FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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Property Number 4 Property Name Fleury Les Aubrais Property Type Warehouse/Distribution Region Centre Year Built 1975 Year Refurbished N/A Total Net Internal Floor Area (Sq.meters) 39,880 Occupancy Rate (%) 100% Market Value (u) 12,280,000 Vacant Possession Value (u) 9,550,000 Current Annual Rent (u) 1,314,971 ERV (u) 1,395,800 Number of Units 1 Number of Tenants 1 Initial Yield 10.10% Reversionary Yield 10.10% Property Number 5 Property Name Rueil Malmaison Property Type Office Region West Ile-de-France Year Built 1970 Year Refurbished N/A Total Net Internal Floor Area (Sq.meters) 5,355 Occupancy Rate (%) 100% Market Value (u) 12,890,000 Vacant Possession Value (u) 10,060,000 Current Annual Rent (u) 1,241,909 ERV (u) 1,017,450 Number of Units 1 Number of Tenants 1 Initial Yield 9.09% Reversionary Yield 9.09% Property Number 6 Property Name Mer Property Type Warehouse/Distribution Region Centre Year Built 2003 Year Refurbished N/A Total Net Internal Floor Area (Sq.meters) 21,513 Occupancy Rate (%) 100% Market Value (u) 11,860,000 Vacant Possession Value (u) 8,180,000 Current Annual Rent (u) 1,200,895 ERV (u) 986,472 Number of Units 1 Number of Tenants 1 Initial Yield 9.93% Reversionary Yield 8.15% 31
Property Number 7 Property Name Chatillon-sur-Seiche Property Type Warehouse/Distribution Region Bretagne Year Built 2003 Year Refurbished N/A Total Net Internal Floor Area (Sq.meters) 16,591 Occupancy Rate (%) 100% Market Value (u) 11,910,000 Vacant Possession Value (u) 8,890,000 Current Annual Rent (u) 1,093,723 ERV (u) 995,460 Number of Units 1 Number of Tenants 1 Initial Yield 9.00% Reversionary Yield 9.00% Property Number 8 Property Name Chapelle d’Armentières Property Type Warehouse/Distribution Region Nord-Pas-de-Calais Year Built 1976 Year Refurbished 1997 Total Net Internal Floor Area (Sq.meters) 32,804 Occupancy Rate (%) 100% Market Value (u) 10,720,000 Vacant Possession Value (u) 8,860,000 Current Annual Rent (u) 1,025,913 ERV (u) 1,090,000 Number of Units 1 Number of Tenants 1 Initial Yield 9.09% Reversionary Yield 9.09% Property Number 9 Property Name Marly la Ville Property Type Warehouse/Distribution Region North West Ile-de-France Year Built 1982 Year Refurbished N/A Total Net Internal Floor Area (Sq.meters) 21,840 Occupancy Rate (%) 55% Market Value (u) 10,590,000 Vacant Possession Value (u) 8,000,000 Current Annual Rent (u) 999,065 ERV (u) 978,360 Number of Units 2 Number of Tenants 1 Initial Yield 4.71% Reversionary Yield 8.72% 32
Page 1 and 2: FCC Proudreed Properties 2005 a Fre
Page 3 and 4: (having taken all reasonable care t
Page 5 and 6: CONTENTS SECTION PAGE PRINCIPAL CHA
Page 7 and 8: PRINCIPAL CHARACTERISTICS OF THE CO
Page 9 and 10: LTV Ratio: Security: Insurance: Mor
Page 11 and 12: DIAGRAMMATIC OVERVIEW OF PARTIES AN
Page 13 and 14: is one Business Day following such
Page 15 and 16: SARL Enoville is a French limited l
Page 17 and 18: Hedging Agreements. For a descripti
Page 19 and 20: For further details as to the risks
Page 21 and 22: 2. Tenant Concentration (Top 10 Ten
Page 23 and 24: 6. Sectoral Weightings: (Industrial
Page 25 and 26: Paris Properties 1. Summary descrip
Page 27 and 28: Property Name Property address Type
Page 29 and 30: 3. Lease type and length of lease S
Page 31: 7. Details of the Top Ten Propertie
Page 35 and 36: PRINCIPAL FEATURES OF THE NOTES Bel
Page 37 and 38: ‘‘AA’’ by Fitch and a ratin
Page 39 and 40: Interest Rate Risks Interest on the
Page 41 and 42: after among other things, payments
Page 43 and 44: same criteria as apply to the Secur
Page 45 and 46: Although any successor manager of a
Page 47 and 48: within the Property Portfolio relat
Page 49 and 50: this judicial procedure. The judgme
Page 51 and 52: Risks relating to Planning - Right
Page 53 and 54: (a) to obtain an order for, or paym
Page 55 and 56: Secured Properties The Secured Prop
Page 57 and 58: described under ‘‘Obligor Secur
Page 59 and 60: (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
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provided however that no such termi
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RESOURCES AVAILABLE TO THE BORROWER
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Reserve. Furthermore, in the event
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Obligor Post-Enforcement Priorities
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Account following the occurrence of
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(e) fifth, in or towards satisfacti
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On delivery of a Note Enforcement N
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VALUATION REPORTS 22 septembre 2005
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We attach schedule of values, divid
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15 June 2005 Proudreed France Sarl
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Finally, we would ask that neither
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Page 107 and 108:
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Finally, we would ask that neither
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Page 113 and 114:
Page 115 and 116:
This valuation is provided for the
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We confirm that we are able to comp
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Page 121 and 122:
Page 123 and 124:
We confirm that we are able to comp
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Page 127 and 128:
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For recently completed developments
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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
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We are in the opinion that the valu
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Assets of the Issuer Receivables an
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The Custodian will receive a fee, p
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et seq. of the French Monetary and
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THE BORROWERS The Paris Properties
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• borrowing or more generally rai
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Loan Capital: Commercial Mortgage L
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− and generally all transactions
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7 rue d’Amiens S.C.I. Introductio
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• granting any security interest
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1 - BALANCE SHEET - ASSETS Corporat
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3 - INCOME STATEMENT Corporate name
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NOTES TO THE ACCOUNTS Before repart
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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
Page 177 and 178:
3 - INCOME STATEMENT (CONTINUED) Co
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Corporate name: P.P.M.P.P. FIXED AS
Page 181 and 182:
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
Page 197 and 198:
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
Page 227 and 228:
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
Page 233 and 234:
(f) (i) (ii) agreed that until all
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Management Company and the relevant
Page 237 and 238:
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
Page 245 and 246:
Borrowers Account Bank means (i) in
Page 247 and 248:
(b) (B) not confer a direct or indi
Page 249 and 250:
FCC Servicer means each entity appo
Page 251 and 252:
La Défense, France respectively (o
Page 253 and 254:
Interest Period means each period f
Page 255 and 256:
(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-
Page 263 and 264:
Regulation S means Regulation S und
Page 265 and 266:
HSBC Bank plc 8 Canada Square Londo
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FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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