An updated valuation of the property has been finalised as at 30 June 2013 for EUR 57,000,000 (the "Valuation") conducted by Cushman and Wakefield who were appointed by the French Issuer Servicer on behalf of the Lenders.

The French Issuer Servicer has granted an extension of the Antony Parc Office Loan until 07 August 2014. The extension is intended to allow sufficient time for various capex initiatives, including refurbishment of the reception and common areas to be completed. The extension will be renewable on an annual basis thereafter until 08 August 2016 subject to the fulfillment of certain obligations, as described below.

(i) an upfront equity injection of EUR 1,750,000, payable on 07 August 2013, plus an additional EUR 1,250,000 to be paid from the reserve account, which will be applied as amortisation against the balance of the loan;

(ii) quarterly target amortisation of EUR 300,000 on each of the November 2013, February 2014 and May 2014 Interest Payment Dates;

(iii) target amortisation of EUR 2,000,000 on 07 August 2014;

(iv) target amortisation of EUR 500,000 on each of the November 2014, February 2015 and May 2015 Interest Payment Dates;

(v) target amortisation of EUR 3,000,000 on 07 August 2015;

(vi) target amortisation of EUR 700,000 on each of the November 2015, February 2016 and May 2016 Interest Payment Dates

Failure to meet the target payments as described above will constitute an Event of Default.

In addition to these targets a EUR 750,000 capex line has been set up using the residual balance of the reserve account. The capex line will be topped up to EUR 2,000,000 from surplus funds and used to enhance the asset in line with the French Borrower's business plan.

Furthermore the French Borrower will be required to enter into an interest rate cap at a rate of 2.5%, or a higher rate as agreed between the French Issuer Servicer and the French Borrower, as and when the 3 Month Euribor rate exceeds 1.0%.
The current outstanding principal balance of the Antony Parc Office Loan is EUR 55,418,475.

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