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I AGREE
Announcement:

Moody's affirms ratings of all notes issued by European Property Capital 3 p.l.c.

16 Jul 2008
Moody's affirms ratings of all notes issued by European Property Capital 3 p.l.c.

Approximately EUR407 million of debt securities affected

Frankfurt, July 16, 2008 -- Moody's Investors Service has today affirmed the following ratings of all classes of notes issued by European Property Capital 3 p.l.c., a large multi-borrower CMBS transaction originated and arranged by JP Morgan Chase Bank (amount reflects initial outstanding):

- The Aaa rating of the EUR311,500,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2015

- The Aa2 rating of the EUR31,800,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2015

- The A3 rating of the EUR32,100,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2015

- The Baa3 rating of the EUR31,312,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2015

Moody's rating affirmation has been prompted by potential concerns relating to: (i) the refinancing risk exposure of one of the loans in the pool, the CPFM loan, which matures on 31 January 2009, combined with (ii) the notification by Whirlpool, the sole tenant of the property securing this loan, that it will not renew its lease when it expires, one day after the loan maturity date. Moody's has concluded, however, based on an analysis of the current transaction, its stable performance to date and a reassessment of the three remaining loans in the pool, that all current ratings are still commensurate with their respective risk profile.

Moody's affirmation of the ratings is based on a new base case scenario that was established following its analysis of the current transaction. Several sensitivity scenarios were carried out assuming that the CPFM loan would default at maturity or that it would be refinanced in a timely manner. Moody's highlights that, depending on those two possible outcomes, there might be positive or negative rating volatility on the Class D Notes.

European Property Capital 3 p.l.c. represents a securitisation of originally five commercial mortgage loans (three loans as of the May 2008 interest payment date) secured by 62 properties located in the Netherlands, Italy and Portugal (currently 22 properties located in the Netherlands and Portugal).

The CPFM loan (4.8% of the current pool) is an interest-only loan secured by two warehouse properties located in the Netherlands and let to Whirlpool until January 2009. Due to current property market conditions and the high likelihood that the property could be vacant when the loan needs to be refinanced, the loan is now characterised by an increased refinancing risk profile. Further, assuming that the property would be vacant at loan maturity, its value would be negatively impacted.

The largest loan in the pool (the Randstad loan, 64.6% of the current pool) is secured by 18 office properties and two warehouses located in the Netherlands. This loan is subject to a business plan and is partially dependent on property disposals. Initially, Moody's gave some benefit to the sponsor's business plan, by assuming that approximately 30% of the property value would be disposed of. However, based on the current negative market developments, Moody's revised its initial assessment and reduced its base case disposal assumption by half, i.e. that approximately 15% of the property value will be sold by the maturity of the loan. Overall, the impact is limited and the loan becomes only slightly weaker compared with Moody's initial assessment.

The second largest loan in the pool (the Algarve loan, 30.6% of current pool) is secured by a shopping centre located in Portugal. Moody's initially considered this loan to have a weaker-than-average risk profile, mainly as a result of the original lease profile of the centre, with approximately 60% of leases being subject to break options or expiries in 2007. This pressure point has now passed and most leases were extended or spaces re-let. As a result, the risk profile of the loan during the remaining term of the loan has improved.

Overall, the transaction is performing in line with Moody's initial expectations. The weighted average U/W A-loan debt service coverage ratio has remained stable since closing (1.59% as of May 2008) and the weighted average U/W A-loan loan-to-value has decreased to 64.9% from 73.5% at closing.

Moody's will continue monitoring this transaction closely, especially with respect to the future development of the CPFM loan, as the loan approaches its refinancing date.

Moody's will publish a performance overview report on this transaction in the near future.

Further information on this transaction is available on www.moodys.com.

London
Daniel Kolter
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Isis Pinet
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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