Zana Centrum Rubicon Nike Allokton Access Portfolio

U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Republic U.K. U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K.

Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office Office Mixed use Self storage

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 12,105,000 55,085,933 56,991,728 158,400,000

DFK Portfolio Emmen Wohncenter

Germany Switzerland

Mixed use Retail

32,452,549 89,064,819

Awaiting information Defaulted

* *

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Table 7

Loans Maturing Over The Past Quarter (cont.)


DECO 14Pan Europe 5 B.V. Epic (Drummond) Ltd. Epic (Drummond) Ltd. DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC Epic (Drummond) Ltd. Fordgate Commercial Securitisation No.1 PLC Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. FORNAX (ECLIPSE 2006-2) B.V. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Immeo Residential Finance No.2 Ltd. Titan Europe 2007-2 Ltd. GA 1 MF Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK Germany Italy Italy Germany Germany U.K. Multifamily housing Retail Retail Mixed use Retail Office 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 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 146,702,496 53,000,000 27,000,000 13,806,459 150,124,261 26,876,071 Repaid Repaid Repaid Defaulted Defaulted Extended to October 2016 Defaulted Defaulted Defaulted Defaulted/ In Standstill Defaulted Defaulted/ In Standstill * * * * * * * *

Regent Capital Starcharm Ltd. 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 LE Croissant

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

Distribution warehouse Distribution warehouse Office Retail Retail/car parks Office

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

France U.K.

Multifamily housing Office

Oct 21, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2014 Nov 10, 2013 Dec 16, 2013

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

2,540,100 41,180,905

Repaid Defaulted/in standstill Defaulted *

France

Office

26,035,444

Germany

Retail

18,900,000

Defaulted

Italy Belgium

Mixed use Office

39,888,550 18,215,000

Defaulted Extended to November 2014 Defaulted/ In Standstill Extended to December 2013 Repaid Repaid Awaiting information

Petersbogen Project Christie Lavincino Immeo Residential Finance No.2 Ltd. Project Christie

Germany Germany U.K. Germany Germany

Retail Retail

Nov 1, 2022 Apr 1, 2017 Apr 26, 2019 Dec 15, 2016 Apr 1, 2017

68,816,748 291,236,427 97,680,000 537,123,677 291,236,427

Retail Dec 6, 2013 Multifamily housing Retail Dec 15, 2013 Dec 16, 2013

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Table 7

Loans Maturing Over The Past Quarter (cont.)


European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) European Property Capital 1 5 France France Mixed use Office Dec 24, 2013 Dec 28, 2013 Dec 31, 2013 Jul 25, 2018 87,732,244 22,000,000 Repaid Repaid

Chart 9

Table 8

Loans Maturing From January To December 2014


Loan maturity date Note final maturity date Jan 1, 2017 Jan 1, 2017 Oct 1, 2017 Oct 15, 2019 Loan balance (euro equivalent) 229,150,000 80,350,000 8,180,191 59,639,015

Transaction Bruntwood Alpha PLC Bruntwood Alpha PLC DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd.

Loan Bruntwoood 2000 Bruntwoood Estates Herbert House IFB and Pavia Fortress I

Jurisdiction U.K. U.K. U.K. Italy

Asset type

Comment -Repaid ---

Office Jan 1, 2014 Office Jan 1, 2014 Office Jan 7, 2014 Office Jan 12, 2014

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Table 8

Loans Maturing From January To December 2014 (cont.)


Windermere X CMBS Ltd. Talisman-7 Finance Ltd. Windermere X CMBS Ltd. Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. Cornerstone Titan 2007-1 PLC INDUS (ECLIPSE 2007-1) PLC Cornerstone Titan 2007-1 PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. DECO 10-Pan Europe 4 PLC DECO 12 - UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 8 - UK Conduit 2 PLC DECO 9 - Pan Europe 3 PLC Naples Enel Tower Fortress II Schubert Bridge Fortezza II Hausmann Portland Place Italy Germany Germany Italy France U.K. Office Office Office Office Office Office Jan 12, 2014 Jan 15, 2014 Jan 15, 2014 Jan 15, 2014 Jan 15, 2014 Jan 16, 2014 Jan 16, 2014 Jan 16, 2014 Jan 17, 2014 Jan 17, 2014 Jan 18, 2014 Jan 18, 2014 Jan 18, 2014 Jan 18, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Oct 15, 2019 Apr 22, 2017 Oct 15, 2019 Apr 22, 2018 Apr 22, 2018 Jan 25, 2018 Apr 30, 2017 Apr 30, 2017 Jan 23, 2017 Jan 1, 2020 Jan 23, 2017 Apr 1, 2017 Apr 1, 2017 Apr 1, 2017 Oct 27, 2019 Jan 27, 2020 Oct 27, 2020 Oct 27, 2020 Oct 27, 2020 Oct 27, 2020 Oct 27, 2020 Oct 27, 2020 Apr 1, 2018 Jan 27, 1936 43,900,000 8,659,500 342,090,000 252,228,883 254,711,667 8,899,000 ----Repaid -*

Henderson - Bergen Henderson - Staples Munster Gres 1 Portfolio Loews Portier Skoduv Palace Ton Dresdner Office Portfolio LMM Overseas Investments Arcadia Capital & Regional CGG- Tambelle REDO 3 DD Karstadt Hilden Mansford Nord Bayern Woodsford MF SCN Shopping Centre LMK Overseas Investments Dresdner Office Portfolio

Germany Germany Germany U.K. Germany Germany Czech Republic Germany Germany U.K. Germany Germany Germany Germany Germany Germany Austria U.K. Germany

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

8,033,329 27,716,878 9,571,523 74,500,000 17,821,418 14,970,647 52,889,520 1,953,428 140,415,829 2,987,609 106,241,359 44,927,692 96,491,765 5,114,500 43,978,768 16,320,016 70,000,000 3,512,500 82,970,149

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

Jan 20, Jul 27, 2017 2014

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Table 8

Loans Maturing From January To December 2014 (cont.)


Epic (Brodie) PLC Epic (Culzean) PLC Epic (Drummond) Ltd. Epic (Value Retail) Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Silenus (European Loan Conduit No. 25) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. MESDAG (Charlie) B.V. UNITE (USAF) PLC Prominent CMBS Conduit No. 2 Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere XI CMBS PLC Windermere XI CMBS PLC Windermere XI CMBS PLC Windermere XIV CMBS Ltd. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. Terry Friends First Magnum Las Rozas Fisherman IBC Portfolio Tishman Munich Elisenhof Jargonnant Munich Germany U.K. Germany Spain France Retail Office Retail Retail Mixed use Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 22, 2016 Oct 20, 2019 Jan 25, 2022 110,156,847 35,662,681 71,638,413 77,000,000 13,366,334 ------

Jan 22, Jul 26, 2019 2014 Jan 30, 2014 Feb 4, 2020

Germany

Mixed use Feb 7, 2014

May 15, 2019 May 15, 2017 May 15, 2017 May 15, 2017 Oct 31, 2019 Mar 31, 2017 Apr 26, 2019 Apr 22, 2017 Apr 22, 2017 Apr 1, 2016 Apr 1, 2016 Apr 15, 2017 Apr 15, 2017 Apr 15, 2017 Apr 22, 2018 Apr 30, 2017 Apr 30, 2017 Apr 30, 2017 Apr 30, 2017

106,517,000

--

Germany

Mixed use Feb 7, 2014

25,049,583

--

Tishman German Office Portfolio Tishman Hamburg Office Sparkasse UNITE (USAF) PLC Colombina Bruckner Hof Firefly Phoenix Devonshire House Mortgage Longacre Mortgage Westville Mortgage GSI Bardowick Cluster 1 Cluster 2 Cluster 4 & 5

Germany

Office Feb 7, 2014

244,970,571

--

Germany

Office Feb 7, 2014

51,300,000

--

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

Office Student accomodation Office Multifamily housing Car showrooms Multifamily housing Multifamily housing Office Office Office Office Mixed use Mixed use Mixed use Mixed use

Mar 31, 2014 Mar 31, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014

8,389,436 280,000,000 120,930,000 52,695,000 7,108,603 8,825,077 2,357,678 191,924,169 111,015,515 47,666,280 35,864,284 5,175,000 11,090,764 11,668,473 16,017,965

-Repaid ---Repaid Repaid Repaid -------* * *

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Table 8

Loans Maturing From January To December 2014 (cont.)


EuroProp (EMC VI) S.A. INDUS (ECLIPSE 2007-1) PLC BELLATRIX (ECLIPSE 2005-2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Epic Horse Forster Hall Rivermead Court Germany U.K. U.K. Mixed use Student accomodation Office Apr 16, 2014 Apr 16, 2014 Apr 17, 2014 Apr 17, 2014 Apr 18, 2014 Apr 18, 2014 Apr 20, 2014 Apr 20, 2014 Apr 30, 2017 Jan 1, 2020 Jan 25, 2017 Jan 1, 2020 Apr 1, 2017 Apr 1, 2017 Jan 27, 2020 Jan 27, 2020 24,843,112 8,100,000 3,522,826 ---* *

Criterion Cobalt Urbis St Christopher Nottingham Ltd. Borehamwood Investments Ltd. and Oakdale Investments Ltd. Puma MF AOK Schwerin Centro OWG MF Gabriel NILEG MF WBN MF WGN MF Tiago World Fashion Centre Countrywide LWB Barana Portfolio

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

Office Retail Office Hotel Mixed use

121,886,000 78,500,000 45,304,984 5,936,632 15,841,930

-----* *

DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. 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 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC Epic (Drummond) Ltd. Deco 17 - Pan Europe 7 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd.

Germany Germany Germany Germany Germany Germany Germany Germany Germany The Netherlands Germany Germany Switzerland

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

Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014

Oct 27, 2020 Apr 1, 2018 Apr 1, 2018 Apr 1, 2018

135,443,864 27,056,253 711,990,245 86,481,676 79,863,750 70,300,710 188,765,719 206,523,844 95,243,464 88,242,479 331,387,978 133,312,623 67,286,813

--Repaid Repaid -Repaid Repaid Repaid ----Repaid *

Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Jan 27, 2018 Jan 27, 2018 Jan 25, 2022

Apr 21, Jul 27, 2020 2014 Apr 30, 2014 Apr 30, 2014 Apr 30, 2014 Feb 4, 2020

Matran Portfolio

Switzerland

Retail

Feb 4, 2020

44,138,900

Repaid

Saturn Portfolio

Germany

Retail

Feb 4, 2020

24,055,022

--

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Table 8

Loans Maturing From January To December 2014 (cont.)


Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Xuthus (European Loan Conduit No. 29) S.A. Hypo Real Estate Bank AG (Estate Pan-Europe 5) MESDAG (Berlin) B.V. Windermere XII FCC Epic (More London) PLC Real Estate Capital (Foundation) Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 9 - Pan Europe 3 PLC FCT Infinity 2009-1 "Gamma" Fleet Street Finance Two PLC Taurus CMBS (U.K.) 2006-2 PLC Ulysses (European Loan Conduit No. 27) PLC Eurocastle Office Portfolio Henderson Paris Retail Park Project Vermeer Germany Office May 7, 2014 May 7, 2014 May 7, 2014 May 15, 2017 May 15, 2017 May 15, 2018 39,896,290 --

France

Retail

17,880,000

Repaid

The Netherlands Germany

Mixed use

692,666,987

Repaid

26

Retail

Jun 26, Jul 25, 2018 2014 Jun 30, 2014 Jul 1, 2016

44,000,000

Repaid

MESDAG (Berlin) B.V. Coeur Defense More London 1

Germany France U.K. U.K.

Multifamily housing Office Office Mixed use

130,084,888 1,638,950,000 638,460,444 114,500,000

---Repaid *

Jul 10, Jul 10, 2017 2014 Jul 15, Jul 15, 2017 2014 Jul 15, Jul 15, 2016 2014 Jul 20, 2014 Apr 1, 2018

Mansford OBI Large AFI Mansford Edeka PGREI Portfolio Skyper-Alkmene Fleet Street Finance Two PLC Iron Mountain City Point

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

Retail Mixed use Retail Retail Office Retail Distribution warehouse Office

143,613,790 71,499,241 13,001,148 114,227,891 133,203,125 276,179,287 29,198,003 429,000,000

----Repaid -Repaid -*

Jul 20, Jul 27, 2020 2014 Jul 20, Jul 27, 2020 2014 Jul 20, Jul 27, 2017 2014 Jul 20, Nov 1, 2019 2014 Jul 20, Jul 26, 2017 2014 Jul 20, 2014 Apr 24, 2024

Jul 21, Jul 25, 2017 2014

Loan Delinquencies And Nonmonetary Breaches Data

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart 10

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart 11

Table 9

Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 January 2011 January 2012 April 2011 April 2013 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 BHP Deutsche Bahn Eschborn German Retail Portfolio I

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

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Table 9

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 Hugo 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 2010 July 2013 July 2011 January 2012 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 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

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Table 9

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. 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 DD Karstadt Hilden Main Plus Retail Mayne Karstadt Kompakt Procom Schmeing Braeside Ltd. Elbank Ltd. Fairhold Portfolio Rowan UK Commercial Swiftgold Ltd. AWOBAG Commercial and Warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Countrywide Project DD Zenon St Mary's House Epic Horse Epic Rhino Gutperle Sunrise II Sunrise September 2010 July 2011 January 2012 October 2013 January 2011 November 2012 December 2012 January 2011 January 2013 January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 June 2012 January 2011 December 2013 October 2012 July 2010 July 2010 July 2013 July 2012 July 2012 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 Greece U.K. 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 Retail/car parks Office Mixed use Multifamily housing Distribution warehouse Mixed use Mixed use 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 Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default

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Table 9

Delinquencies Index (cont.)


Fleet Street Finance Three PLC 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) 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. 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 Blue Star Senior Corleone Senior Saxony Senior Fordgate Commercial Securitisation No.1 PLC ATU Austria Cassina Plaza Century Center Kingbu Portfolio Netto Portfolio Gemini 123 775 April 2012 April 2013 July 2013 October 2013 January 2013 November 2013 February 2013 October 2012 August 2012 November 2009 December 2013 April 2013 Germany Germany Germany U.K. Office Mixed use Nursing homes Office Yes No Yes Yes Maturity payment default 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

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 Yes

140 202

U.K.

Office

No

EHE - Pool B MONHEIM Petersbogen Derrick Dutch Offices I Dutch Offices II Fern Trustee 1 Ltd and Fern Trustee 2 Ltd. Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail

November 2013 October 2012 November 2013 December 2013 January 2012 January 2013 October 2013 January 2013 October 2013 November 2012 January 2013

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

Mixed use Office Retail Office Office Office Office Office Retail Retail

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Rive Defense

France

Office

No

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Table 9

Delinquencies Index (cont.)


Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-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. Metropolis Shopping Center Orazio Portfolio February 2013 November 2012 July 2013 July 2013 January 2013 July 2013 July 2013 January 2013 January 2012 July 2012 July 2012 October 2012 December 2013 January 2012 February 2010 October 2012 January 2012 July 2013 January 2012 June 2012 April 2013 January 2013 February 2013 February 2013 Italy Retail 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 Maturity payment default Maturity payment default Interest 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 Maturity payment default Maturity payment default

Italy

Mixed use

Yes

DT-12 Valentine Reindeer Fish Monkey Apple Coconut Orange Peach Pineapple Mango Bach Brahms Handel Haydn Schubert Wagner Bremen (Haven/Project Norman) Bewag Berlin Portfolio Walzmuhle Portfolio Triumph

Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany

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

Leipzig

Germany

Office

Yes

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Table 9

Delinquencies Index (cont.)


Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 plc Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet Quelle Nurnberg Stage Syrdall Business Park Target September 2012 February 2010 August 2009 October 2012 April 2012 July 2012 July 2012 April 2012 January 2013 April 2013 April 2011 April 2013 U.K. Germany Germany Germany Germany Germany The Netherlands Germany Germany Germany Luxembourg France Office Mixed use Mixed use Office Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Safeguarding proceedings have 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

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.

Twin Squares (Prater) Quartier 206 Shopping Centre Libra Caprice Nantes Six Hotels Toy Box Bacchus Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator

May 2011 April 2010 January 2009 January 2012 October 2011 January 2012 July 2013 August 2009 October 2013 October 2013 January 2012 July 2013 October 2013

Belgium Germany U.K. Germany France Germany Germany 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

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

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Table 9

Delinquencies Index (cont.)


Titan Europe 2007-3 Ltd. 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. 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. Quadrant House St. Mark's Court City Point October 2013 April 2012 January 2012 November 2013 February 2011 May 2013 U.K. U.K. U.K. Office Office Office Yes Yes Yes Maturity payment default Maturity payment default Interest payment default

Babcock French Portfolio

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 January 2009 October 2012 January 2013 September 2011 January 2010

Germany

Retail

Yes

France

Office

Yes

Tishman German Office Portfolio Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte

Germany

Office

No

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

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

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

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Table 10

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 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-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (U.K.) 2006-2 PLC 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 Ashbourne Portfolio A Henderson Staples Cassina Plaza Ashbourne Portfolio A Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Kirkglade Ltd. Barthonia Bruckner Hof Times Square Sutton Ltd. Month added April 2013 July 2010 June 2011 July 2013 October 2012 January 2012 July 2013 April 2010 June 2011 October 2011 May 2010 June 2011 May 2010 April 2011 June 2011 September 2011 July 2013 July 2009 April 2013 March 2009 September 2010 January 2013 January 2013 March 2009 Jurisdiction U.K. Germany Germany Germany U.K. U.K. Germany Germany U.K. U.K. Germany U.K. Germany Italy U.K. U.K. Germany Germany Germany U.K. Germany Germany Germany U.K. Asset type Office Retail Retail Mixed use Office Mixed use Mixed use Retail Retail Office Retail Nursing home Mixed use Mixed use Nursing home Distribution warehouse Retail Retail Retail Office Mixed use Multifamily housing Car showrooms Retail 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 ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of LTV 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 ICR covenant * * * * * * * * * * * * * * * * * * * *

*According to our data at the end of December 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Specially Serviced Loans Data


Chart 12

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart 13

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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans

Chart 14

Table 11

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 Retail Office Office Special servicer Barclays Capital Mortgage Servicing Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Capita Asset Services (UK) Ltd. Capita Asset Services (UK) Ltd. Capita Asset Services (UK) Ltd.

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Table 11

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 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 Limited August 2010 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 DIY Retail Retail Office DIY Retail Industrial Leisure Retail Hotel Mixed use Office Office Mixed use Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Office Capita Asset Services (UK) Ltd. Capita Asset Services Capita Asset Services (UK) Ltd. Capita Asset Services (UK) Ltd. Capita Asset Services Capita Asset Services (UK) Ltd. Capita Asset Services Capita Asset Services (UK) Ltd. Capita Asset Services (UK) Ltd. Capita Asset Services (UK) Ltd. Capita Asset Services Capita Asset Services Capita Asset Services (UK) Ltd. Capita Asset 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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Table 11

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 Limited

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 Limited Elbank Limited Fairhold Portfolio Swiftgold Limited 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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Table 11

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. 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) Limited Countrywide Zenon 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 Netto Portfolio July 2010 July 2012 July 2012 Unknown July 2012 December 2011 January 2013 December 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 August 2012 Germany Germany U.K. U.K. U.K. U.K. Germany Greece U.K. U.K. U.K. The Netherlands Germany Germany Germany Germany Germany Germany Germany Germany U.K. Austria Italy Belgium Germany Germany Retail Multifamily housing Office Retail Mixed use Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

Office Deutsche Bank AG and Hatfield Philips International Ltd. Retail Retail/car parks Nursing home Office Office Office Mixed use Multifamily housing Distribution warehouse Multifamily housing Mixed use Mixed use Office Nursing homes Office Car service workshops Mixed use Retail Retail Retail Royal Bank of Scotland Royal Bank of Scotland Capita Assets Services (UK) Ltd. 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 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.

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Table 11

Special Servicing Index (cont.)


GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Hypo Real Estate Bank International AG (ESTATE UK-3) 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. 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 Gemini Ashbourne Portfolio A 123 775 August 2008 June 2011 December 2013 September 2011 July 2013 November 2013 October 2012 July 2009 November 2013 December 2013 October 2011 April 2012 December 2008 April 2013 January 2013 October 2013 November 2012 August 2011 August 2011 February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 U.K. U.K. U.K. Mixed use Nursing home Office Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Not Available

Workspace Portfolio EHE - Pool 1A EHE - Pool B Monheim Neumarkt Petersbogen Derrick Dutch Offices I Dutch Offices II Carlton Fern Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail Aprirose Munich Thun Aprirose Retail Bonndorf Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish

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

Distribution warehouse Retail Mixed use Office Retail Retail Office Office Office

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

Mixed use CB Richard Ellis Loan Servicing Ltd. Office CB Richard Ellis Loan Servicing Ltd. Office Retail Retail Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use 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.

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Table 11

Special Servicing Index (cont.)


Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. 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 Reindeer Monkey 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 Leipzig Dundee Times Square Sutton Limited KQ Warehouse Mangusta January 2013 July 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 Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. Germany Germany Mixed use Mixed use Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use Office Car showrooms Mixed use Office Office Retail Office Office Retail Retail Office Office Retail 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. 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. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services Capita Assets Services Capita Assets Services (UK) Ltd. Barclays Capital Mortgage Servicing Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.

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Table 11

Special Servicing 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 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. Tiden Portfolio 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 Bacchus Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator Quadrant House January 2013 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 August 2009 October 2013 October 2013 January 2012 July 2013 November 2013 October 2013 Germany 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. Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use Office Retail Retail Healthcare Retail Retail Office Office Hotel Office Office Industrial Office Office Industrial Distribution warehouse 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. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services Capita Assets Services (UK) Ltd. Capita Assets Services Capita Assets Services Capita Assets Services (UK) Ltd. Capita Assets Services Capita Assets Services Capita Assets Services

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Table 11

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 St. Mark's Court City Point Babcock French Portfolio Guardian Bonn Rochustrasse H&B Retail Portfolio II Henderson Hanau Shopping Centre Inovalis Eboue Paris Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville April 2012 February 2012 November 2013 April 2010 May 2013 November 2013 October 2010 July 2011 August 2012 April 2011 November 2011 September 2009 February 2013 December 2008 October 2012 June 2011 September 2011 January 2010 July 2009 U.K. U.K. France Germany Germany Germany France Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. Office Office Office Office Retail Retail Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Mixed use Capita Assets Services (UK) 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. 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. Capita Assets Services (UK) 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.

Table 12

Special Notice Tracker


Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants). Notice that the current market value of the German Retail Portflolio III Whole Loan properties is corrected to 44545000 instead of 44535000 dated 15th Nov 2013. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'.

Transaction Cornerstone Titan 2007-1 PLC DECO 14 - Pan Europe 5 B.V. DECO 7 - Pan Europe 2 PLC

Loan German Retail Portfolio III Whole Transaction-level notice Transaction-level notice

Notice topic Valuation

Other Other

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Table 12

Special Notice Tracker (cont.)


Deutsche Pfandbriefbank AG LEO-MESDAG B.V. MESDAG (Berlin) B.V. MESDAG (Charlie) B.V. MESDAG (Delta) B.V. DECO 9 - Pan Europe 3 PLC Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Treveria I Other Other Other Other Other Standstill agreement Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice informing that ING Bank N.V. has been downgraded to 'A-/Stable' from 'A+/Negative'. Notice that Situs Asset Management Ltd., as issuer sub-special servicer, and the Dutch PropCos have entered into a further standstill agreement from 30 November 2013 until 31 March 2014 in order to allow the orderly disposal of the assets to continue. Notice that Situs Asset Management Ltd., as issuer sub-special servicer, and the Dutch PropCos have entered into a further standstill agreement from 30 November 2013 until 31 March 2014 in order to allow the orderly disposal of the assets to continue. Notice regarding the details of the informal conference call i.e. on 10 December 2013 at 2.00 p.m. (London time). Notice that the standstill agreement has been extended until 17 December 2013.

EuroProp (EMC) S.A. (Compartment) 1

Treveria I

Standstill agreement

Titan Europe 2006-3 PLC Fordgate Commercial Securitisation No. 1 PLC Titan Europe 2006-3 PLC Silenus (ELOC No. 25) Ltd. DECO 17 - Pan Europe 7 Ltd. Cornerstone Titan 2007-1 PLC

Transaction-level notice Fordgate Commercial Securitisation No. 1 PLC

Noteholder meeting Standstill agreement

Transaction-level notice

Noteholder meeting Repaid

Notice regarding reminder of the proposed conference call with noteholders, intended to be held on Wednesday 11 December 2013 at 10:30 (London time). Notice that the French issuer servicer has received an irrevocable notice from the French borrower informing that the Antony Parc Office loan will repay in full on 10 December 2013. Notice that the 2013 Valuation was received by the issuer special servicer on 7 November 2013. According to the 2013 valuation, the market value of the Portfolio, as at 7 November 2013, was 8,390,000.

Antony Parc Office

Mansford Edeka

Valuation

HUGO Properties

Valuation and Notice that the standstill period has been extended pursuant to an standstill agreement dated 13 November 2013 and made between (amongst others) agreement the Hugo borrower, the servicer and the special servicer, and will expire on 19 February 2014. Also the special servicer received an updated valuation in respect of the HUGO Properties from Savills PLC which shows a further reduction in the value of the HUGO Properties. Redeemed Standstill agreement Repaid Notice that all classes of notes will be redeemed on the interest payment date falling 3rd February 2014. Notice that the standstill agreement has been extended until 15 January 2014. Notice that in the course of the sale of the portfolio, the borrowers prepaid the loan, securitized in the Opera Germany (No. 3) Ltd. CMBS, on 5 December 2013. Notice that the Lavincino reference obligation was repaid in full on 6th December 2013 being the scheduled maturity date of the loan. Notice regarding documents that are discussed and a recording of the meeting. Notice regarding restructuring of the Ashbourne portfolio whole loan. Notice that a servicing transfer event has occurred in respect of the Hof loan.

Opera Finance (Metro Centre) PLC Silenus (ELOC No. 25) Ltd. Opera Germany (No. 3) Ltd. Prominent CMBS Conduit No. 2 Ltd. GEMINI (ECLIPSE 2006-3) PLC EQUINOX (ECLIPSE 2006-1) PLC Talisman-7 Finance Ltd.

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

Lavincino Reference Obligation Transaction-level notice Ashbourne Portfolio Whole Hof

Repaid Noteholder meeting Restructured Transferred to special servicing

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Table 12

Special Notice Tracker (cont.)


DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Starcharm Property sales Notice that the borrower facility agent and the borrower security trustee concent to its agreement to sell the property to Henderson for a total aggregate consideration of 36.55 million or greater. Notice that the property known as 46/48 High Street, East Ham' was sold for 1,400,000.00.

Borehamwood Investments Ltd. and Oakdale Investments Ltd. Stage

Property sales

Titan Europe 2006-3 PLC Talisman-5 Finance PLC Silenus (ELOC No. 25) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2006-3 PLC Fleet Street Finance Three PLC Windermere XII FCC Opera Germany (No. 2) PLC Windermere XIV CMBS Ltd. LORDS No. 1 PLC Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Talisman-7 Finance Ltd. Fordgate Commercial Securitisation No. 1 PLC DECO 14 - Pan Europe 5 B.V. Windermere XI CMBS PLC Epic (Drummond) Ltd. Talisman-7 Finance Ltd.

Property sales

Notice that a sale and purchase agreement was entered into and notarized on 7 December 2013 in respect of the stage property underlying the loan. The sale price for the stage property was 13,800,000. Notice that the loan maturity date of penguin whole loan has been extended to 15 October 2014. Notice that the Antony Parc Office loan was repaid in full on 10 December 2013. Notice that the standstill agreement has been extended until 20 January 2014 in respect of Babcock portfolio loan. Notice regarding an audio and PDF file of the presentations given during the conference call on 11 December 2013. Notice that the borrowers have requested that the special servicer extend the currently existing standstill period in relation to the Blue Star whole loan to 21 April 2014. Notice informing meeting of the noteholders on 20th December 2013. Notice informing liquidity facility reduction. Notice that the Haussmann property has been sold and the net disposal proceeds are sufficient to repay the Haussmann loan in full on the upcoming interest payment date in January 2014. Notice informing reinstate of the rating of the class A and B notes. Notice that the sale of the Times Square property concluded on 18 December 2013.

Penguin Whole Antony Parc Office Babcock Portfolio

Extended Repaid Standstill agreement Other Standstill agreement Noteholder meeting Other Repaid

Transaction-level notice Blue Star Whole

Transaction-level notice Transaction-level notice Hausmann

Transaction-level notice Times Square Dundee Brahms Whole

Other Property sales

Standstill Notice that the special servicer has entered into a new standstill agreement agreement with the Dundee borrower for the period expiring on 17 March 2014. Property sales Notice that a sale and purchase agreement was entered into with effect as of 15 December 2013 and the sale price for the Brahms property was EUR23,400,000. Notice that the standstill agreement has been extended until 31 December 2013.

Transaction-level notice

Standstill agreement

Arcadia

Property sales

Notice that a sale and purchase agreement was notarized on 10 December 2013 in respect of a retail property located in Wiefelstede. The sale price for the Wiefelstede Property is 625,000. Notice that the Devonshire House Whole Mortgage loan has fully repaid on 17 December 2013. Notice regarding notification of an RIS notice on the Zenon Real Estate reference obligation. Notice that a sale and purchase agreement was entered into on 25 October 2013 in respect of the property located at Steinsche Gasse 29, Duisburg underlying loan and on 10 December 2013 in respect of the Friedrich Ebert Platz 17, Leverkusen property securing the loan. The gross sale price agreed for the property in Duisburg SPA was 340,000 and for the property in the Leverkusen SPA was 1.

Devonshire House Whole Mortgage Zenon Real Estate Reference Obligation Mozart Whole

Repaid Transferred to special servicing Property sales

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Table 12

Special Notice Tracker (cont.)


Titan Europe 2006-3 PLC Titan Europe 2006-2 PLC DECO 10-Pan Europe 4 PLC DECO 17 - Pan Europe 7 Ltd. Quelle Nurnberg Whole Labrador Portfolio Properties Emmen Wohncentre Rockpoint Other Valuation Notice regarding legal claim against initial valuer in respect of Quelle Nurnberg Whole loan. Notice that an updated valuation of the Labrador portfolio properties was received by the special servicer on 20th December 2013 and indicates that the current market value is 33,335,000 as of 30th June 2013. Notice that the Emmen Wohncentre loan was scheduled to matured on 21 October 2013 has now fully repaid. Notice that the October 2013 investor report erroneously stated that the one month standstill period, which expired on 20 December 2013, had subsequently been extended to 31 January 2014. The 1 month standstill period has in fact been extended to 15 January 2014. Notice that the properties were split into three separate lots, two of which sold for 600,000 gross and the special servicer is aiming to conclude contracts for sale on the remaining property at or around 310,000. Notice that borrower sold various properties in accordance with the terms of the senior facility agreement. Notice that the issuer contemplated the reduction of the liquidity facility from 35.74 million to 12 million. Notice that a meeting of the holders of the class G notes will be held at the offices of Allen & Overy LLP, One Bishops Square, London E1 6AD on 15 January 2014 at 10:00am (London time). Notice that on 23 December 2014, all amounts outstanding under the Zana loan together with interest through to the end of the current loan interest accrual period were repaid by the Zana borrower. Notice that a meeting of the class A noteholders convened by the note trustee (as defined below) will be held at the offices of Norton Rose Fulbright LLP on 20 January 2014 at 10.30 a.m. (London time). Notice that on 16 December 2013 the disposal of the property owned by D/L Real Estate K06 Ridderkerk B.V. was completed at a gross sale price of 402,000 (the K06 Sale). Notice that Fitch has on 17 December 2013 downgraded the class B and C notes.

Repaid Standstill agreement

Cornerstone Titan 2005-1 PLC Fleet Street Finance Two PLC Opera Germany (No. 2) PLC Epic (Brodie) PLC

Jubilee Way Shopping Centre Transaction level Notice Transaction level Notice Transaction level Notice

Property sales

Property sales Other Noteholder meeting Repaid

Cornerstone Titan 2007-1 PLC Windermere XIV CMBS Ltd. European Property Capital 3 PLC Talisman-5 Finance PLC Titan Europe 2006-1 PLC

Zana Centrum

Transaction-level notice

Noteholder meeting Property sales

Randstad

Transaction-level notice Tiden Portfolio

Other

Other Notice that on 3 December 2013 insolvency proceedings were opened with regard to the Tiden portfolio borrowers and the preliminary administrators were confirmed as insolvency administrator of the Tiden portfolio borrowers. Other Notice that the Carat Park Shopping Centre Borrower filed for voluntary bankruptcy on 18 December 2013 and the bankruptcy of the Borrower has triggered a material loan event of default. Notice that the borrower and the lenders have completed restructuring of the Ashbourne portfolio whole loan . Notice that the Toom DIY borrowers were granted a standstill until and including 31 January 2014. Notice that the standstill agreement has been extended until 14 January 2014.

Titan Europe 2006-5 plc HERCULES (ECLIPSE 2006-4) PLC DECO 10-Pan Europe 4 PLC Fordgate Commercial Securitisation No. 1 PLC Windermere X CMBS Ltd.

Carat Park Shopping Centre Ashbourne Portfolio Whole Toom DIY Transaction-level notice

Restructured

Standstill agreement Standstill agreement

Tresforte

Property sales

Notice that pursuant to the sales process a sale and purchase agreement was signed by the Tresforte obligors as sellers and Solidiam N.V. as the purchaser of the remaining Tresforte properties in December 2013. The purchase price payable under the sale and purchase agreement is EUR8,550,000.

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Ratings And Note-Level Matters Data


Table 13

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.* 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. Class A B C D E E D E E F D E E G H J A2 B C D E C D E F D E F E F G G F G 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 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 Month rating Original lowered to 'D (sf)' rating October 2013 AAA October 2013 AA October 2013 A October 2013 BBB October 2013 BBB December 2011 BB (sf) July 2011 BBB (sf) July 2011 BB (sf) March 2011 BBB- (sf) March 2011 BB (sf) August 2013 A (sf) November 2010 BBB- (sf) April 2013 BBB- (sf) April 2010 BBB- (sf) April 2010 BB (sf) August 2009 B (sf) November 2013 AAA (sf) June 2013 AA+ (sf) February 2013 AA (sf) November 2012 A (sf) June 2012 BBB (sf) August 2013 A (sf) April 2013 BBB (sf) October 2013 BBBNovember 2008 BB (sf) April 2013 BBB (sf) February 2011 BBB- (sf) February 2011 BB (sf) December 2011 BBB (sf) December 2011 BBB- (sf) November 2010 BB (sf) November 2011 BB (sf) September 2012 BBB- (sf) May 2011 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) 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)

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Table 13

Ratings Default Index (cont.)


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 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 C D E F G H E F G D E F A B C D E F D E F D F A B C D E A E D E C D E Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal deficiency Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Default Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall September 2012 A (sf) July 2012 BBB December 2012 BBB (sf) November 2012 BBB (sf) December 2011 BBB- (sf) September 2011 BB (sf) June 2013 BBB (sf) June 2013 BBB- (sf) December 2009 BB (sf) September 2011 BBB (sf) August 2007 BBB- (sf) April 2012 B (sf) October 2011 AAA (sf) October 2011 AAA (sf) October 2011 AAA (sf) October 2011 AA (sf) October 2011 A (sf) October 2011 BBB (sf) August 2013 A (sf) May 2011 BBB+ (sf) May 2011 BBB (sf) August 2010 BBB (sf) July 2013 BB (sf) May 2013 AAA (sf) May 2013 AA (sf) May 2013 A (sf) May 2013 BBB (sf) May 2013 BBB- (sf) March 2011 A (sf) May 2011 BB (sf) August 2013 BBB (sf) August 2013 BBB- (sf) October 2012 AA (sf) October 2012 A (sf) March 2011 BBB (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) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) BB (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) CCC (sf)

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Table 13

Ratings Default Index (cont.)


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

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Table 13

Ratings Default Index (cont.)


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 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. D E F E F G D E F C D F C D E F G H F G H J B C D E F G H A2 A3 B C D E F B C D 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 Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall February 2013 BBB (sf) February 2013 BB (sf) February 2013 B (sf) May 2013 BBB (sf) May 2013 BB (sf) May 2013 B (sf) October 2013 BBB October 2013 BBBFebruary 2009 BB (sf) March 2013 A (sf) May 2012 BBB (sf) May 2013 BB (sf) February 2013 AA (sf) October 2012 A (sf) December 2010 BBB (sf) December 2010 BBB (sf) June 2010 BB (sf) June 2010 B (sf) February 2013 BBB+ (sf) February 2013 BBB (sf) November 2010 BB (sf) November 2008 B (sf) February 2013 AAA (sf) February 2013 AA (sf) February 2013 A (sf) September 2012 BBB (sf) September 2012 BBB- (sf) April 2010 BB (sf) July 2009 B (sf) June 2013 AAA (sf) June 2013 AAA (sf) February 2013 AA (sf) September 2012 A (sf) February 2011 BBB (sf) November 2010 BBB- (sf) February 2009 BB (sf) July 2011 AAA (sf) July 2011 AA+ (sf) July 2011 AA (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) 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)

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Table 13

Ratings Default Index (cont.)


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. 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 E B C D E F G C D E E E F G E E F D E Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation July 2011 A (sf) July 2012 AA November 2010 A (sf) March 2010 BBB (sf) May 2009 BBB- (sf) February 2009 BB (sf) October 2008 B (sf) February 2013 AA (sf) May 2012 A (sf) May 2012 BBB (sf) November 2013 BB (sf) September 2010 BBB (sf) August 2009 BBB- (sf) August 2009 BB (sf) August 2011 BB (sf) November 2012 BBB (sf) November 2012 BB (sf) May 2010 BBB (sf) May 2010 BB (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) 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

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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

S&P's Rating Actions are determined by Ratings Committee. This commentary has not been determined by Ratings Committee. The opinions expressed in this article do not represent a change to or affirmation of Ratings Services' opinion of the creditworthiness of any entity/entities (named or inferred) or the likely direction of ratings.
Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com

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