FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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Appendix 3 – Schedule of Values 133 Fund Ref Property Net Market Value 31/5/05 Notes Market rent Capitalisation Rate Gross Initial Yield Net Initial Yield Reversion yield Vacant Possession Value Reinstatement cost <strong>Proudreed</strong> 12 ORMES-SARAN 9,080,000u 1 1,129,380u 10.00% 0.00% -2.79% 11.74% 9,080,000u 10,580,000u 2PI 24 CREIL ZAC du Parc Alata 3,950,000u 323,500u 7.90% 8.12% 8.12% 7.72% 2,980,000u 3,220,000u 2PI EPONE 6,420,000u 525,320u 8.50% 8.93% 8.93% 8.22% 4,540,000u 5,190,000u 2PI 25 GOINCOURT 31, rue Juliette Névouet 3,970,000u 390,050u 8.50% 8.63% 8.63% 8.63% 3,480,000u 3,990,000u 2PI 26 LISSES 7, rue des Mâlines 91090 Lisses 1,370,000u 131,725u 9.25% 9.34% 9.34% 9.34% 1,110,000u 1,200,000u 2PI 27 ORMES 45 rue de Paradis 8,890,000u 914,900u 9.00% 9.18% 9.18% 9.18% 6,540,000u 10,580,000u 2PI 28 NEUILLY, 45 rue des Frères Lumière 2,690,000u 251,648u 10.00% 10.10% 10.10% 10.50% 1,880,000u 3,040,000u 2PI 31 VALENCIENNES 201 av Desandrouins 1,830,000u 298,575u 9.75% 8.67% 8.67% 9.86% 1,270,000u 8,440,000u PPP 51 ARGENTEUIL Sainthimat Rue A Croizat 4,850,000u 445,610u 9.00% 6.17% 6.17% 10.25% 4,500,000u 2,300,000u PPMPP 77 CHATILLON S SEICHE Touche Tizon 11,910,000u 995,460u 9.00% 9.00% 9.00% 9.00% 8,890,000u 5,660,000u PPMPP 90 FLEURY LES AUBRAIS 12,280,000u 1,395,800u 9.85% 10.10% 10.10% 10.10% 9,550,000u 16,530,000u PPMPP 91 GOUSSAINVILLE Rue R Moinon 3,330,000u 352,406u 10.00% 9.24% 8.67% 10.45% 2,480,000u 3,560,000u PPMPP 93 GRISOLLES Les Molles 3,570,000u 365,456u 10.00% 10.26% 10.26% 10.26% 2,610,000u 4,110,000u PPMPP 95 MARLY LA VILLE 10,590,000u 978,360u 9.00% 4.71% 4.71% 8.72% 8,000,000u 9,140,000u PPMPP 97 MITRY Corio 4 rue Becquerel 1,390,000u 152,388u 9.25% 10.06% 9.96% 10.52% 1,100,000u 1,820,000u PPMPP 99 ORANGE Les Crémades 5,210,000u 662,740u 10.00% 10.26% 10.26% 10.26% 4,150,000u 10,320,000u Beaulieu 110 AIX EN PROVENCE 660 rue Guillaume du Vair 1,850,000u 126,034u 9.25% 9.25% 9.25% 9.25% 1,100,000u 1,850,000u Beaulieu 111 BEZONS av du Général Delambre 1,180,000u 117,770u 9.85% 8.73% 8.36% 10.16% 900,000u 1,330,000u Beaulieu 112 CLAMART 383, avenue du Général de Gaulle 9,410,000u 848,205u 8.75% 8.97% 8.97% 8.51% 7,360,000u 9,330,000u Beaulieu 114 EVREUX 1 rue Jacquard 1,940,000u 177,600u 9.00% 9.20% 9.20% 8.62% 1,510,000u 1,100,000u Beaulieu 116 LESQUIN - 15 rue des Famards 3,130,000u 304,127u 10.00% 9.05% 9.05% 9.96% 2,450,000u 3,320,000u Beaulieu 117 Marignier - ZAC des Pres paris - 696 avenue de l’industrie 1,230,000u 130,950u 10.00% 10.00% 10.00% 10.00% 920,000u 1,410,000u Beaulieu 118 NIORT 2 rue Robert Turgot 1,800,000u 200,000u 10.00% 10.00% 10.00% 10.00% 1,450,000u 2,760,000u Beaulieu 120 SARTROUVILLE Perriers Rue de la Beauce 4,820,000u 520,520u 9.65% 5.21% 4.11% 10.34% 4,110,000u 5,550,000 u Beaulieu 121 St Pierre en Faucigny - 310 avenue des Aravis Lance SA 1,550,000u 172,742u 10.25% 10.25% 10.25% 10.25% 1,160,000u 2,410,000u Beaulieu 123 St Pierre en Faucigny - Rue des Champs Plans Lance Ind 1,730,000u 182,094u 10.25% 10.25% 10.25% 10.25% 1,260,000u 2,580,000u Beaulieu 127 VENEUX LES SABLONS Rue Liberté 2,070,000u 2 212,450u 11.00% 9.99% 9.99% 11.36% 1,260,000u 3,620,000u Beaulieu 128 TEMPLEMARS 14 rue de l’Epinoy 1,650,000u 192,500u 10.75% 10.75% 10.75% 10.75% 1,390,000u 2,560,000u Beaulieu 130 STE CATHERINE LES ARRAS 162, route de Béthune 2,490,000u 273,250u 10.75% 10.75% 10.75% 10.75% 1,740,000u 5,580,000u Menelas 133 LA CHAPELLE D’AREMENTIERES - Rue Laennec 6,180,000u 3 555,175u 8.75% 3.68% 3.68% 9.21% 5,020,000u 5,920,000u Total 132,360,000w 13,326,735w Notes 1 Assumes conformity works completed 2 Additional rent of 30,000 u per annum payable from mid 2006 in return for works to roof (cost of works not deducted) 3 Lease on extension assumed to commence 1 November <strong>2005</strong>
Appendix 4 Net Market Fund Ref Property Value 31/5/05 Market rent Cap Rate 5/05 PPP 12 VAIRES 2,475,000u Vacant Possession Value Reinstatement cost Note Value of site with CDEC and assuming the proposed project to Santhimat 134
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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
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date on which sale proceeds are rec
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Facility Fees Pursuant to the terms
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• details of the Property Manager
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taking into account any rent guaran
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(d) any Obligor or the Borrowers’
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(or u100,000 for Proudreed France S
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Account and the related Disposal Ex
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The ‘‘Due Diligence Criteria’
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(e) a deposit (by way of gage-espè
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Pursuant to the terms of the Proper
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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 109 and 110: Finally, we would ask that neither
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: Appendix 2 - Schedule of Values 132
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
Page 165 and 166: RESERVES IN THE BALANCE SHEET Corpo
Page 167 and 168: TABLE OF ACCRUED ASSETS AND ACCRUED
Page 169 and 170: LEASING Corporate name: PARIS PROVI
Page 171 and 172: AFFILIATED COMPANIES AND INVESTMENT
Page 173 and 174: P.P.M.P.P. Financial Statements Yea
Page 175 and 176: 2 - BALANCE SHEET - LIABILITIES AND
Page 177 and 178: 3 - INCOME STATEMENT (CONTINUED) Co
Page 179 and 180: Corporate name: P.P.M.P.P. FIXED AS
Page 181 and 182: RESERVES IN THE BALANCE SHEET Corpo
Page 183 and 184: 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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