MESDAG Charlie B.V.

RIS NOTIFICATION

To:                                  The Irish Stock Exchange Limited

                                      28 Anglesea Street

                                      Dublin 2

                                      Ireland

Headline:                       Valuation Update

Date:                              29 February 2011

Re:                                  MESDAG (Charlie) B.V. (the “Issuer”)

 

€355,000,000 Class A Commercial Mortgage Backed Floating Rate Notes 2007 due 2019

€50,000 Class X Commercial Mortgage Backed Floating Rate Note 200 due 2019

€44,700,000 Class B Commercial Mortgage Backed Floating Rate Notes 2007 due 2019

€44,700,000 Class C Commercial Mortgage Backed Floating Rate Notes 2007 due 2019

€39,400,000 Class D Commercial Mortgage Backed Floating Rate Notes 2007 due 2019

€9,800,000 Class D Commercial Mortgage Backed Floating Rate Notes 2007 due 2019

 

(together, the “Notes”)

 

 

The Notes are admitted to trading on the regulated market of the Irish Stock Exchange Limited.

Directive 2003/6/ECof the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse),together with implementing Commission Directives 2003/124/EC of 22 December 2003 and 2004/72/EC of 29 April 2004,as implemented by the relevant member states, require disclosure by or on behalf of the Issuer of any inside information concerning the Notes.

The following notice has been prepared by and issued at the request of the Special Servicer. The Issuer has not independently verified the information contained in this notice. Accordingly, the Issuer hereby gives notice with respect to the Dutch Offices I Loan.

An updated valuation of the Dutch Offices I Properties was received by the Special Servicer.

The valuation prepared as of 31 December 2011 shows that the market value of the Dutch Offices I Properties is EUR 24,200,000 against a current debt of EUR 32,319,000 (the “2011 Valuation”).

The valuation as of 1 November 2006 showed that the market value of the Dutch Offices I Properties was EUR 49,850,000 against a debt of EUR 34,200,000 (the “Origination Valuation”).

The 2011 Valuation shows a decrease in market value of EUR 25,650,000 from the Origination Valuation. The decrease in market value is primarily due to the following:

·          a weak Dutch office market with respect to both the occupier and the investment market; and

·          a short weighted average lease length (WALL) of 2.41 years.

Terms used and not defined herein shall have the meaning ascribed to them in the Prospectusdated19 April 2007.

For queries related to the above please contact: investorrelations@hatfieldphilips.com

 

For and on behalf of MESDAG (Charlie) B.V.

RIS Notification