MEZ Captal Basket Partizipationszertifikate

Produktname	A2FTV1 - Compartment 58 - EUR
ISIN	DE000A2FTV17
KATEGORIE	Basket linked - Real Estate
Compartment Nummer	58
Ausgabe Datum	27.04.2017
Währung	EUR
Stückelung	5.000
Basiswert	MEZ Capital basket
Mindesthandelsgröße	5.000
Anleihebetrag	500.000.000
Listing	Not applicable
DOKUMENTE	Reporting Referenzkorbzusammensetzung_per_26012023.pdf

Credit Event: DE000A2GSSV1

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2LGSSV1 EUREUR 1.175.000,00Currently the payments of the Bonds are delayed. The Security granted is sufficient. 5% on the respective Bonds notional, considered only in the bid Price of the MEZ Capital Basket Tracker. This results in an increase of the bid offer spread roughly 0.25% as new Investors can only buy into the MEZ Capital Basket Tracker based on an unadjusted valuation.

Credit Event: DE000A2GSP07

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSP07 EUREUR 1.763.000,00Currently the payments of the Bonds are delayed. The Security granted is not sufficient. Additional sufficient security has not been provided for more then 4 weeks now.20% on the respective Bonds notional at the Bonds initial maturity date.

Credit Event: DE000A2G8TK8

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2G8TK8 EUREUR 6,062,574,00Currently the payments of the Bonds are delayed. The Security granted is not sufficient. Additional sufficient security has not been provided for more then 4 weeks now. The Issuer is not providing further Information. 50% on the respective Bonds notional due to payment default.

Credit Event: DE000A2LQ4H7

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2LQ4H7 EUREUR 1.249.000,00Currently the payments of the Bonds are delayed. The Security granted is not sufficient. 10% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A2GSKS4

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSKS4 EUREUR 3.390.000,00Currently the payments of the Bonds are delayed. The Security granted is not sufficient. 10% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A2GSEW9

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSEW9 EUREUR805.000Currently the payments of the Bonds are expected to be delayed. The Security granted are sufficient. 5% on the respective Bonds notional due to payment default.

Credit Event: DE000A2GSM34

ISINCCYCurrency Notional in BasketComments Value IncreaseDE000A2GSM34 EUREUR 805000The issuer refused to sign a proposed prolongation and did not carry any redemption. Therefore the bond is now in default. 5% devaluation of the bond value if the value of the collateral exceeds the nominal value of the project bond at the discretion of the reference basket advisor.

Credit Event: DE000A2GSM34

ISINCCYCurrency Notional in BasketComments Value IncreaseDE000A2GSM34 EUREUR 907001.55We had previously devalued this bond by 5% on the basis of the valuation guidelines, as sufficient collateral was available. The issuer has engaged a lawyer who considers the interest to be immoral. Our lawyer is convinced that the issuer's lawyer is wrong (bond instead of loan, issued by the company). However, as the dispute could also have an impact on the collateral, we recommend increasing the devaluation.Further 5% devaluation so a total of 10% devaluation. 10% of the bond value if the value of the collateral exceeds the nominal value of the project bond at the discretion of the reference basket advisor.

Credit Event: DE000A19M7B7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A19M7B7 EUREUR 2712000Closing of the sales contract is delayed. The security granted exceeds the notional amount.5%

Credit Event: DE000A2NBFN7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A2NBFN7 EUREUR 3688790.52Claim of cancellation of a Collateral is filed against the basket advisor, thus the Collateral value is not sufficient to cover the nominal value of the project bond at the discretion of the reference basket advisor.Devaluation of 10% of the Bond Notional in the Basket

Credit Event: DE000A2GSP07

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSP07 EUREUR 1.763.000,00Payments of Bonds were previously delayed. Completion and Sales of the current Project is proceeding slowly. Due to insufficient communication and no additional collateral, the Basket advisor recommends further Devaluation.The bond was devalued by 20% earlier, a further 10% Devaluation is recommended

Credit Event: DE000A2G8TK8

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2G8TK8 EUREUR 5278.000,00 The existing credit situation hasn't shown any progress despite of efforts involving Legal experts. The Corona Crisis is worsening the Situation. Hence the Basket Advisor recommends a further devaluation Further 20% Devaluation is recommended. Current value stands at 33.61% of bond notional in the Basket

Credit Event: DE000A2GSM34

ISINCCYCurrency Notional in BasketComments Value IncreaseDE000A2GSM34 EUREUR 907001.55We had previously devalued this bond by 10% on the basis of the valuation guidelines, as sufficient collateral was available. The issuer has engaged a lawyer who considers the interest to be immoral. In addition of the legal dispute, additional collateral is unlikely due to Corona Crisis and issuer's credit rating has deteriorated considerably.Further 10% devaluation so a total of 20% devaluation.

Credit Event: DE000A2LQ4H7

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2LQ4H7 EUREUR 1.249.000,00Currently the payments of the Bonds are delayed. The Security granted is not sufficient. A further 10% devaluation is recommended 20% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A2NBFN7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A2NBFN7 EUREUR 3688790.52The Collateral value is not sufficient to cover the nominal value of the project bond at the discretion of the reference basket advisor. No further collateral is recieved. Hence a further devaluation of 10% is recommendedDevaluation of 20% of the Bond Notional in the Basket

Credit Event: DE000A2TSS90

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2TSS90 EUREUR 1867002.60Due to uncertainties in the sale of the purchase price and date, the advisor advises devaluation of the Bond. Bond is sufficiently collateralised Devaluation of 5% on the Bond notional

Credit Event: DE000A2R9Y10

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2R9Y10 EUREUR 859000Due to a default of a promised payment from Commerzbank , the advisor advises devaluation of the Bond. Bond is sufficiently collateralised Devaluation of 5% on the Bond notional

Credit Event: DE000A2LQ4H7

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2LQ4H7 EUREUR 1.081693,95Payments of the Bonds are further delayed. . The Security granted is not sufficient. & Additional collateral can not be provided. A further 10% devaluation is recommended 30% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A2YN7B1

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2YN7B1 EUREUR 2881000Redemption and interest payments of the Bonds are delayed. A part will be payed at the End of September 2020 and rest plus Interest until 28.02.2021 . The Security granted iare sufficient as per the Advisor. 5% on the respective Bonds notional at the Bonds

Credit Event: DE000A2TSP02

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2TSP02 EUREUR 1594000There were delayes in redemption from the Bank & dealyes in Project, Sales affected by Corona crisis. The advisor expects a signed differral Commitement The Security granted iare sufficient as per the Advisor. 5% on the respective Bonds notional at the Bonds

Credit Event: DE000A2GSM34

ISINCCYCurrency Notional in BasketComments Value IncreaseDE000A2GSM34 EUREUR 907001.55We had previously devalued this bond by 20% on the basis of the valuation guidelines, Further sales efforts did not succeed due to Corona crisis, Hence a further devaluation is recommended.Further 10% devaluation so a total of 30% devaluation.

Credit Event: DE000A2NBFN7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A2NBFN7 EUREUR 3688790.52The Collateral value is not sufficient to cover the nominal value of the project bond at the discretion of the reference basket advisor. No further collateral is recieved. Addiionally the Personal situation of the managing director can endanger the company. Hence a further devaluation of 10% is recommendedDevaluation of 30% of the Bond Notional in the Basket

Credit Event: DE000A2GSKS4

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSKS4 EUREUR 3.390.000,00Currently the payments of the Bonds are delayed due to Project related issues leading to bankruptcy of the original construction company and additional costs involing a new construction company. The Security granted is not sufficient. A further 10% devaluation is recommended.20% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A2GSSV1

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2GSSV1 EUREUR 1.175.000,00Currently the payments of the Bonds are delayed. The Security granted is sufficient. Previously the Bid Price was adjusted, now the basket advisor recommends to change the Ask Price as well.5% on the respective Bonds notional, considered in both the in the Bid & Ask Price of the MEZ Capital Basket Tracker.

Credit Event: DE000A2NBJG3

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2NBJG3 EUREUR3926885.76The basket advisor recommends a devaluation on grounds of the Deferral. Value of Collateral exceeds nominal value of the Bond . Bond should be devalued 5% to value of 3730541.47 €

Credit Event: DE000A2TR042

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2TR042 EUREUR 1809000 The basket advisor recommends a deferral till 30.11.2020 on grounds of the Delays in the construction project. Value of Collateral exceeds nominal value of the Bond . Bond should be devalued 5% to value of 1718550 € from current value of 1809000€

Credit Event: DE000A2NBSF6

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2NBSF6 EUREUR7154959.23 The basket advisor recommends a devaluation on grounds of the Deferral. Value of Collateral exceeds nominal value of the Bond . Bond should be devalued 5% to value of 6797211.27€ from current value of 7154959.23€

Credit Event: DE000A2YN7W7

ISINCCYCurrency Notional in BasketComments Value IncreaseDE000A2YN7W7 EUREUR 980000Due to uncertainty of the repayment of this bond, interest calculation will be suspended until further notice

Credit Event: DE000A2NBFN7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A2NBFN7 EUREUR 3688790.52The basket advisor recommends further devaluation on the following ground: As already communicated on 27.02.2020, additional securities were demanded from the owner. OLG Stuttgart has deemed the demand illegal and therefore should be released without payment. Filling of further appeals is not possibleIncrease devaluation of from 30% to 50% of the Bond Notional in the Basket

Credit Event: DE000A2TR042

ISINCCY Notional in BasketComments Value ReductionDE000A2TR042 EUR 1809000Due to further delays the basket advisor recommends an additional Value Reduction. Bond should be devalued by 5% to value of 1628100 € from current value of 1718550€. In total the Value is reduced by 10%

Credit Event: DE000A19M7B7

ISINCCYCurrency Notional in BasketComments Value AdjustmentDE000A19M7B7 EUREUR 4719796.38 We have received the message that the sale of the property is delayed and another deferral is necessary.Increase from 5% to 10%

Credit Event: DE000A2LQ4H7

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A2LQ4H7 EUREUR 1352117.44 Payments of the Bonds are further delayed. . The Security granted is not sufficient. & Additional collateral can not be provided. A further 10% devaluation is recommended 50% on the respective Bonds notional at the Bonds initial maturity date

Credit Event: DE000A255CL3

ISINCCYCurrency Notional in BasketComments Value ReductionDE000A255CL3 EUREUR 4525000 According to the valuation guidelines in the term sheet, we as basket advisors recommend the devaluation on grounds of deferral as a prolongation was not possible due to the LTV's being exceeded10%

Credit Event: DE000A2YN7B1

ISIN: DE000A2YN7B1 Currency: EUR Notional in Basket: 2881000 Comments: The bond will be repaid in full. Thus a revaluation is recommended by the Basker Advisor. Value Upgrade: (144050 €) +5% on the respective Bonds notional in the compartment

Credit Event: DE000A2GSSV1

ISIN: DE000A2GSSV1 Currency: EUR Notional in Basket: 1175000 Comments: The bond will be repaid in full. The redemption amount will be transferred according to the deferral agreement until 31.03.2021. Thus a revaluation is recommended by the Basker Advisor. Value Upgrade: +476873.3€ (+40.06% on the respective Bonds notional in the Basket)

Credit Event: DE000A2LQ0C6

ISIN: DE000A2LQ0C6 Currency: EUR Notional in Basket: 363204.92€ Comments: On the ground of new information, the Basket Advisor recommends further devaluation from 5% to 10% and recommends approval of the Deferral agreement Current NAV: 345044.68€ NAV after Devalauion: 326884.43€

Credit Event: DE000A2YN7W7

ISIN: DE000A2YN7W7 Currency: EUR Notional in Basket: 980000€ Comments: The Basket Advisor informs it is no more possible to contact the Issuer and thus recommends devaluation of 50% as per valuation guidelines. Current NAV: 950058.90€ NAV after Devalauion: 475029.45€

Credit Event: DE000A2NBF09

ISIN: DE000A2NBF09 Currency: EUR Notional in Basket: 1008660.03€ Comments: The Basket Advisor informs that existing collateral is not sufficient as per the current situation. Thus, recommends a 5% devaluation Current NAV: 1008660.03€ NAV after Devalauion: 958660.03€

Credit Event: DE000A2LQ0C45

since last impairment in May it was not possible to get new securities. Given that fact the impairment will be increased by additional 10% leading to total impairment of 20%. NAV in portfolio after additional impairment 326.884,43

Credit Event DE000A2SA7T6

Due to current Corona Situation it was not possible to get the approvals from the authorities in time. Due to this the Repayment of the Bond was prolonged. According to Advisor this will lead to a value Adjustment of 5%. NAV in Portofolio after Value Adjustment: 2.324.437,96 €

Credit Event DE000A194TW5

Credit Event DE000A2LQSA9

As part of the ongoing review of collateral, it was determined at RE 1 GmbH that the existing collateral is no longer sufficient and therefore requires a write-down. According to Advisor this will lead to a value Adjustment of 50%. NAV in Portofolio after Value Adjustment: 881055.66 €

Credit Event DE000A255CL3

Due to Corona-related delays in completion, the repayment will be further delayed. As a precautionary measure, in accordance with the valuation guidelines in the term sheet, the basket advisor recommend an increase in the devaluation already set from 10% to then 20% and a follow-up deferral until 30.11.2021. Current NAV in portfolio: 3,773,850 € NAV in Portofolio after Value Adjustment: 3,321,350 € Total devaluation (new): 20%

Credit Event DE000A2GSM34

The basket advisor recommends further devaluation, as all previous measures were unsuccessful with the above issuer & service of the enforceable executions was not possible, The issuer approached the Basket advisor to reorganize the liabilities within the framework of an out-of-court debt settlement. The Basket Advisor has received a settlement proposal for EUR 150,000.00, which they recommend accepting and a devaluation of the position in the Basket to this value. Value without devaluation and before partial redemption: 907,001.55 € Current NAV in portfolio: 386,110.56 € (Including previous devaluations) NAV in Portfolio after current Value Adjustment: 150,000 €

Credit Event DE000A2SA7T6

Due to the lack of current information regarding the delays in completion, the Basket Advisor recommends an increase in devaluation for IHS Hauffgasse 29 Immobilienentwicklung GmbH. Increase of devaluation to: 10% NAV in Portofolio after current Value Adjustment: 2.202.099,12 €

Credit Event DE000A194TW5

Due to the lack of current information regarding the delays in completion, the Basket Advisor recommends an increase in devaluation for IHS Preysinggasse 29 Immobilienentwicklung GmbH from 5% to 10% Increase of devaluation to 10% NAV in Portfolio after current Value Adjustment: 1.989.656,06€

Credit Event DE000A2SB1W2

Due to the lack of current information regarding the delays in completion, the Basket Advisor recommends an increase in devaluation for IHS Breitenfurter Straße 85-87 Immobilienentwicklung GmbH from 5% to 10% Increase of devaluation to 10% NAV in Portfolio after current Value Adjustment: 836.170,92€

Credit Event DE000A194TW5

Due to the lack of current information regarding the delays in completion, the Basket Advisor recommends an increase in devaluation for IHS Preysinggasse 29 Immobilienentwicklung GmbH from 10% to 20% Increase of devaluation to 20% NAV in Portfolio after current Value Adjustment: 1,768,583.17 €

Credit Event DE000A2SB1W2

Due to the lack of current information regarding the delays in completion, the Basket Advisor recommends an increase in devaluation for IHS Breitenfurter Straße 85-87 Immobilienentwicklung GmbH from 10% to 20% Increase of devaluation to 20% NAV in Portfolio after current Value Adjustment: 743.263,04€

Credit Event DE000A2LQ0C56

Terrabau Grundbesitz GmbH (formerly terrabau Projektgesellschaft Seestraße mbH) is behind schedule with the construction site as it has not yet been completed. Thus, the buyers have substantial claims for damages due to the delays. The basket advisors therefore recommended the following increase in devaluation in accordance with the valuation guidelines in the term sheet: Increase of devaluation to 50% (Previous devaluation 30%) Current NAV in Portfolio before current Value Adjustment: 290.563,94€ NAV in Portfolio after current Value Adjustment: 181.602,46€

Credit Event DE000A2GSKS4

The Basket Addvisor has received further information that the remaining purchase price installments will not be sufficient to service the outstanding receivables due to the considerable increases in construction costs and the now more than 5-year construction period. In the meantime, the compensation claims of the buyers are also so high that the remaining purchase price installments will be/were significantly reduced. The Basket Advisor therefore recommend an increase in the previous devaluation by a further 30% to a total of 50% until the common property is completed and handed over and thus the construction site is also completed Increase of devaluation to 50% (Previous Devaluation 20%) Current NAV in Portfolio before current Value Adjustment: 2,907,996.24€ NAV in Portfolio after current Value Adjustment: 1,817,497.65€

Credit Event DE000A2YN7W7

At the time of the issue in December 2019, a security deposit for a real estate purchase was required by the municipality of Sasbachwalden - the issue was set up for this purpose. For various reasons, the municipality did not complete the sale of the property with the issuer. The fees for Finanzmanagement Buchner GmbH and Pegasus Vermögensmanagement AG in the amount of € 184,176.60, which were financed through the issue, will be transferred back to the compartment by the two companies. The following devaluations are recommended by the Basket advisor: Increase of devaluation to 73,69% (Previous Devaluation 50%) Current NAV in Portfolio before current Value Adjustment: 475,029.45 € NAV in Portfolio after current Value Adjustment: 175,029.45 €

Credit Event DE000A2SB1W2

Insolvency proceedings have been opened against the assets of the above mentioned issuer and the liquidator has sold the existing assets (real estate in Vienna Breitenfurter Straße 85-87). Currently, there is no settlement of the liquidator yet, but the proceeds are not sufficient to redeem the bond. Therefore, the basket advisor recommends the following complete devaluation according to the valuation guidelines in the term sheet: Increase of devaluation to 100% (Previous Devaluation 20%) Current NAV in Portfolio before current Value Adjustment: 743,263.04 € NAV in Portfolio after current Value Adjustment: 0€

Credit Event DE000AA2NBJH1

The issuer has now been notified by the insolvency administrator of impending tax payments from the sale of the property in Leipzig, so that the payment/disbursement of the funds from the insolvency of the purchased receivable is delayed. Currently, the tax payment is being reviewed. We will then receive a statement from the insolvency administrator as to how high the repayment will then be. The basket advisors recommends the following devaluation for security reasons in accordance with the valuation guidelines in the term sheet: Increase of devaluation to 20% (Previous Devaluation 0%) Current NAV in Portfolio before current Value Adjustment: 869,200.32 € NAV in Portfolio after current Value Adjustment: 695,360.26€

Credit Event DE000A2RZ3T7

The basket advisors recommends the following devaluation for security reasons in accordance with the valuation guidelines in the term sheet: Increase of devaluation by 100000€ NAV in Portfolio after current Value Adjustment: 2102099.12€

Credit Event DE000A254Y50

Due to the current situation (construction progress well behind the construction schedule and further delays on the construction site), the basket advisors recommends increasing devaluation for security accordance with the valuation guidelines in the term sheet: Increase of devaluation by 10% (Total 20%) NAV in Portfolio after current Value Adjustment: 1,575,370.80 €

Credit Event DE000A255CL3

Due to Corona-related delays in completion, the repayment will be further delayed. As a precautionary measure, in accordance with the valuation guidelines in the term sheet, the basket advisor recommend an increase in the devaluation already set from 20% to 50% Current NAV in portfolio: 3,321,350.00 € NAV in Portofolio after Value Adjustment: 1,963,850.00 € Total devaluation (new): 50%

Credit Event DE000A2TR042

Due to the delays in the construction project (consequences of the Corona pandemic, delivery problems and the associated interruptions in the work on the construction project), the developer has come into financial difficulties, so that the construction site is currently at a standstill. At RCS Real Services Objektgesellschaft mbH & Co. KG (DE000A2TR042), attempts to reach an agreement with the company have failed. As a consequence, the company has to file for insolvency. In this context, we as basket advisors recommend, in accordance with the valuation guidelines, an increase in the devaluation by 40% (to 50%) Current NAV in portfolio: 1,628,100.00 € NAV in Portofolio after Value Adjustment: 904,500.00 € Total devaluation (new): 50%

Credit Event DE000A2YNVJ4

APPART NUOVO GmbH (DE000A2YNVJ4) has suffered a fire at the construction site. The estimated costs for restoration (repair of fire damage, if necessary deconstruction and reconstruction) amount, according to the estimate of the developer, to approximately € 1.2 million. There are insurances (building shell insurance of the developer, liability insurance of the general contractor and the subcontractor), so that an insurance cover is currently assumed. The situation is currently being reviewed by and with the insurers of the developer and the companies involved as to whether and who will settle this claim. In particular, it is being examined how the increased procurement costs of the damaged components, delay of the completion date, etc. will be taken into account. will be taken into account. In this context, we as basket advisor recommends a devaluation in the amount of the estimated costs of € 1.2 million: Current NAV in portfolio: 9,853,210.38 € NAV in Portofolio after Value Adjustment: 8,197,469.58€ Total devaluation : 1,200,000.00 €

Credit Event DE000A19M7B7

The buyer of Amici St. Margarethen Projektentwicklung GmbH (DE000A19M7B7) has withdrawn from the contract, despite the fact that the purchase agreement has already been notarized. Thus, the negotiations are now back to square one and a new buyer has to be found. Currently, the project developer is already in negotiations with interested parties - however, due to the current situation (Corona pandemic, Ukraine crisis) it is not foreseeable how long this sales process will take. In this context, we as basket advisors recommend, in accordance with the valuation guidelines, to increase the devaluation by 10% (to 20%) Current NAV in portfolio: 4,247,816.74€ NAV in Portofolio after Value Adjustment: 3,775,837.10 € Total devaluation (new) : 20%

Credit Event DE000A2TR4X5

at Projektbau Gersthofen City GmbH & Co. KG (DE000A2TR4X5), the bond cannot now be redeemed at maturity. Due to the developments on the construction site (delays caused by the Corona pandemic, construction cost development) the situation of the company has deteriorated significantly. In this context (deterioration of the collateral situation), we as basket advisor recommend a devaluation of 20% Current NAV in portfolio: 3,169,093.44 € NAV in Portofolio after Value Adjustment: 2,535,274.75€ Total Devaluation : 20%

Credit Event DE000A254PC7

At AMADEUS IMMOBILIEN VERWALTUNGS GmbH (DE000A254PC7) the buyer of a property has withdrawn from the notarized sales contract. For this reason, redemption is not possible in the short term and the sales process must be restarted. Therefore, the basket advisor recommends an increase of the devaluation by 5% (Total 10%) Current NAV in portfolio: 2,554,605.22 € NAV in Portofolio after Value Adjustment: 2,420,152.32 € Total Devaluation : 10%

Credit Event DE000A2G8WV9

at AMADEUS IMMOBILIEN VERWALTUNGS GmbH (DE000A2G8WV9) from a sale of a property the buyer has withdrawn from the notarized sales contract. For this reason a redemption is not possible in the short term and the sales process has to be restarted. The basket advisor recommends an increase of the devaluation by 5% (Total 10%) Current NAV in portfolio: 2,240,025.22 € NAV in Portofolio after Value Adjustment: 2,122,129.15 € Total Devaluation : 10%

Credit Event DE000A2NBFH9

at AMADEUS IMMOBILIEN VERWALTUNGS GmbH (DE000A2NBFH9) from a sale of a property the buyer has withdrawn from the notarized sales contract. For this reason a redemption is not possible in the short term and the sales process has to be restarted. The basket advisor recommends an increase of the devaluation by 5% (Total 10%) Current NAV in portfolio: 1,130,726.29 € NAV in Portofolio after Value Adjustment: 1,071,214.38 € Total Devaluation : 10%

Credit Event DE000A2TR4X5

Due to the continuing difficult situation at Projektbau Gersthofen City GmbH & Co. KG (construction progress significantly behind schedule and further delays at the construction site), an increase of the previous devaluation is necessary. In this context, the basket advisor recommends an increase of devaluation by 30% (to 50%) Current NAV in portfolio: 2,535,274.75€ NAV in Portofolio after Value Adjustment: 1,584,546.72€ Total Devaluation : 50%

Credit Event DE000A254XZ2

In the case of Verwaltung "Hotel Aegir" Sassnitz GmbH & Co. KG, there is a buyer for the property, but the subsequently registered land charge creditor is blocking the sale. For this reason, the sale is delayed.An agreement between the owner and the subordinated creditor is not in sight. In this context, the basket advisors recommends to set a devaluation of 10% Current NAV in portfolio: 4,812,945.48€ NAV in Portofolio after Value Adjustment: 4,331,650.72€ Total Devaluation : 10%

Credit Event DE000A194TW5

Due to the lack of further information on the part of the issuer with regard to the sales or their settlement and also the completion,the basket advisor recommends to increase the devaluation of IHS Preysinggasse 29 Immobilienentwicklung GmbH by 30%. Insolvency proceedings have been initiated. The liquidation of the units that have not yet been sold is being pursued by the liquidator. NAV in Portfolio before current Value Adjustment: 1,768,583.17 € NAV in Portfolio after current Value Adjustment: 1,105,164.48 € Total Devaluation: 50%

Credit Event DE000A254T40

At Residenzen Sellin Wilhelmstr. 37 GmbH & Co. KG there is a buyer for the property, but the subsequently registered land charge creditor is blocking the sale. For this reason, the sale is delayed. An agreement between the owner and the subordinated creditor is not in sight. In this context, the basket advisors recommends to set a devaluation in the amount of 10% NAV in Portfolio before current Value Adjustment: 5,121,201.28 € NAV in Portfolio after current Value Adjustment: 4,609,081.15 € Total Devaluation: 10%

Credit Event DE000A254Y50

Due to the current situation (construction progress well behind the construction schedule and further delays on the construction site), the basket advisors recommends increasing devaluation for security by further 30%: Increase of devaluation by 30% (Total 50%) NAV in Portfolio before current Value Adjustment: 1,575,370.80 € NAV in Portfolio after current Value Adjustment: 984,614.40 €

Credit Event DE000A2YN7B1

At Shoval Residential GmbH & Co. KG (DE000A2YN7B1), sales activities are very slow and a timely sale of the remaining units is currently not foreseeable. In this context, we as basket advisors recommend a devaluation of 10%:, Increase of devaluation by 10% (Total 10%) NAV in Portfolio before current Value Adjustment: 1,422,032.79 € NAV in Portfolio after current Value Adjustment: 1,279,829.51 €

Credit Event DE000A254T40

At Residenzen Sellin Wilhelmstr. 37 GmbH & Co. KG there is a buyer for the property, but the subsequently registered land charge creditor is blocking the sale. For this reason, the sale is delayed. An agreement between the owner and the subordinated creditor is not yet reached In this context, the basket advisors recommends to increase the devaluation by 10% to 20%. NAV in Portfolio before current Value Adjustment: 4,609,081.15 € NAV in Portfolio after current Value Adjustment: 4,096,961.02 € Total Devaluation: 20%

Credit Event DE000A254XZ2

In the case of Verwaltung "Hotel Aegir" Sassnitz GmbH & Co. KG, there is a buyer for the property, but the subsequently registered land charge creditor is blocking the sale. For this reason, the sale is delayed.An agreement between the owner and the subordinated creditor has not yet been reached. Furthermore, no additional new collateral has been provided by the issuer. In this context, the basket advisors recommends to increase the devaluation from 10% to 20% Current NAV in portfolio: 4,331,650.72€ NAV in Portofolio after Value Adjustment: 3,850,356.38 € Total Devaluation : 20%

Credit Event DDE000A289LL3

At care.space GmbH, a replacement was planned at expiry, but this could not be fulfilled on time. The advisor has received evidence that this will now take place in a timely manner. In this context, The Basket advisor recommends that a write-down of 5% be recognized in accordance with the valuation guidelines in the term sheet: Current NAV in portfolio: 1,350,745.20 € NAV in Portofolio after Value Adjustment: 1,283,207.94 € Total Devaluation : 5%

Credit Event: DE000A2NBJG3

The issuer "BEL AIR Verwaltungs GmbH" has made no redemptions on bond DE000A2NBJG3 due issues reagrding land registers and has approached advisor regarding settlement. The advisor recommed a acceptance of the settlement and a corresponding devaluation Current NAV in portfolio: € 3,730,541.47 NAV in Portofolio after Value Adjustment: € 3,500,000 Devaluation : 10.87%

Credit Event DE000A254T40

at Residenzen Sellin Wilhelmstr. 37 GmbH & Co. another creditor has filed for insolvency. Insolvency proceedings have now been initiated against the assets of the issuer. In this context, the advisor recommends to increase the devaluation from 20% to 50% NAV in Portfolio before current Value Adjustment: 4,096,961.02 € NAV in Portfolio after current Value Adjustment 2,560,600.64 € Total Devaluation: 50%

Credit Event DE000A289XP9

Due to the situation on the real estate market, the sales activities have not yet been successful in selling the offered properties. In this context, the advisor recommends devaluation of 5%: Company: Leyherstraße 9 GmbH & Co KG ISIN: DE000A289XP9 NAV in Portfolio before current Value Adjustment: 8.586,346.14 € NAV in Portfolio after current Value Adjustment 8,157,028.83 € Total Devaluation: 5%

Credit Event DE000A289N94

Due to the situation on the real estate market, the sales activities of Sonnenhof Bad Windsheim GmbH & Co KG have not yet been successful in selling the properties offered. In addition, the previous buyer has not paid the purchase price and therefore a reversal will probably be necessary. In this context, the advisor recommends devaluation of 5%: NAV in Portfolio before current Value Adjustment: 3.646,093.77 € NAV in Portfolio after current Value Adjustment 3,463,789.08 € Total Devaluation: 5%

Credit Event DE000A2SA7T6

Due to insolvency related proceedings the Basket advisor identifies that The risk provisioning to date is not sufficient for Hauffgasse 29 Immobilienentwicklung GmbH. The basket advisor recommends a further (final) risk provision of € 38,601.02. Current NAV: 2,102,099.12 Increase of devaluation: 38,601.02 NAV in Portofolio after current Value Adjustment: 2,063,498.10 €

Credit Event DE000A2GSKS4

The Basket Advisor received further information from the issuer "Bethlehem Carré GmbH" (ISIN: DE000A2GSKS4) that completion has been further delayed and that the purchasers' claims for damages have increased as a result. As a result, the remaining purchase price installments will be significantly reduced and repayment will only be possible to a limited extent. The Basket Advisor recommends increasing the previous devaluation by a further 25% to a total of 75% Increase of devaluation to 75% (Previous Devaluation 50%) Current NAV in Portfolio before current Value Adjustment: 1,817,497.65€ NAV in Portfolio after current Value Adjustment: 908,748.82€

Credit Event DE000A2YN7B1

The issuer Shoval Residential GmbH & Co.KG (ISIN: DE000A2YN7B1) has now sold all units except for 5 apartments. Due to the current situation on the real estate market, the calculated sales prices can no longer be achieved and therefore it is likely that the residual value cannot be repaid in full. For this reason, The Basket Advisor recommends increasing the existing risk provision by a further 10%. Increase of devaluation by 10% (Total 20%) NAV in Portfolio before current Value Adjustment: 1,279,829.51 € NAV in Portfolio after current Value Adjustment: 1,137,626.23 €

Credit Event: DE000A2NBFN7

The issuer DIB Deutsche Immobilien Beratung und Verwaltung GmbH (ISIN: DE000A2NBFN7) has a massive delay in the completion of the construction project of its subsidiary. This has an impact on the issued bond, as the buyers will claim damages and the redemption amount will be reduced as a result. The Basket Advisor has recommend to increase the devaluation from 50% to 70% Increase of devaluation by: 25% (Total 75%) NAV before devaluation: 1,844,395.26€ NAV after devaluation: 922,197.26€

Credit Event: DE000A3E5VP0

At Lange Invest GmbH a redemption was planned at expiration, this could not be fulfilled in due time. The managing director has proven to the Basket Advisor that he is actively working on the debt restructuring and is in negotiations with banks. In this context, the Basket Advisor recommends to set a devaluation of 5%: Increase of devaluation by: 5% (Total 5%) NAV before devaluation: 1,431,357.95€ NAV after devaluation: 1,359,790.26€

Credit Event DE000A2TR4X5

Due to the continuing difficult situation at Projektbau Gersthofen City GmbH & Co. KG (construction progress significantly behind schedule and further delays at the construction site), an increase of the previous devaluation is necessary. In this context, the basket advisor recommends an increase of devaluation by 30% (to 50%) Current NAV in portfolio: 1,584,546.72€ NAV in Portofolio after Value Adjustment: 625,000.00€ Total Devaluation : 80,28%

Credit Event: DE000A2LQ0C6

ISIN: DE000A2LQ0C6 Currency: EUR Notional in Basket: 181.602,46€ Comments: On the ground of new information, the Basket Advisor recommends further devaluation from 50% to 86,23% and recommends approval of the Deferral agreement Current NAV: 181.602,46€ NAV after Devalauion: 50.000,00€

Credit Event DE000A255CL3

A sale of the Loan has been agreed for the amount of 1.100.00,00 €. There for the below adjustment is warranted. Current NAV in portfolio: 1,963,850.00 € NAV in Portofolio after Value Adjustment: 1,100,000.00 € Total devaluation (new): 71,99%

Credit Event: DE000A2G8TK8

ISIN: DE000A2G8TK8 Currency: EUR Notional in Basket: 1.774.394,36€ Comments: On the ground of new information, the Basket Advisor recommends further devaluation from 70% to 78,02%. Current NAV: 1.774.394,36€ NAV after Devalauion: 1.300.000,00€