FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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Finally, we would ask that neither the whole nor any part of this report or any refe rence thereto may be included in any document, circular or statement without our prior approval of the form and context in which it will appear, save that we agree to this report being included in the Offering Circular. Such publication of/or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Statements of Asset Valuation Practice and Guidance Notes published by the Royal Institution of Chartered Surveyors or the incorporation of the special assumptions referred to herein. This valuation is provided for the stated purposes and is for the use only of the party to whom it is addressed and no responsibility is accepted to any other party. We remain at your disposal should you have any queries regarding this valuation or the attached report. Yours faithfully, Sara Lucas MRICS Director Savills 111
15 June 2005 Proudreed France Sarl & Paris Properties Sarl c/o Proudreed 36 avenue Hoche 75008 Paris 55 boulevard Haussmann 75008 Paris T: +33 (1) 44 51 73 00 F: +33 (1) 44 51 73 01 savills.com HSBC Bank plc (in its capacity as Joint Lead Manager and Hedging Provider) Level 3 8 Canada Square London E14 5HQ Société Générale (in its capacity as Joint Lead Manager, FCC Servicer and Hedging Provider) Tour S.G 17 Cours Valmy 97972 Paris La Défense Eurotitrisation (in its capacity as Management Company) 20 Rue Chauchat 75009 Paris CCF (in its capacity as Custodian, Liquidity Facility Provider and FCC Servicer) 103, Avenue des Champs-Elysées 75008 Paris Dear Sirs, HDL PORTFOLIO In accordance with the letter of instruction dated 15 May 2005 received from Proudreed France Sarl and Paris Properties Sarl, a copy of which is attached to this certificate, we have prepared updated valuations of the 3 properties in the above portfolio in order to provide you with our opinion of their market value as at 31 May 2005. In accordance with your instructions, the properties have not been revisited and have therefore been re-valued on a desk-top basis. We assume that no material changes have occurred to either the properties or their surroundings since our last inspections, other than those indicated to us by you. We reserve the right to amend our valuation should this assumption prove to be incorrect. The valuations have been prepared for your internal purposes but may be required for secured lending. This report and valuations can be disclosed in the Offering Circular. We attach schedule of values, divided into three Appendices as requested, upon which the properties in this portfolio are identified. A summary report, tenancy schedule and valuation sheets for each property are also attached. Offices in Europe, Asia, Australasia, Africa. Strategic alliance with Trammell Crow Company in the USA and Canada. Société Anonyme au Capital de 450.000 u Cartes Professionnelles Transactions Immobilières et Fonds de Commerce No T 0365 Préfecture de Police de Paris Gestion Immobilière No G 0566 Caisse de Garantie de la FNAIM 89 rue La Boétie 75008 Paris No Adhérent 00102 R.C. 662045517 B Paris N° SIRET 662045517 00031 APE 703 A N° TVA FR65662045517 112
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FCC Proudreed Properties 2005 a Fre
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(having taken all reasonable care t
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CONTENTS SECTION PAGE PRINCIPAL CHA
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PRINCIPAL CHARACTERISTICS OF THE CO
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LTV Ratio: Security: Insurance: Mor
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DIAGRAMMATIC OVERVIEW OF PARTIES AN
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is one Business Day following such
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SARL Enoville is a French limited l
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Hedging Agreements. For a descripti
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For further details as to the risks
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2. Tenant Concentration (Top 10 Ten
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6. Sectoral Weightings: (Industrial
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Paris Properties 1. Summary descrip
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Property Name Property address Type
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3. Lease type and length of lease S
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7. Details of the Top Ten Propertie
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Property Number 7 Property Name Cha
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PRINCIPAL FEATURES OF THE NOTES Bel
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‘‘AA’’ by Fitch and a ratin
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Interest Rate Risks Interest on the
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after among other things, payments
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same criteria as apply to the Secur
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Although any successor manager of a
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within the Property Portfolio relat
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this judicial procedure. The judgme
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Risks relating to Planning - Right
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(a) to obtain an order for, or paym
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Secured Properties The Secured Prop
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described under ‘‘Obligor Secur
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(together with accrued interest). F
Page 61 and 62: date on which sale proceeds are rec
Page 63 and 64: Facility Fees Pursuant to the terms
Page 65 and 66: • details of the Property Manager
Page 67 and 68: taking into account any rent guaran
Page 69 and 70: (d) any Obligor or the Borrowers’
Page 71 and 72: (or u100,000 for Proudreed France S
Page 73 and 74: Account and the related Disposal Ex
Page 75 and 76: The ‘‘Due Diligence Criteria’
Page 77 and 78: (e) a deposit (by way of gage-espè
Page 79 and 80: Pursuant to the terms of the Proper
Page 81 and 82: negatively affect the credit qualit
Page 83 and 84: provided however that no such termi
Page 85 and 86: RESOURCES AVAILABLE TO THE BORROWER
Page 87 and 88: Reserve. Furthermore, in the event
Page 89 and 90: Obligor Post-Enforcement Priorities
Page 91 and 92: Account following the occurrence of
Page 93 and 94: (e) fifth, in or towards satisfacti
Page 95 and 96: On delivery of a Note Enforcement N
Page 97 and 98: VALUATION REPORTS 22 septembre 2005
Page 99 and 100: We attach schedule of values, divid
Page 101 and 102: 15 June 2005 Proudreed France Sarl
Page 103 and 104: Finally, we would ask that neither
Page 105 and 106: We attach schedule of values, divid
Page 109 and 110: Finally, we would ask that neither
Page 111: We attach schedule of values, divid
Page 115 and 116: This valuation is provided for the
Page 117 and 118: We confirm that we are able to comp
Page 123 and 124: We confirm that we are able to comp
Page 129 and 130: For recently completed developments
Page 131 and 132: Schedule of Values - Appendix 1 130
Page 133 and 134: Appendix 2 - Schedule of Values 132
Page 135 and 136: Appendix 4 Net Market Fund Ref Prop
Page 137 and 138: We are in the opinion that the valu
Page 139 and 140: Assets of the Issuer Receivables an
Page 141 and 142: The Custodian will receive a fee, p
Page 143 and 144: et seq. of the French Monetary and
Page 145 and 146: THE BORROWERS The Paris Properties
Page 147 and 148: • borrowing or more generally rai
Page 149 and 150: Loan Capital: Commercial Mortgage L
Page 151 and 152: − and generally all transactions
Page 153 and 154: 7 rue d’Amiens S.C.I. Introductio
Page 155 and 156: • granting any security interest
Page 157 and 158: 1 - BALANCE SHEET - ASSETS Corporat
Page 159 and 160: 3 - INCOME STATEMENT Corporate name
Page 161 and 162: NOTES TO THE ACCOUNTS Before repart
Page 163 and 164:
FIXED ASSETS Corporate name: PARIS
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RESERVES IN THE BALANCE SHEET Corpo
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TABLE OF ACCRUED ASSETS AND ACCRUED
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LEASING Corporate name: PARIS PROVI
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AFFILIATED COMPANIES AND INVESTMENT
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P.P.M.P.P. Financial Statements Yea
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2 - BALANCE SHEET - LIABILITIES AND
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3 - INCOME STATEMENT (CONTINUED) Co
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Corporate name: P.P.M.P.P. FIXED AS
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RESERVES IN THE BALANCE SHEET Corpo
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TABLE OF ACCRUED ASSETS AND ACCRUED
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SECURITY INTEREST GUARANTEED DEBTS
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The Paris Properties Parent Obligor
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which it is or will be a party (inc
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Principal Activities The principal
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PROUDREED FRANCE Financial Statemen
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2 - BALANCE SHEET - LIABILITIES AND
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3 - INCOME STATEMENT (CONTINUED) Co
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The principal schedules of deprecia
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DEPRECIATION Corporate name: PROUDR
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TABLE OF RECEIVABLES AND LIABILITIE
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Corporate Name: PROUDREED France DE
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Corporate name: PROUDREED France FI
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AFFILIATED COMPANIES AND INVESTMENT
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THE HEDGING PROVIDERS HSBC Bank plc
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TERMS AND CONDITIONS OF THE NOTES T
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above, on the basis of the offered
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(k) the Master Definitions and Fram
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and Paris Properties SARL and, in r
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(vi) ‘‘repay’’, ‘‘redee
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(ii) if there are no Class A Notes
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Priority of Payments Following Enfo
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Determination of Rates of Interest
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(although the Issuer will not have
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Currency of Payment (b) Payments in
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(f) (i) (ii) agreed that until all
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Management Company and the relevant
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Notices by Delivery to Euroclear, E
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TAXATION French Taxation Pursuant t
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which it sells Notes during the dis
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(c) the excerpts of the financial r
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Borrowers Account Bank means (i) in
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(b) (B) not confer a direct or indi
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FCC Servicer means each entity appo
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La Défense, France respectively (o
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Interest Period means each period f
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(i) (j) any dividend payment by tha
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Mortgage means (i) the mortgages (h
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(iv) any amounts payable by the Iss
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Loan Agreement during such Forward-
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Regulation S means Regulation S und
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HSBC Bank plc 8 Canada Square Londo
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FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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