Untitled

STRUCTURED FINANCE RESEARCH
European CMBS Monthly Bulletin (June 2013): Note-Level Defaults Double In The First Half Of The Year
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
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
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
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The increase in defaults due to the nonpayment of principal in the first half of 2013 highlights the difficulties that European commercial mortgage-backed securities (CMBS) transactions are facing as they approach legal final maturity. Defaults will likely continue, in Standard & Poor's Ratings Services' view, as transactions come under pressure in light of ongoing tough economic and market conditions. In May, 10 tranches defaulted; half of these defaults were due to the nonpayment of principal at legal final maturity. This increased total defaults at the end of May 2013 to 29, which is significantly higher compared with 12 defaults recorded at the end of May 2012. For 2013 to date, interest shortfalls have accounted for the largest number of note defaults, with 15 classes of notes being downgraded to 'D (sf)' due to cash flow disruptions. Nine notes defaulted due to applied principal losses, while the remaining five notes defaulted due to the nonpayment of principal at legal final maturity. Within our CMBS universe, we consider that defaults arising from principal losses will likely increase, as servicers resolve specially serviced loans and realize losses against the notes ahead of the related transactions' legal final maturity. We currently rate 7 billion of notes at 'B- (sf)' and belowthe rating threshold at which we expect notes will be unable to fully pay interest or fully repay principal. Of these, we expect about 85% will experience some level of principal losses, while the remaining 15% have an increased risk of suffering interest shortfalls. This is in contrast to the notes that have already defaulted, where about 60% defaulted due to interest shortfalls, and around 20% defaulted due to principal losses. We anticipate that the number of defaults will continue to rise over the second half of 2013, as the pressure on the Eurozone's (European Economic and Monetary Union) economy and the refinancing difficulties for the commercial real estate market increase. A combination of weaker loan-level cash flows, margin mismatches, and highly leveraged loans will lead to further defaults arising from interest shortfalls and principal losses. The information below is as of the end of May 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 9 5 9 5 Number of loans Number of transactions affected 131 34 161 54 21 61
Number of tranches Number of transactions affected 1 1
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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 3 105 73 4 10 132 8 3 29 26 3 4 51 6
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 443 at the end of May 2013. The British pound sterling and euro balances of this universe over this period were 28,255,851,991 and 32,684,368,519, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 30,245,427,837 and 34,812,262,474, respectively.
Loan Maturities
Loan maturity performance
Of the nine loans that matured: Borrowers repaid five in full; One repaid with a loss Servicers extended the term of one loan; and Servicers declared one to be defaulted/in standstill.
We are awaiting for information for the remaining loan.

Table 2
Maturities
Transaction Deco 17 - Pan Europe 7 Ltd. EuroProp (EMC VI) S.A. Vulcan (European Loan Conduit No. 28) Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) NEMUS II (Arden) PLC Loan Elbblick Epic Rhino H&B Retail Portfolio II Loan 1 Chainmilll Properties Limited Jurisdiction Germany Germany Germany France U.K. Asset type Retail Multifamily housing Retail Office Office Loan maturity date Jul 22, 2013 May 5, 2013 May 7, 2013 May 10, 2013 May 12, 2013 Note final maturity date Jul 27, 2020 Apr 30, 2017 May 15, 2017 Jul 25, 2018 Feb 15, 2020 Comment Extended to July 2013 Awaiting information Defaulted/in standstill Repaid Repaid
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Table 2
Maturities (cont.)
Windermere IX CMBS (Multifamily) S.A. DECO 14Pan Europe 5 B.V. Tahiti Finance PLC Prominent CMBS Funding No. 1 PLC Woba Mortgage WOBA MF Tahiti Finance PLC 1200404996 Germany Germany U.K. U.K. Multifamily housing Multifamily housing Hotel Industrial May 15, 2013 May 15, 2013 May 24, 2013 May 25, 2013 Aug 22, 2016 Oct 27, 2020 May 24, 2015 Dec 20, 2032 Repaid Repaid Repaid Repaid with a loss
Loan maturity default rate and performance statistics

The maturity default rate decreased to 14.16% from 15.54%.
June maturities
We expect the maturity default rate to remain flat in our next European CMBS monthly bulletin, as six loans are scheduled to mature in June, four of which have already repaid.
Chart 1
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Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of May is tracked against the total balance of loans scheduled to mature between June 1, 2012, and May 31, 2013 is 16.19 billion when expressed in euros. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.
Loan maturities data

See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables 8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan delinquencies and cures
One loan entered and one loan was resolved from our delinquencies index (see table 3). As a result, the number of loans in our delinquencies index remained flat at 131. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased to 25.08% from 23.47%; and Outstanding pound sterling-denominated loans increased slightly to 10.28% from 10.01%.
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Chart 2
Table 3
Delinquencies
Transaction Loan Jurisdiction Additions Vulcan (European Loan Conduit No. 28) Ltd. H&B Retail Portfolio II Germany Retail Maturity payment default Asset type Comment
Cures/resolved DECO 11 - UK Conduit 3 PLC The Mill U.K. Distribution warehouse Repaid with a loss
Loan nonmonetary breaches and cures

There were no nonmonetary breaches and no cures over the month. As a result, the number of loans in our nonmonetary breaches index remained flat, at 34 loans in 21 transactions (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans increased to 3.62% from 3.44%; and Outstanding pound sterling-denominated senior loans increased to 4.34% from 4.25%.
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Chart 3
Table 4
Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Comment Additions None -----
Cures/resolved, or transferred to our delinquencies index None -----
Loan delinquencies and nonmonetary breaches data

See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 10), our full nonmonetary breaches index (table 11), as well as data on the legal maturity profile for pound sterling and euro transactions from 2013 to 2020 (chart 9), and term and maturity delinquencies for pound sterling and euro loans (charts 10 and 11).
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Specially Serviced Loans

Notices
One loan entered special servicing (see table 5). Two loans left our special servicing index, both of which repaid with a loss. Overall, the number of loans in our special servicing index decreased to 161 in 61 transactions (see chart 4).
June notices
We expect the number of loans in our special servicing index to remain flat in our next European CMBS monthly bulletin. Six loans are scheduled to mature in June, four of which have already repaid.
Chart 4
Table 5
Specially Serviced Loans

Transaction Loan Jurisdiction Additions Vulcan (European Loan Conduit No. 28) Ltd. H&B Retail Portfolio II Germany Retail Maturity payment default Asset type Comment
Cures/resolved Titan Europe 2007-3 Ltd. Project Metro U.K. Retail Repaid with a loss
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Table 5
Specially Serviced Loans (cont.)

DECO 11 - UK Conduit 3 PLC The Mill U.K. Distribution warehouse Repaid with a loss
Chart 5
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Chart 6
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Chart 7
Specially serviced loans data

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

Ratings performance
Withdrawals. We withdrew our ratings on seven classes of notes in two transactions. Affirmations. We affirmed our ratings on 12 classes of notes in seven transactions. Upgrades. We raised our ratings on three classes of notes in three transactions. Downgrades. We lowered our ratings on 105 classes of notes in 29 transactions. Rating defaults. There were ten rating defaults.
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Table 6
Rating Defaults
Transaction Morpheus (European Loan Conduit No. 19) PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. 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 Class D Loan E F G F A B C D E Month rating lowered to 'D (sf)' May 2013 May 2013 May 2013 May 2013 May 2013 May 2013 May 2013 May 2013 May 2013 May 2013 Original Rating immediately before rating 'D (sf)' BBB (sf) BBB (sf) BB (sf) B (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) Comment Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Transactions And Related Publications

Table 7
Transactions And Related Publications

Transaction Infinity 2007-1 ''Soprano'' FCC UNITE (USAF) II PLC Bluebonnet Finance PLC EuroProp (EMC) S.A. (Compartment) 1 FCT Infinity 2009-1 "Gamma" Fleet Street Finance Three PLC MESDAG (Delta) B.V. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Talisman-7 Finance Ltd. Talisman-4 Finance PLC Article Various Rating Actions Taken In European CMBS Transaction Infinity 2007-1 Soprano FCC Following Review Presale: UNITE (USAF) II PLC and Preliminary Ratings Assigned To UNITE (USAF) II's U.K. CMBS Notes Ratings On Bluebonnet Finance's Class D And E German CMBS Notes Placed On CreditWatch Negative; Class C Rating Affirmed Ratings Lowered To 'D (sf)' On EuroProp (EMC) (Compartment) 1's Class A To E CMBS Notes Due To Payment Default Rating Raised On BMTN Notes In European CMBS Transaction FCT Infinity 2009-1 Gamma Following Review All Ratings Lowered In European CMBS Transaction Fleet Street Finance Three Following Review Various Rating Actions Taken In CMBS Transaction MESDAG (Delta) Following Performance Review Ratings Lowered On All Classes Of Notes In CMBS Transaction Taurus CMBS (Pan-Europe) 2007-1 Following Review Ratings Lowered In German CMBS Transaction Talisman-7 Finance Following Review; Ratings On Three Classes Affirmed Ratings Lowered In German CMBS Transaction Talisman-4 Finance Following Review Date May 31, 2013 May 31, 2013 May 31, 2013 May 31, 2013 May 31, 2013 May 31, 2013 May 30, 2013 May 24, 2013 May 24, 2013 May 24, 2013
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Table 7
Transactions And Related Publications (cont.)

Quokka Finance PLC RIVOLI Pan Europe 1 PLC Morpheus (European Loan Conduit No. 19) PLC Quality Parking 2007 B.V. Triton (European Loan Conduit No. 26) PLC Opera Finance (Uni-Invest) B.V. DRACO (ECLIPSE 2005-4) PLC DECO 9 - Pan Europe 3 PLC DECO 15 - Pan Europe 6 Ltd. Opera Germany (No. 2) PLC Talisman-6 Finance PLC Credit Suisse European Mortgage Capital Ltd. Titan Europe 2007-3 Ltd. Windermere XIV CMBS Ltd. FCC Proudreed Properties 2005 DECO 6 - UK Large Loan 2 PLC Solutus Advisors Ltd. INDUS (ECLIPSE 2007-1) PLC German Residential Funding PLC Deco 17 - Pan Europe 7 Ltd. Quirinus (European Loan Conduit No. 23) PLC Fordgate Commercial Securitisation No. 1 PLC EQUINOX (ECLIPSE 2006-1) PLC Taurus CMBS (U.K.) 2006-2 PLC JUNO (ECLIPSE 2007-2) Ltd. LEO-MESDAG B.V. Ratings Affirmed And Removed From CreditWatch Negative In German CMBS Transaction Quokka Finance Following Review Ratings Lowered On All Classes Of Notes In European CMBS Transaction RIVOLI Pan Europe 1 Following Review Various Rating Actions Taken In U.K. CMBS Transaction Morpheus (European Loan Conduit No. 19) Following Review Ratings Lowered On Quality Parking 2007's Class A And B Dutch CMBS Notes Following Review Ratings Lowered On Five Classes In U.K. CMBS Transaction Triton (European Loan Conduit No. 26) PLC Following Review Ratings Withdrawn In Dutch CMBS Transaction Opera Finance (Uni-Invest) After Cancellation Of Notes Ratings Affirmed On U.K. CMBS Transaction DRACO (ECLIPSE 2005-4)'s Class A, B, C, D, E, And F Notes Following Review Rating Withdrawn On DECO 9 - Pan Europe 3 PLC 's Class A1 Notes Following Redemption Various Rating Actions Taken In European CMBS Transaction DECO 15 - Pan Europe 6 Following Review Various Rating Actions Taken In CMBS Transaction Opera Germany (No. 2) Following Review Ratings Lowered On European CMBS Transaction Talisman-6 Finance's Class A To E Notes; Rating Affirmed On Class F Notes Rating Lowered On CMBS Resecuritization Credit Suisse European Mortgage Capital Series 2012-1's Class A2 Notes All Ratings Affirmed In U.K. CMBS Transaction Titan Europe 2007-3 Following Review Various Rating Actions Taken In European Transaction Windermere XIV CMBS Following Review Ratings Lowered On FCC Proudreed Properties 2005's Class B, C, D, And E French CMBS Notes Following Review Ratings Lowered On CMBS Transaction DECO 6 - UK Large Loan 2's Class A2 And B Notes Following Review Servicer Evaluation Solutus Advisors Ltd. and Ranking Affirmed As AVERAGE On Solutus Advisors As A U.K. Commercial Mortgage Special Servicer Various Rating Actions Taken In U.K. CMBS Transaction Indus (ECLIPSE 2007-1) Following Review Various Rating Actions Taken In German Multifamily CMBS Transaction German Residential Funding Following Review Various Rating Actions Taken In European CMBS Transaction DECO 17 - Pan Europe 7 Following Review Ratings Lowered On Quirinus (ELOC 23)'s Class A To F European CMBS Notes Following Review Ratings Lowered In U.K. CMBS Transaction Fordgate Commercial Securitisation No. 1 Following Review May 24, 2013 May 23, 2013 May 22, 2013 May 22, 2013 May 22, 2013 May 21, 2013 May 21, 2013 May 20, 2013 May 17, 2013 May 17, 2013 May 17, 2013 May 17, 2013 May 17, 2013 May 16, 2013 May 15, 2013 May 15, 2013 May 16, 2013 May 10, 2013 May 10, 2013 May 10, 2013 May 10, 2013 May 10, 2013
Various Rating Actions Taken In U.K. CMBS Transaction EQUINOX (ECLIPSE 2006-1) May 8, 2013 Following Review Rating Lowered On Taurus CMBS (U.K.) 2006-2's Class A Notes Following Review; Class B May 8, 2013 To D Notes Affirmed Ratings Lowered On JUNO (ECLIPSE 2007-2)'s Class A And B European CMBS Notes; May 3, 2013 Ratings Affirmed On Class C To E Notes Ratings Lowered On Dutch CMBS Transaction LEO-MESDAG's Class A To C Notes May 3, 2013 Following Criteria Application
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Table 7
Transactions And Related Publications (cont.)

Cornerstone Titan 2006-1 PLC Real Estate Capital (Foundation) Ltd. DECO Series 2005-Pan Europe 1 PLC Epic (Culzean) PLC Opera Finance (CSC 3) PLC Ratings Affirmed On Cornerstone Titan 2006-1's Class B To J U.K. CMBS Notes Following May 3, 2013 Review; Class A Rating Withdrawn Rating Withdrawn On U.K. CMBS Transaction Real Estate Capital (Foundation)'s Class A May 3, 2013 Notes Following Note Redemption Rating Lowered On CMBS Transaction DECO Series 2005-Pan Europe 1's Class G Notes; May 3, 2013 Class H Notes Affirmed Various Rating Actions Taken In U.K. CMBS Transaction Epic (Culzean) Following Review May 2, 2013
Ratings Withdrawn On All Classes Of Notes In U.K. CMBS Transaction Opera Finance (CSC May 1, 2013 3) Following Note Redemptions
Chart 8
Table 8
Loans Maturing Over The Past Quarter

Loan maturity date Mar 1, 2013 Note final maturity date Feb 15, 2016 Jan 27, 2018 Loan balance 376,400,000 95,243,464
Transaction Opera France One FCC DECO 7 - Pan Europe 2 PLC
Loan France One Tiago
Jurisdiction France Germany
Asset type Office
Comment Repaid Extended to April 2013
Office Apr 11, 2013
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Table 8
Loans Maturing Over The Past Quarter (cont.)

Vanwall Finance PLC Taurus CMBS (Pan-Europe) 2006-3 PLC DECO 7 - Pan Europe 2 PLC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. BELLATRIX (ECLIPSE 2005-2) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. BELLATRIX (ECLIPSE 2005-2) PLC Taurus CMBS (Germany) 2006-1 PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Taurus CMBS (Germany) 2006-1 PLC Deco 17 - Pan Europe 7 Ltd. Vanwall Finance PLC Soundronic Secured Whole Tiago Baywatch Sisu DC Properties G-24 Henderson 2 (Weiterstadt) Bardowick Cavendish Square Cluster 1 Cluster 2 Cluster 4 & 5 Fullswing Portfolio Flensburg Luneburg Oxford Street U.K. Switzerland Retail Industrial Apr 7, 2013 Apr 8, 2013 Apr 12, 2016 May 4, 2015 345,706,086 26,066,380 Repaid Repaid
Germany Germany Finland Germany Germany Germany Germany U.K.
Office Apr 20, 2014 Mixed use Apr 15, 2013 Mixed use Apr 15, 2013 Distribution Apr 15, 2013 warehouse Multifamily Apr 15, 2013 housing Retail Apr 16, 2013 Mixed use Apr 16, 2014 Office Apr 16, 2013
Jan 27, 2018 Apr 22, 2018 Apr 22, 2018 Jul 22, 2015 Jul 22, 2015 Apr 30, 2017 Apr 30, 2017 Jan 25, 2017
95,243,464 29,180,627 89,237,403 15,892,861 30,174,028 6,104,489 5,175,000 5,781,000
Extended to April 2014 Defaulted Defaulted Repaid Repaid Repaid with a loss Extended to April 2014 Repaid * *
Germany Germany Germany U.K.
Mixed use Apr 16, 2014 Mixed use Apr 16, 2014 Mixed use Apr 16, 2014 Retail Apr 16, 2013
Apr 30, 2017 Apr 30, 2017 Apr 30, 2017 Jan 25, 2018
11,090,764 14,177,997 20,536,130 4,657,028
Extended to April 2014 Extended to April 2014 Extended to April 2014 Repaid
Germany Germany U.K.
Mixed use Apr 16, 2013 Retail Apr 16, 2013 Car parks Apr 17, 2013
Apr 30, 2017 Apr 30, 2017 Jan 25, 2017
7,922,305 8,154,563 6,975,000
In standstill In standstill Repaid
Hanse Centre Portfolio Project Christie German Retail Portfolio I Steigenberger Hotel Bewag Berlin Portfolio Faktor
Germany
Retail Apr 18, 2013
Apr 22, 2015
49,820,520
Defaulted
Germany Germany Germany Germany
Retail Apr 18, 2013 DIY Apr 18, 2013 Hotel Apr 18, 2013 Office Apr 18, 2013
Apr 1, 2017 Jan 23, 2017 Jan 23, 2017 Apr 22, 2015
300,703,279 49,096,281 9,085,000 119,218,324
-Defaulted Defaulted Defaulted * * *
Germany
Office Apr 20, 2013
Jul 27, 2020
12,328,927
In standstill
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Table 8
Loans Maturing Over The Past Quarter (cont.)

DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 15 - Pan Europe 6 Ltd. Triton (European Loan Conduit No. 26) PLC Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Taurus CMBS (Pan-Europe) 2007-1 Ltd. Deco 17 - Pan Europe 7 Ltd. EuroProp (EMC VI) S.A. Vulcan (European Loan Conduit No. 28) Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) NEMUS II (Arden) PLC Windermere IX CMBS (Multifamily) S.A. DECO 14Pan Europe 5 B.V. Tahiti Finance PLC Prominent CMBS Funding No. 1 PLC Holmes Care Portfolio Paladru Services Corporation Fishman Coop III Devonshire Square Estate 25 U.K. U.K. Switzerland U.K. Nursing homes Jul 22, 2013 Jan 27, 2020 Jan 27, 2020 Apr 1, 2018 Oct 25, 2019 22,664,215 4,694,980 26,483,596 285,522,794 Extended to July 2014 Repaid with a loss Repaid Repaid
Retail Apr 20, 2013 Retail Apr 22, 2013 Office Apr 23, 2013
Germany
Multifamily Apr 30, 2013 housing Retail Apr 30, 2013
Jul 25, 2018
25,801,000
Repaid
The Netherlands Switzerland
Jul 25, 2018
15,159,254
Repaid
Swan Portfolio
Mixed use Apr 30, 2013
Feb 4, 2020
18,848,596
Repaid
Elbblick Epic Rhino H&B Retail Portfolio II 1
Germany Germany Germany
Retail Multifamily housing Retail
Jul 22, 2013 May 5, 2013
Jul 27, 2020 Apr 30, 2017
39,756,906 32,985,872 22,412,436
Extended to July 2013 Awaiting information Defaulted/In standstill Repaid
* * *
May 7, 2013 May 15, 2017
France
Office
May 10, 2013 May 12, 2013 May 15, 2013 May 15, 2013
Jul 25, 2018
73,329,375
Chainmilll Properties Limited Woba Mortgage
U.K.
Office
Feb 15, 2020
40,000,000
Repaid
Germany
Multifamily housing Multifamily housing Hotel Industrial
Aug 22, 2016
518,625,153
Repaid
WOBA MF Tahiti Finance PLC 1200404996
Germany U.K. U.K.
Oct 27, 2020
518,625,153 321,761,689 21,720,000
Repaid Repaid Repaid with a loss
May 24, May 24, 2015 2013 May 25, 2013 Dec 20, 2032
*According to our data at the end of May 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12 respectively).
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Chart 9
Table 9
Loans Maturing From June To December 2013

Loan maturity date Jun 1, 2013 Jun 20, 2013 Jun 28, 2013 Jun 30, 2013 Jun 30, 2013 Jun 30, 2013 Note final maturity date Feb 15, 2024 Jan 27, 2036 Jul 25, 2018 Loan balance (euro equivalent) 346,715,696 842,150 190,600,000
Transaction Infinity 2006-1 "Classico" DECO 8 - UK Conduit 2 PLC Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5)
Loan Chianti Upper King Street Limited Loan 2
Jurisdiction Italy U.K. France
Asset type Office Office Office
Comment --Repaid
Loan 27
Germany
Retail
Jul 25, 2018
66,000,000
Repaid
Loan 28
France
Retail
Jul 25, 2018
50,250,000
Repaid
Loan 4
France
Office
Jul 25, 2018
57,000,000
Repaid
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Table 9
Loans Maturing From June To December 2013 (cont.)

DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd. RIVOLI Pan Europe 1 PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Windermere XIV CMBS Ltd. Windermere X CMBS Ltd. Talisman-4 Finance PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Titan Europe 2006-3 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2006-3 PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Fleet Street Finance Three PLC DECO 9 - Pan Europe 3 PLC Epic (Ayton) PLC 1 Trafalgar Square Falcon Crest Parque Principado Barthonia DT-12 Fish Monkey Odin Woolworth Boenen Valentine Skoduv Palace Holmewood Chesterfield Geneva Hannover Klimson Matrix Data Project Charles II Project Middleton Project Towergate Target Toy Box Wolfsburg Saxony Senior Terranias Portfolio 214 Oxford St U.K. Germany Spain Germany Germany Germany Germany Finland Germany Germany Czech Rep U.K. Switzerland Germany Switzerland The Netherlands U.K. U.K. U.K. France Germany Germany Germany Switzerland U.K. Office Multifamily housing Retail Mixed use Office Mixed use Mixed use Distribution warehouse Distribution warehouse Mixed use Office Industrial Industrial Office Retail Industrial Office Distribution warehouse Office Mixed use Office Mixed use Nursing Homes Multifamily housing Retail Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Oct 1, 2017 Oct 15, 2019 Aug 3, 2018 Jul 22, 2015 Jul 22, 2015 Oct 22, 2016 Oct 22, 2016 Apr 22, 2018 Oct 15, 2019 Jul 22, 2015 Apr 1, 2017 Oct 23, 2016 Jan 23, 2017 Jan 23, 2017 Jan 23, 2017 Jul 1, 2016 Oct 23, 2016 Oct 23, 2016 Oct 23, 2016 Jul 1, 2016 Apr 1, 2017 Jan 23, 2017 Oct 25, 2016 Jul 27, 2017 Oct 1, 2016 95,343,000 90,305,243 113,400,000 98,634,887 168,608,000 60,007,721 43,120,000 38,930,000 46,468,210 74,547,896 52,889,520 18,307,000 7,253,147 15,838,875 10,493,040 10,024,000 7,895,999 24,800,000 9,663,500 232,099,169 10,382,000 91,380,312 51,557,194 62,299,054 149,592,220 Repaid Repaid ------Repaid with a loss --Repaid ----Repaid with a loss ------Repaid -* * * * * *
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Table 9

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 17 - Pan Europe 7 Ltd. REC Plantation Place Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Vulcan (European Loan Conduit No. 28) Ltd. Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Edeka Retail Investco Estates Limited Ubrique Holdings Limited Holmes Care Portfolio Elbblick Plantation Place Tishman Munich Office II Antony Parc Germany U.K. U.K. U.K. Germany U.K. Germany Retail Distribution warehouse Residential Nursing Homes Retail Office Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 22, 2013 Jul 22, 2013 Jul 25, 2013 Oct 27, 2019 Jan 27, 2020 Jan 27, 2020 Jan 27, 2020 Jul 27, 2020 Jul 25, 2016 May 15, 2017 May 15, 2019 May 15, 2019 Oct 15, 2019 Nov 1, 2022 Nov 1, 2022 Aug 22, 2018 May 15, 2017 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 12,479,262 1,700,000 36,600,000 22,664,215 39,756,906 416,559,782 30,030,000 ------Repaid *
Mixed use Aug 7, 2013
France
Office Aug 7, 2013
55,567,050
--
Margaux EDF
France
Office Aug 7, 2013
134,371,823
Repaid
Lightning Dutch Ostend Neumarkt German Residential Funding PLC Tishman Hamburg Office Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7
The Netherlands Belgium Germany Germany Germany
Office Retail Retail Multifamily housing Office
Aug 10, 2013 Aug 10, 2013 Aug 10, 2013 Aug 15, 2013 Aug 22, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013
15,892,500 26,691,000 122,312,500 2,025,321,590 51,300,000
-Repaid ---*
Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing
19,066,821 37,675,829 176,554,410 31,307,947 67,833,357 71,709,283 20,655,387 28,507,307 45,690,969 25,310,755
-----------
JULY 11, 2013 19

1158606 | 301112013
Table 9

Quokka Finance PLC MESDAG (Charlie) B.V. Prominent CMBS Funding No. 1 PLC Credent Ltd MESDAG (Charlie) B.V. 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 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 Residential 9 Derrick 1200304120 Credent Ltd TOR Alburn Real Estate Capital Ltd Quality Parking 2007 B.V. 123 775 Germany Germany U.K. Germany Germany U.K. The Netherlands / U.K. U.K. Multifamily housing Office Mixed use Retail Multifamily housing Office Car Parks Aug 30, 2013 Sep 2, 2013 Sep 9, 2013 Sep 15, 2013 Sep 30, 2013 Oct 1, 2013 Oct 3, 2013 Sep 1, 2016 Oct 31, 2019 Dec 20, 2032 Sep 15, 2016 Oct 31, 2019 Oct 1, 2016 Oct 1, 2016 31,139,661 3,177,073 57,600,000 297,845,000 14,037,990 108,615,491 300,000,000 --Repaid Repaid Repaid --*
Office
Oct 5, 2013
Mar 20, 2022 Oct 10, 2018 Jul 25, 2018
13,590,466
--
CPUK Mortgage Finance Ltd. 15
U.K. Germany
Leisure Multifamily housing Office Office Office Multifamily housing Multifamily housing Office Office
Oct 5, 2013 Oct 10, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013
746,322,000 84,878,000
Repaid Repaid
Government Income Portfolio Mortgage Penguin Mango Pineapple Thunderbird Pitch 2 Royal Mint Court
U.K. France Germany Germany Germany U.K. U.K.
Apr 15, 2017 Oct 22, 2016 Oct 24, 2016 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017
79,621,658 52,997,711 87,239,336 48,692,786 90,967,361 22,219,075 70,717,625
-------* * *
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator EHE - Pool 1A EHE - Pool B Munster
U.K. Germany U.K. U.K. Germany Germany Germany
Office Retail Office Office Retail Mixed use Retail
7,663,650 500,400,000 6,247,500 176,000,000 373,708,784 35,952,745 15,789,523
-------*
JULY 11, 2013 20

1158606 | 301112013
Table 9

Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 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 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 Ambassador Norwich Union House Project Kennet Quadrant House Redbus Interhouse Roade One Zana Centrum Rubicon Nike Allokton Access Portfolio U.K. U.K. U.K. U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K. Retail Office Office Office Office Distribution warehouse Office Office Mixed use Self storage Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Apr 26, 2019 Oct 23, 2016 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 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 90,930,000 41,189,600 19,425,400 59,353,690 6,383,196 80,100,000 12,267,000 55,085,933 56,991,728 158,400,000 -----Repaid with a loss --Repaid -*
DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK
Germany Switzerland Germany Italy Italy Germany Germany U.K.
Mixed use Retail Multifamily housing Retail Retail Mixed use Retail Office
32,452,549 89,064,819 146,702,496 53,000,000 27,000,000 13,806,459 102,254,217 26,876,071
---------
Regent Capital Starcharm Limited Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC
U.K. U.K. Switzerland Germany Greece U.K.
Distribution warehouse Distribution warehouse Office Retail Retail/car parks Office
5,747,938 35,034,500 47,183,557 7,133,625 36,327,400 261,893,781
------*
JULY 11, 2013 21

1158606 | 301112013
Table 9

Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC 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. Prominent CMBS Conduit No. 2 Ltd. Immeo Residential Finance No.2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma" UFG Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Kirkglade Limited Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza France U.K. Multifamily housing Office Oct 21, 2013 Oct 31, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2013 Nov 10, 2013 Nov 5, 2019 Feb 15, 2020 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022 Nov 1, 2022 Apr 26, 2019 Dec 15, 2016 Dec 31, 2013 Jul 25, 2018 2,540,100 41,325,836 Repaid -*
U.K. France
Office Office
126,855,235 26,035,444
---
Germany
Retail
18,900,000
--
Italy
Mixed use
39,888,550
--
Le Croissant Petersbogen Lavincino Immeo Residential Finance No.2 Ltd. European Property Capital 1 Loan 5
Belgium Germany U.K. Germany France France
Office Retail
18,425,000 69,367,000 97,840,000 537,123,677 87,732,244 22,000,000
---Repaid Repaid Repaid *
Retail Dec 6, 2013 Multifamily housing Mixed use Office Dec 15, 2013 Dec 24, 2013 Dec 28, 2013 Dec 31, 2013
Master
France
Office
Nov 1, 2019
80,673,520
--
*According to our data at the end of May 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively).
Loan Delinquencies And Nonmonetary Breaches Data
JULY 11, 2013 22

1158606 | 301112013
Chart 10
JULY 11, 2013 23

1158606 | 301112013
Chart 11
Table 10
Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes
Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC
Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office
Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. Germany Germany
Asset type Office Retail Retail Office Distribution warehouse Office Retail Office
Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Argos Distribution January 2013 Centre Lloyds Chamber October 2011
BHP January 2011 Deutsche Bahn January 2012
JULY 11, 2013 24

1158606 | 301112013
Table 10
Delinquencies Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC Eschborn German Retail Portfolio I German Retail Portfolio III Hornbach April 2011 April 2013 July 2010 July 2011 Germany Germany Germany Germany France Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. Office DIY Retail DIY Office Industrial Leisure Retail Hotel Office Retail Mixed use Retail Retail Mixed use Mixed use Retail Retail Retail Retail Retail Retail Industrial Retail Residential ground rents Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Hugo January 2012 Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Xanadu Edeka Retail Treveria II CPI Retail Active Management Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia DD Karstadt Hilden Main October 2011 October 2011 April 2012 April 2013 May 2012 October 2012 July 2012 December 2011 April 2010 April 2012 March 2010 September 2010 July 2011
Plus Retail January 2012 Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012
Braeside Limited January 2011 Elbank Limited January 2013 Fairhold Portfolio January 2013
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1158606 | 301112013
Table 10

DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC Hypo Real Estate Bank International AG (ESTATE UK-3) JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. Rowan UK Commercial Swiftgold Limited AWOBAG Commercial and Warehouse CPI Retail Active Management Heathvale Estates Limited Holaw (420) Limited Sandfile Limited Countrywide November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 February 2010 June 2012 U.K. U.K. Germany U.K. U.K. U.K. U.K. U.K. Germany Finland U.K. Germany Germany Germany Germany Germany Germany The Netherlands Austria Belgium Germany Germany U.K. U.K. Office Retail Multifamily housing Office Retail Mixed use Office Industrial Retail Mixed use Office Mixed use Multifamily housing Mixed use Mixed use Office Mixed Use Mixed use Car service workshops Retail Retail Retail Mixed use Office Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes No Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Scheduled Principal 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
Project DD January 2011 St Mary's House Epic Horse Epic Rhino Sunrise II Sunrise Blue Star Senior Corleone Senior Loan Orange Senior October 2012 July 2010 July 2010 July 2012 July 2012 April 2012 April 2013 December 2010
ATU Austria January 2013 Century Center Kingbu Portfolio Netto Portfolio Gemini 140 202 February 2013 October 2012 August 2012 November 2009 April 2013
MONHEIM
October 2012
Germany The Netherlands
Office Office
Yes Yes
Dutch Offices I January 2012
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1158606 | 301112013
Table 10

MESDAG (Charlie) B.V. Opera Finance (CMH) PLC Perseus (European Loan Conduit No. 22) PLC Prominent CMBS Conduit No. 2 Ltd. Quirinus (European Loan Conduit No. 23) PLC Quirinus (European Loan Conduit No. 23) PLC Radamantis (European Loan Conduit No. 24) PLC RIVOLI Pan Europe 1 PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Dutch Offices II January 2013 Opera Finance (CMH) January 2013 PLC Mapeley Columbus July 2012 The Netherlands Ireland U.K. Office Office Mixed use Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Bankruptcy credit event 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 Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Ambassador Fairacre
August 2011 February 2011 November 2012 April 2012
U.K. Germany
Retail Retail
No Yes
H & B Retail
Germany
Retail
Yes
15 Westferry Circus
U.K.
Office
Yes
Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio Bird February 2013 November 2012 April 2011
France Italy Italy Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Office Retail Mixed use Industrial Mixed use Retail Office Retail Retail Multifamily housing Office Office Mixed use Office Office Retail Office
No Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes
Reindeer January 2013 Apple January 2013 Coconut January 2012 Orange Peach Pineapple July 2012 July 2012 October 2012
Bach January 2012 Brahms Handel February 2010 October 2012
Haydn January 2012 Wagner January 2012 Bremen (Haven/Project Norman) The Bewag Berlin Loan Portfolio June 2012 April 2013
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1158606 | 301112013
Table 10

Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 plc Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC The Hanse Centre Loan Portfolio The Walzmuhle Portfolio Triumph Loan April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012 April 2012 July 2012 July 2012 April 2012 Germany Germany Germany Retail Retail Retail Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Safeguarding Proceedings has been issued by the Tribunal de Commerce de Paris. Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default
Leipzig Loan
Germany
Office
Yes
Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet
U.K. Germany Germany Germany Germany Germany The Netherlands Germany Germany The Netherlands Germany Luxembourg France
Office Mixed use Mixed use Office Office Multifamily housing Hotel Office Mixed use Office Mixed Use Office Mixed Use
Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes
Quelle Nurnberg January 2013 Rivierstaete Office Stage Syrdall Business Park Target April 2011 April 2013 April 2011 April 2013
Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd.
Twin Squares (Prater) Quartier 206 Shopping Centre
May 2011 April 2010
Belgium Germany U.K. Germany France Germany U.K.
Office Retail Healthcare Retail Office Hotel Industrial
Yes Yes Yes Yes Yes Yes Yes
Libra January 2009 Caprice January 2012 Nantes October 2011
Six Hotels January 2012 Bacchus August 2009
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1158606 | 301112013
Table 10

Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Project Koito January 2012 St. Mark's Court April 2012 U.K. U.K. U.K. Industrial Office Office Yes Yes Yes Maturity payment default Maturity payment default Interest payment default
City Point January 2012
Brisk Limited Guardian Bonn Rochustrasse Inovalis Eboue Paris Tishman German Office Portfolio The Spanish Loan (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II
September 2011 February 2011 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013
U.K. Germany France Germany Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Germany Finland Germany
Retail Office Office Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office Office Mixed use Mixed Use Mixed Use Retail
Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Amadeus January 2009 Government Income Portfolio Mortgage October 2012
Wood Green Mortgage January 2013 Built September 2011
Tresforte January 2010 Westville Coeur Defense July 2009 March 2009
Queen Mary January 2013 The Baywatch Loan The Sisu Loan H&B Retail Portfolio II April 2013 April 2013 May 2013
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1158606 | 301112013
Table 11
Nonmonetary Breaches Index

Transaction Alburn Real Estate Capital Ltd. BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Loan Alburn Real Estate Capital Ltd. Rivermead Court Month added May 2011 April 2013 Jurisdiction U.K. U.K. Asset type Office Office Comment Breach of the LTV ratio covenant Breach of ICR covenant *
Essen German Retail Portfolio II Mapeley Gamma Borehamwood Investments Limited and Oakdale Investments Limited LMM Overseas Investments Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A MacAllan Portfolio Henderson Staples Cassina Plaza Ashbourne Portfolio A
July 2010 June 2011 October 2012 January 2012
Germany Germany U.K. U.K.
Retail Retail Office Mixed use
Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant
* * * *
DECO 12 - UK 4 PLC DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 9 - Pan Europe 3 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC 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.
September 2012 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 November 2009 May 2010 April 2011 June 2011
U.K. Germany U.K. U.K. Germany Greece U.K. U.K. Germany Italy U.K.
Office Retail Retail Office Retail Retail/car parks Nursing home Office Mixed use Mixed use Nursing home
Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the DSCR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant
* * *
* *
Adelphi St George
August 2009 February 2010 September 2011 July 2009 April 2013 January 2009
U.K. U.K.
Office Office
Breach of the LTV ratio covenant Breach of the LTV ratio covenant and the project ICR covenant Breach of the ICR covenant Anticipated breach of the ICR covenant Breach of LTV covenant Breach of the LTV ratio covenant
Workspace Portfolio Neumarkt Petersbogen Senior Den Tir
U.K. Germany Germany Belgium
Distribution warehouse Retail Retail Office
* *
JULY 11, 2013 30

1158606 | 301112013
Table 11
Nonmonetary Breaches Index (cont.)

NEMUS II (Arden) PLC NEMUS II (Arden) PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (U.K.) 2006-2 PLC Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Kirkglade Limited Barthonia DT-12 Valentine Fish Mango Bruckner Hof Schubert Times Square Sutton Limited August 2009 March 2009 September 2010 December 2012 December 2012 October 2012 July 2010 January 2013 January 2013 October 2012 March 2009 U.K. U.K. Germany Germany Germany Germany Germany Germany Germany Germany U.K. Office Office Mixed use Office Mixed use Mixed use Office Multifamily housing Car showrooms Office Retail Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant * * * * * * * * * *
*According to our data at the end of May 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
Specially Serviced Loans Data
JULY 11, 2013 31

1158606 | 301112013
Chart 12
JULY 11, 2013 32

1158606 | 301112013
Chart 13
JULY 11, 2013 33

1158606 | 301112013
Chart 14
Table 12
Special Servicing Index

Transaction BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Loan Rivermead Court Eagle Office Portfolio Jubilee Way Bradford West Midlands Office Argos Distribution Centre Lloyds Chamber BHP Month added April 2013 July 2012 April 2009 September 2009 October 2012 January 2013 October 2011 January 2011 Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. U.K. Germany Asset type Office Office Retail Retail Office Distribution warehouse Office Retail Special Servicer Barclays Capital Mortgage Servicing Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Capita Assets Services Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd.
JULY 11, 2013 34

1158606 | 301112013
Table 12
Special Servicing Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Deutsche Bahn Eschborn Essen German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hornbach Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Xanadu Edeka Retail Treveria II CPI Retail Active Management Mapeley Gamma January 2012 April 2011 August 2010 April 2013 April 2011 May 2011 June 2011 October 2011 October 2011 April 2012 April 2013 January 2012 October 2012 July 2012 November 2010 October 2012 April 2010 January 2012 May 2012 September 2012 March 2010 Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. Office Office Retail DIY Retail Retail DIY Industrial Leisure Retail Hotel Office Retail Mixed use Retail Office 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 (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. Deutsche Bank AG London branch Deutsche Bank AG London branch Solutus Advisors Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. 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 Hatfield Philips International Ltd.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) LMM Overseas Investments Arcadia
U.K. U.K.
Retail Mixed use
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 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd.
U.K. U.K. Germany
Mixed use Office Retail
DD Karstadt Hilden
December 2010 December 2012 July 2011
Germany
Retail
Mansford Nord Bayern Main
Germany Germany
Retail Retail
JULY 11, 2013 35

1158606 | 301112013
Table 12

DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 9 - Pan Europe 3 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Property Capital 3 PLC Plus Retail Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Limited Elbank Limited Fairhold Portfolio Swiftgold Limited The Rowan UK Commercial Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Limited January 2012 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010 July 2010 July 2012 July 2012 Unknown July 2012 December 2011 July 2012 January 2013 June 2011 November 2009 December 2012 October 2012 October 2010 Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany Germany U.K. U.K. U.K. U.K. Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office Retail Multifamily housing Office Retail Mixed use Office Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Deutsche Bank AG and Hatfield Philips International Ltd. Hatfield Philips International Ltd. Royal Bank of Scotland Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd.
Sandfile Ltd. Countrywide Ashbourne Portfolio A MacAllan Portfolio Royal Mint Court St Mary's House Randstad
U.K. Germany U.K. U.K. U.K. U.K. The Netherlands
Industrial Retail Nursing home Office Office Office Office
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Table 12

EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Opera Finance (CMH) PLC Perseus (European Loan Conduit No. 22) PLC Quirinus (European Loan Conduit No. 23) PLC Quirinus (European Loan Conduit No. 23) PLC Epic Horse Epic Rhino Project Ash Sunrise II Sunrise Blue Star Senior Orange ATU Austria Century Center Kingbu Portfolio Netto Portfolio Gemini Ashbourne Portfolio A Adelphi Workspace Portfolio Monheim Neumarkt Senior Den Tir Dutch Offices I Dutch Offices II Carlton Fern Loan Opera Finance (CMH) PLC Mapeley Columbus Fairacre H & B Retail July 2010 July 2010 November 2011 July 2012 July 2010 April 2012 December 2010 January 2013 February 2013 October 2012 August 2012 August 2008 June 2011 January 2011 September 2011 October 2012 July 2009 January 2009 October 2011 April 2012 December 2008 April 2013 January 2013 July 2012 January 2011 November 2012 Germany Germany Germany Germany Germany Germany The Netherlands Austria Belgium Germany Germany U.K. U.K. U.K. U.K. Germany Germany Belgium The Netherlands The Netherlands U.K. U.K. Ireland U.K. Germany Germany Mixed use Multifamily housing Multifamily housing Mixed use Mixed use Office Mixed use Car service workshops Retail Retail Retail Mixed use Nursing home Office Distribution warehouse Office Retail Office Office Office Mixed use Office Office Mixed use Retail Retail 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 (UK) Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. Capita Assets Services (UK) Ltd. 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. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd.
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Table 12

Radamantis (European Loan Conduit No. 24) PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC 15 Westferry Circus April 2012 U.K. Office Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. 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. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Capita Assets Services (UK) Ltd.
Aprirose Munich Thun Aprirose Retail Bonndorf Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Bird Fish Reindeer Apple Coconut Mango Pineapple Bach Brahms Bruckner Handel Haydn Hof Mozart The Schubert Loan Wagner Bremen (Haven/Project Norman)
August 2011 August 2011 February 2013 May 2011 February 2011 December 2012 December 2012 November 2010 November 2012 January 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
Germany Germany Italy Italy Germany Germany Germany Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Retail Retail Retail Mixed use Mixed use Office Mixed use Industrial Mixed use Mixed use Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use Office Car showrooms Mixed use Office Office Retail
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Table 12

Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 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. Ruhr Portfolio (Larmag) The Bewag Berlin Loan Portfolio The Hanse Centre Loan Portfolio The Walzmuhle Portfolio Triumph Loan January 2011 April 2013 April 2013 January 2013 February 2013 February 2013 September 2012 March 2009 November 2009 June 2008 January 2013 July 2012 September 2012 September 2009 September 2009 April 2011 April 2013 April 2011 April 2013 May 2011 April 2013 April 2010 November 2008 January 2012 February 2013 Germany Germany Germany Germany Germany Office Office Retail Retail Retail Capita Assets Services (UK) Ltd. Capita Assets Services 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. 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 (UK) Ltd.
Leipzig Loan Dundee Times Square Sutton Limited KQ Warehouse Mangusta Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet Portfolio Quelle Nurnberg Rivierstaete Office Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Loan Quartier 206 Shopping centre Libra Caprice Cobalt Loan
Germany U.K. U.K. Germany Germany Germany Germany The Netherlands Germany/Belgium Germany The Netherlands Germany Luxembourg France Belgium Germany Germany U.K. Germany Finland
Office Office Retail Mixed use Mixed use Office Multifamily housing Hotel Office Mixed use Office Mixed Use Office Mixed Use Office Retail Retail Healthcare Retail Retail
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Table 12

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. 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. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. MPC Portfolio Nantes Six Hotels Skoduv Palace Bacchus Project Koito St. Mark's Court City Point Brisk Limited Guardian Bonn Rochustrasse Inovalis Eboue Paris Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch March 2012 October 2011 January 2012 November 2012 August 2009 January 2012 April 2012 February 2012 September 2011 April 2010 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 February 2009 September 2012 The Netherlands France Germany Czech Republic U.K. U.K. U.K. U.K. U.K. Germany France Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Office Office Hotel Office Industrial Industrial Office Office Retail Office Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Mixed use Office Mixed use 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. Morgan Stanley Mortgage Servicing Ltd. Citibank International PLC 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. CB Richard Ellis Loan Servicing Ltd. Hatfield Philips International Ltd. and ABN AMRO Bank N.V.
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Table 12

Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Queen Mary January 2013 April 2013 Germany Mixed use Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Morgan Stanley Mortgage Servicing Ltd.
The Sisu Loan
Finland
Mixed Use
H&B Retail Portfolio II
May 2013
Germany
Retail
Table 13
Special Notice Tracker

Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants) Notice the short term extension of the Loan maturity date Notice regarding the lease extension of Blue Star Munich Property Notice that the Loan was repaid in full at its maturity on 30 April 2013
Transaction Titan Europe 2007-2 Ltd. Fleet Street Finance Three PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Windermere XIV CMBS Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-7 Finance Ltd. BELLATRIX (ECLIPSE 2005-2) PLC Tesco Property Finance 6 plc Alburn Real Estate Capital Ltd. BL Superstores Finance PLC Canary Wharf Finance II PLC Morpheus (European Loan Conduit No. 19) PLC Delamare Finance PLC NEMUS II (Arden) PLC Opera Finance (Uni-Invest) B.V. Diversity Funding No. 1 Ltd. Opera Germany (No. 3) Ltd.
Loan Project Christie Loan Blue Star Senior loan The Swan Portfolio
Notice topic Loan Extension Others Loan Repaid
The Fortezza II Loan Metropolis Shopping Centre The Mozart Loan Transaction level Notice
Other Notice regarding Transaction Document Amendments due to discrepancies. Other Notice that an equity injection of 2,500,000 was received on 02 May 2013
Property Sales Default
Notice the gross sale price agreed for the Friedrichshafen Property in the Friedrichshafen SPA was 7,500,000 Notice the credit event of shortfall in Interest paid on Class D notes
Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice
Others Others Others Others Others
Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice
Others Others Others Others Others
Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
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Table 13
Special Notice Tracker (cont.)

Eddystone Finance PLC European Property Capital 3 PLC Perseus (ELOC No. 22) PLC EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Quirinus (ELOC No. 23) PLC Fleet Street Finance Two PLC Fordgate Commercial Securitisation No. 1 PLC REC Plantation Place Ltd. Titan Europe 2006-1 PLC Radamantis (ELOC No. 24) PLC Silenus (ELOC No. 25) Ltd. German Residential Funding PLC Tahiti Finance PLC DECO 7 - Pan Europe 2 PLC Land Securities Capital Markets PLC Taurus CMBS (Germany) 2006-1 PLC London & Regional Debt Securitisation No. 1 PLC DECO 7 - Pan Europe 2 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Longstone Finance PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. DECO 12 - UK 4 PLC Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Others Others Others Others Others Others Others Others Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction level Notice Tiden Portfolio
Others Default
Notice regarding the Dependent Information and rating actions. Notice that local court of Frankfurt am Main ordered preliminary insolvency proceedings with regard to all Tiden Portfolio Borrowers on 23/24 April 2013. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice that Karstadt Kompakt Property in Husum was sold by the Karstadt Kompakt Borrower's Dutch insolvency administrators on 30 January 2013 for a gross sales price of EUR 4.6m . Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Karstadt Kompakt
Others Others Others Others Property Sales
Transaction level Notice Transaction level Notice
Others Others
Transaction level Notice
Others
Notice regarding the Dependent Information and rating actions.
Tiago Loan Transaction level Notice
Others Others
Notification of amendments to the loan in accordance with clause 9.10 of the issuer servicing agreement. Notice regarding the Dependent Information and rating actions.
Others Others
Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Chesterton Commercial (Berks) Limited Loan
Property Sales
Notice that that the Property known as 24-27 Thames Street, Windsor' was sold for 2,470,000 on 19 April 2013.
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Table 13

Taurus CMBS (U.K.) 2006-2 PLC Meadowhall Finance PLC Trafford Centre Finance Ltd. (The) Victoria Funding (EMC-III) PLC Windermere VII CMBS PLC White Tower Europe 2007-1 PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere XII FCC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Quirinus (ELOC No. 23) PLC Silenus (ELOC No. 25) Ltd. Vulcan (ELOC No. 28) Ltd. RIVOLI Pan Europe 1 PLC Talisman-5 Finance PLC European Property Capital 3 PLC DECO 17 - Pan Europe 7 Ltd. Juturna (European Loan Conduit No. 16) PLC White City Property Finance PLC JUNO (ECLIPSE 2007-2) Ltd. Cornerstone Titan 2007-1 PLC Talisman-7 Finance Ltd. Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Others Others Others Others Others Others Others Others Others Others Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction level Notice H&B3 Orazio Portfolio H&B Retail Portfolio II Loan Transaction level Notice Transaction level Notice Randstad Loan
Others Standstill Agreement Standstill Agreement Transfer to Special Servicing Other Other Noteholder Meeting Loan Extension
Notice regarding the Dependent Information and rating actions. Notice that the standstill agreement has again been extended until 10 June 2013. Notice that the standstill agreement has again been extended until 10 June 2013. Notice that H&B Retail Portfolio II Loan has been transferred into Special Servicing as of 08 May 2013. Notice that Fitch has take rating actions on the notes on 22nd April, 2013 Notice that Moody's has on 26 April 2013 taken rating actions on the Notes Notice that the resolutions made in the Noteholder's meeting on 6th May, 2013 have been implemented in addition to other material developments related to Ranstad Loan. Notice that the loan has been extended until July 22nd 2013 on existing terms to provide additional time for the Borrower to sell the remaining 16 properties. Notice regarding the Dependent Information and rating actions.
Elbblick
Others
Transaction level Notice Neumarkt German Retail Portfolio I The Mozart Loan
Others Others
Notice regarding the Dependent Information and rating actions. Notice the information update on Neumarkt Loan from the Calculation Agent.
Transfer to Notice that a Servicing Transfer Event has now occurred in respect of the Special German Retail Portfolio I Whole Loan and is now a Specially Serviced Loan. Servicing Property Sales Notice that the gross sale price agreed for the Karlsruhe Property in the SPA was 2,700,000.
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Table 13

INDUS (ECLIPSE 2007-1) PLC Talisman-7 Finance Ltd. Agora Max Loan The Mozart Loan Other Property Sales Notice that the Special Servicer confirms that the Facility Agent has made a final distribution of 337,656 to the Cash Managers account. Notice that the gross sale price agreed for the Frankfurt Property in the SPA is significantly above expectations and that a security deposit to the sum of 1,500,000 will be held on a notary account for 18 months to cover any future claims of the purchaser. Notice that a group of investors holding various classes of notes issued by the Issuer wish to convene an informal meeting to consider the status of the transaction and discuss potential options in relation to the upcoming Final Repayment Date on 25th August 2014 Notice the Interim Management Statement Notice regarding the Dependent Information and rating actions.
LCP Proudreed PLC
Noteholder Meeting
UNITE (USAF) PLC Juturna (European Loan Conduit No. 16) PLC Deco 2011 - CSPK Ltd Talisman-7 Finance Ltd. Forest Finance PLC MESDAG (Charlie) B.V. Prominent CMBS Conduit No. 2 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Windermere VII CMBS PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2007-1 PLC BELLATRIX (ECLIPSE 2005-2) PLC Talisman-6 Finance PLC Silenus (ELOC No. 25) Ltd.
Other Other
Chiswick Park loan Transaction level Notice Transaction level Notice Dutch Offices I Loan
Loan Repaid Others Other Valuation
Notice that On 10 May 2013, the Chiswick Park Borrowers prepaid the Chiswick Park Loan in full. Notice of amendment of the Asset Management Agreement. Notice the Amendment to Hedging Agreement. Notice the Valuation Update in respect of the Dutch Offices I Loan which shows a decrease in market value of EUR 2,730,000 from the 2011 Valuation. Notice that the Conditions to Credit Protection have been satisfied. Notice that the standstill agreement has again been extended further.
Ambassador The Leipzig Portfolio
Other Standstill Agreement Valuation Other Standstill Agreement Other
Mulheim Eagle Office Portfolio BHP Loan Transaction level Notice
Notice that the 2013 Valuation shows a decrease in market value of 9,000,000 from the Previous Valuation Notice regarding the appointment of a sales agent for Mitre House, 160 Aldersgate Street, London EC1. Notice that the standstill agreement has again been extended further to 18th July 2013. Notice to Noteholders regarding the conference call held on 14th May 2013.
Orange Whole Loan Aprirose Retail Bonndorf
Other Property Sale
Notice regarding the court decision on voting rights. Notice regarding the confirmation that the Schleiz Oettersdorfer Strasse property in the Aprirose Retail Portfolio Loan has been sold for a gross sales price of 950,000 and net sales proceeds, following deductions for fees, costs and expenses were 880,056 and this amount was distributed on the 15 May 2013 Interest Payment date. Notice of standstill agreement in respect of the Lneburg Loan Notice that the Liquidation Loss Amount in respect of the Senior Den Tir Reference Obligation is Eur 23,088,944 Notice of further deferral of the payment of accrued but unpaid default interest in respect of the Leipzig Loan to 30 July 2013 . Notice regarding termination of appointment of Hatfield Philips International Limited as the Special Servicer of the QueenMary Loan and the Sisu Loan .
EuroProp (EMC VI) S.A. JUNO (ECLIPSE 2007-2) Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Windermere XIV CMBS Ltd.
Luneburg Loan Senior Den Tir Leipzig Loan
Standstill Agreement Other Other
The Queen Mary Loan/The Sisu Loan
Other
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Table 13

Opera Finance (CMH) PLC Prominent CMBS Conduit No. 2 Ltd. FORNAX (ECLIPSE 2006-2) B.V. Fleet Street Finance Three PLC Fleet Street Finance Three PLC Cornerstone Titan 2007-1 PLC Infinity 2007-1 ''Soprano'' FCC Bluebonnet Finance PLC Fleet Street Finance Three PLC JUNO (ECLIPSE 2007-2) Ltd. Tahiti Finance PLC RIVOLI Pan Europe 1 PLC Land Securities Capital Markets PLC Transaction level Notice Ambassador Kingbu Portfolio Blue Star Senior loan Blue Star Senior loan Hugo Loan EHE - Pool B Other Other Property Sale Other Standstill Agreement Standstill Agreement Property Sale Notice regarding restructuring proposals received for six properties and the preferred bidder. Notice to the Noteholders of the Credit Protection Payment Amount in relation to the Ambassador Reference Obligation. Notice that the sale of the Wiesbaden property for Euro 2085000 was completed on 31st March 2013. Notice regarding engagement of sales agent to market the Blue Star Bonn Property. Notice that the standstill agreement has been extended further. Notice that the Standstill agreement for Hugo Loan has been extended upto 19th August, 2013 Notice regarding progress of sale of properties during the Managed Sell Down Period and sale proceeds of 2 properties amounting to 27,716,305.10 Notice regarding noteholder's meeting at 2pm (London time) on Monday 3rd June 2013 to discuss updated business plan. Notice regarding engagement of sales agent to market the Blue Star Munich Property Notice that the Calculation Agent appointed the Eligibility Criteria Verification Agent on 22 May 2013. Notice that on 23 May 2013, the Borrower prepaid all amounts outstanding under the Term Loans. Notice that the Issuer will be convening a conference call for the Parque Principado Borrower on or around 5 June 2013 to present a proposal for a short-term standstill of the Parque Principado Loan to Noteholders. Notice that the following notes: 10,000 of 613,918,000 5.391 per cent. Class A5 Notes due 31 March 2027 ISIN XS0204779465 have been cancelled effective as of 23 April 2013 and the principal amount outstanding of the Class A5 Notes due 2027 will be reduced accordingly. Notice that the Special Servicer has received a new valuation of the Triumph Property constituting the security for the Triumph Whole Loan. Notice that the Note Trustee requests that all Class F Noteholders disclose their identity and holding to the Note Trustee, Special Servicer and Servicer by no later than 5.00 pm London Time on the day 10 Business Days after the date of this notice OR alternatively communicate the identity of the Controlling Class Representative (if appointed) by written notice to the Issuer, Note Trustee, the Servicer and the Special Servicer. Notice that the Special Servicer has entered into a new standstill agreement with the Triumph Borrower for the period expiring on 30 July 2013. Notice about Extension of Standstill Period in relation to the Star Whole Loan and notification of agreed property sales. Notice about Compliance Certificate. Notice that licensed insolvency practitioners each of Ernst & Young LLP, have been appointed by Morgan Stanley Mortgage Servicing Limited (as security trustee in connection with the Loan.)
Transaction level Notice Blue Star Senior loan Senior Den Tir Transaction level Notice Parque Principado
Noteholder Meeting Other Other Loan Repaid Noteholder Meeting Other
Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd.
The Triumph Whole Loan The Leipzig Portfolio
Valuation
Other
Taurus CMBS (Pan-Europe) 2006-3 PLC Cornerstone Titan 2007-1 PLC LCP Proudreed PLC Radamantis (European Loan Conduit No. 24) plc European Property Capital 3 PLC DECO 6 - UK Large Loan 2 PLC
The Triumph Whole Loan Star Transaction level Notice 15 Westferry Circus
Standstill Agreement Standstill Agreement Other Other
Randstad Loan
Property Sale Notice that on 24 May 2013 the disposal of the property owned by D/L Real Estate K07 Zoetermeer B.V. was completed for 1,000,000 which resulted in a net disposal amount equal to EUR 947,410.60 . Property Sale Notice about property sale of 1)Queens House, St. Albans sold on 29 April 2013 for 3,030,000; and (1) Rivers House, Chelmsford sold on 21 May 2013 for 2,303,000.
Mapeley Loan
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Table 13

Sandwell Commercial Finance No.1 PLC RIVOLI Pan Europe 1 PLC EuroProp (EMC) S.A. (Compartment) 1 DECO 12 - UK 4 PLC Loan Loan Extension Notice that the maturity date of the loan has been extended to 30/09/2013 from its original maturity date of 31/03/2013 Notice that an information conference call with the Noteholders convened by the Issuer (upon the request of the Parque Principado Borrower) will be held on Wednesday 5 June 2013 at 2 pm (London time) Notice that the notes have matured on April 30 2013 but the underlying assets have not be sold off fully before the maturity date. As a consequence and event of default has occurred. Notice that the Property known as '34 Market Place, Newbury' was sold for 963,873.87 on 14 May 2013.
Parque Principado
Noteholder Meeting Note Event of Default Property Sale
Borehamwood Investments Limited and Oakdale Investments Limited Loan Transaction level Notice Transaction level Notice Transaction level Notice The Coconut Loan
Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-6 Finance PLC
Other Other Other Property Sale
Notice that Standard & Poor's has on 24 May 2013 taken rating actions on the Notes. Notice that Standard & Poor's has on 17 May 2013 taken rating actions on the Notes. Notice that Standard & Poor's has on 17 May 2013 taken rating actions on the Notes. Notice that the sale price for the Nauheim Property is 6,150,000 with a partial amount of appr. 80,000 being retained for potential on-going repair works. A sale and purchase agreement was notarised on 07 May 2013 in respect of the Coconut Property located in Nauheim. Notice that UNITE announces launch of new Debt Platform for USAF . Notice regarding Valuation Update in respect of the Hilite Warehouse Loan which is EUR 20,270,000 as at 1 April 2013 and currently at 52.67%. Notice that on 31 May 2013 the Agent has agreed to extend the waiver on opening a new Bank Account by for 3 months. Notice that a noteholder's meeting has been called for Classes A,B,C,D on 26th June 2013
UNITE (USAF) PLC Titan Europe 2006-5 Plc White Tower Europe 2007-1 PLC Opera Finance (CMH) PLC
Transaction level Notice Hilite Warehouse Loan Spanish Loan Transaction level Notice
Other Valuation Counterparty Noteholder Meeting
Ratings And Note-Level Matters Data

Table 14
Ratings Default Index

Transaction AQUILA (ECLIPSE 2005-1) PLC ARES FINANCE 2 S.A. ARES FINANCE 2 S.A. ARES FINANCE S.r.l.* ARES FINANCE S.r.l.* BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Class E D E E F E E G H Reason for default Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Date rating lowered to 'D (sf)' December 2011 July 2011 July 2011 March 2011 March 2011 November 2010 April 2013 April 2010 April 2010 Original rating BB (sf) BBB (sf) BB (sf) BBB- (sf) BB (sf) BBB- (sf) BBB- (sf) BBB- (sf) BB (sf) Rating immediately before 'D (sf)' B (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf)
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Table 14
Ratings Default Index (cont.)

Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 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 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 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 European Prime Real Estate No. 1 PLC EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 J C D E D F D E F E F G G F G C D E F G H G D E F A B C D E F E F D A B Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall 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 Interest shortfall Maturity payment default Maturity payment default August 2009 February 2013 November 2012 June 2012 April 2013 November 2008 April 2013 February 2011 February 2011 December 2011 December 2011 November 2010 November 2011 September 2012 May 2011 September 2012 July 2012 December 2012 November 2012 December 2011 September 2011 December 2009 September 2011 August 2007 April 2012 October 2011 October 2011 October 2011 October 2011 October 2011 October 2011 May 2011 May 2011 August 2010 May 2013 May 2013 B (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) BBB BBB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB (sf) BBB- (sf) B (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB+ (sf) BBB (sf) BBB (sf) AAA (sf) AA (sf) B- (sf) CCC- (sf) CCC- (sf) CCC+ (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) CCC- (sf) B- (sf) BB- (sf) B- (sf) 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)
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Table 14

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 GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. 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. C D E A E C D E A B C D E F D E D E D E D Loan E A B C D C D D E F Maturity payment default Maturity payment default Maturity payment default Default Interest shortfall Interest shortfall Interest shortfall Interest shortfall Restructuring Restructuring Restructuring Restructuring Restructuring Restructuring Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation May 2013 May 2013 May 2013 March 2011 May 2011 October 2012 October 2012 March 2011 December 2012 December 2012 December 2012 December 2012 December 2012 December 2012 February 2012 February 2012 May 2012 May 2012 November 2012 September 2011 May 2013 March 2011 February 2012 February 2012 February 2012 February 2012 September 2012 July 2011 February 2013 February 2013 February 2013 A (sf) BBB (sf) BBB- (sf) A (sf) BB (sf) AA (sf) A (sf) BBB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) BB (sf) B- (sf) B- (sf) CCC (sf) A (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B (sf) B- (sf) CCC (sf) CCC- (sf) CCC- (sf) 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)
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Table 14

Radamantis (European Loan Conduit No. 24) PLC Silenus (European Loan Conduit No. 25) Ltd. Talisman 1 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-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 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. G G G D E F E F G F C D F C D E F G H F G H J B C D E F G H B C D E F B C D Principal loss allocation and interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation 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 November 2011 September 2011 February 2011 February 2013 February 2013 February 2013 May 2013 May 2013 May 2013 February 2009 March 2013 May 2012 May 2013 February 2013 October 2012 December 2010 December 2010 June 2010 June 2010 February 2013 February 2013 November 2010 November 2008 February 2013 February 2013 February 2013 September 2012 September 2012 April 2010 July 2009 February 2013 September 2012 February 2011 November 2010 February 2009 July 2011 July 2011 July 2011 BBB (sf) BB (sf) BB (sf) BBB (sf) BB (sf) B (sf) BBB (sf) BB (sf) B (sf) BB (sf) A (sf) BBB (sf) BB (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) B (sf) BBB+ (sf) BBB (sf) BB (sf) B (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) AAA (sf) AA+ (sf) AA (sf) B (sf) CCC (sf) BB+ (sf) CC (sf) CC (sf) CC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B+ (sf) B- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) BB+ (sf) BB (sf) B+ (sf)
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Table 14

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

Entrenched In Recession, Europe Seeks A Balance Between Delveraging And Growth, March 26, 2013 Counterparty Risk Framework Methodology And Assumptions, Nov. 29, 2012 European CMBS Methodology And Assumptions, Nov. 7, 2012 Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 Standard & Poor's Ratings Definitions, June 22, 2012 European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, April 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, May 3, 2010 Global Methodology For Rating Interest-Only Securities, May 15, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009
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Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009 European Legal Criteria For Structured Finance Transactions, Aug. 28, 2008 Framework For Credit Analysis In European CMBS Transactions, May 21, 2007 Weighing Country Risk In Our Criteria For Asset-Backed Securities, May 11, 2006 Technical Challenges In European CMBS Structures, Feb. 16, 2006
Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com
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STRUCTURED FINANCE RESEARCH

JULY 11, 2013 1

Data Snapshot For Loans And Ratings

Number of tranches Number of transactions affected 1 1

JULY 11, 2013 2

Data Snapshot For Loans And Ratings (cont.)

We are awaiting for information for the remaining loan.

JULY 11, 2013 3

Loan maturity default rate and performance statistics

JULY 11, 2013 4

Loan maturities data

Loan Delinquencies, Nonmonetary Breaches, And Cures

JULY 11, 2013 5

Loan nonmonetary breaches and cures

JULY 11, 2013 6

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

Loan delinquencies and nonmonetary breaches data

JULY 11, 2013 7

Specially Serviced Loans

Specially Serviced Loans

JULY 11, 2013 8

Specially Serviced Loans (cont.)

JULY 11, 2013 9

JULY 11, 2013 10

Specially serviced loans data

Ratings And Note-Level Matters

JULY 11, 2013 11

Transactions And Related Publications

Transactions And Related Publications

JULY 11, 2013 12

Transactions And Related Publications (cont.)

JULY 11, 2013 13

Transactions And Related Publications (cont.)

Loans Maturing Over The Past Quarter

Transaction Opera France One FCC DECO 7 - Pan Europe 2 PLC

Loan France One Tiago

Jurisdiction France Germany

Asset type Office

Comment Repaid Extended to April 2013

Office Apr 11, 2013

JULY 11, 2013 14

Loans Maturing Over The Past Quarter (cont.)

Germany Germany Finland Germany Germany Germany Germany U.K.

95,243,464 29,180,627 89,237,403 15,892,861 30,174,028 6,104,489 5,175,000 5,781,000

Germany Germany Germany U.K.

11,090,764 14,177,997 20,536,130 4,657,028

Germany Germany U.K.

Apr 30, 2017 Apr 30, 2017 Jan 25, 2017

7,922,305 8,154,563 6,975,000

In standstill In standstill Repaid

Retail Apr 18, 2013

Apr 22, 2015

Germany Germany Germany Germany

300,703,279 49,096,281 9,085,000 119,218,324

-Defaulted Defaulted Defaulted * * *

Office Apr 20, 2013

Jul 27, 2020

JULY 11, 2013 15

Loans Maturing Over The Past Quarter (cont.)

Multifamily Apr 30, 2013 housing Retail Apr 30, 2013

Jul 25, 2018

The Netherlands Switzerland

Jul 25, 2018