Content. Hercules (Eclipse ) plc Quarterly Surveillance Report for the Collection Period July October 2011 Issue Date: 19th December 2011

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1 Content Hercules (Eclipse ) plc Quarterly Surveillance Report for the Collection Period July October 2011 Issue Date: 19th December 2011

2 Content INDEX Deal Overview 3 Activity since last reporting 4 Contact details 7

3 Deal Overview The transaction consists of 13 loans, originated by Barclays Bank PLC, and all domiciled in the UK, in the sum of 787m. The loans vary in size from 3.9m to 83.2m with a weighted average of 30.9m and they similarly vary from single asset/single tenant to multi asset/multi tenant. In total there are 136 properties securing the 13 loans. 3 of the loans have since been prepaid or liquidated. The loans are diversified in terms of property type and geographical location. Geographically, the largest concentration is Greater London (52.3%) and the East Anglia (29.5 %). The remainders are spread throughout 10 areas of the UK, with the South East accounting for 5.2% and no other area accounting for more than 10%. With regards to property type, office account for 47.9%, healthcare (nursing home) 9.2%, retail 38.0%, hospitality 0.3% and mixed use 4.6%. Three of the loans have B note structures; River Court, Cannon Bridge, and Booker Portfolio. In addition the Ashbourne Portfolio A loan, totaling 79.9m, is a super senior portion of the senior tranche of the Ashbourne Portfolio Whole Loan that also has two further senior tranches, a mezzanine tranche and a junior tranche. Capita will act as both Primary and Special Servicer to the issuer.

4 Activity since last Reporting River Court This loan is secured predominantly against an office accommodation and a retail unit in Greater London. The loan makes up 26% of the securitisation and matures on 17 October ICR/DSCR coverage for Q is 1.09x/1.01x, the same as it was in Q The loan amortised by 259,000, as scheduled this quarter. The Property is fully let and there are no non-recoverable costs. The loan has no cash trap or DSCR covenant. Chapelfield This loan facility is secured against a modern shopping centre located in a regional centre, Norwich, East Anglia. The loan makes up 27% of the securitisation and it matures in on 18 April The centre is occupied by a number of national retailers and a smaller number of local tenants. The cash flow for Q was able to fully service interest and amortisation this quarter, however there are some issues with borrower s reporting, which we are working to resolve. Canon Bridge This loan is secured against a multi-tenanted office building located in Central London. The loan makes up 20% of the securitisation and matures on 17 January 2015 following a restructure. All debt service has been made by the borrower this quarter and the Quarterly Property reporting has been received in full. Following the re-hedging of the loan the current quarterly ICR is at 1.05x with projected ICR at 1.13x; escrow funds are no longer needed to top-up the loan finance costs to covenant levels.

5 The property is fully let with WALT at years. There are no significant nonrecoverable expenses or rent arrears. No material changes to be reported this quarter. Booker This loan is secured against a portfolio of 30 retail warehouses across the UK and makes up 8% of the securitisation. The loan matures on 18 October Q ICR/DSCR coverage is 1.79x/1.29x in comparison to 1.76x/1.27x in Q No surplus funds are released to the Borrower as they are used to amortise the loan. This quarter, only the senior loan was amortised by 327,482. The occupancy rate is 100%. We currently have 39,095 in the Escrow Account. The next rent review is in Feb There are no lease breaks until Feb 2025 and all leases expire in Feb Endeavour This loan is secured against mixed use and office space in London, Essex and Oxfordshire. The loan makes up 6% of the pool and it matures in July Q ICR is 1.39x in comparison to 1.45x in Q The slight decrease in coverage is the result of decrease in NOI as a result of arrears. Occupancy rate stands at 99% and WALT is 7.03 years. No material changes to be reported this quarter. Welbeck The loan is secured by 44 properties (geographically dispersed throughout England and Scotland) which with two exceptions are retail units given over to use as amusement arcades. The remaining two properties are let to bingo hall operators. No one property comprises more than 8% by original value of the total portfolio. The whole loan is included in the securitisation and has a loan maturity of 18 July A borrower level swap terminates 5 years post loan maturity date. There is no LTV covenant.

6 All debt service payments were made during Q with surplus rent discharged to the borrower s General Account. The ICR trend continues to improve reflecting the reducing UPB through amortisation. Arrears are de minimus at less than 2% of the quarterly rent roll, with negligible non-recoverable costs. The WALT lease term of the portfolio is 7.9 years and one tenant representing less than 2% of the rent roll continues to hold over since lease expiry in June The 1.2m credit balance continues to be held in escrow to meet unforeseen contingencies (payment shortfall). No material changes to be reported this quarter. Special Servicing Ashbourne Portfolio A This loan facility, which is constructed on a floating rate basis and fully hedged by interest rate swaps, represents 26.99% participation of the senior tranche of a loan originated by the Royal Bank of Scotland. The loan is secured against 90 nursing homes across the UK. The loan makes up 9% of the securitisation and matures on 13 October A new Valuation Report has been provided by JLL (formerly King Sturge) that valued the assets at 151.2M. As a result the LTV is currently around 99%. Southern Cross handed over the lease to the Landlord and two new Operators have been selected to run the homes. Minster will operate the Southern Portfolio and Orchard will operate the Northern Portfolio (which includes the Scottish and Northern Irish Homes). As of today we can report that the handover of homes from Southern Cross to new operators has been smooth with very few problems. The Operators are operating under a Management Agreement. Currently the lenders and the landlord are working together with the Operators to finalize the business plan that should eventually guide restructuring of the loan. Because of a shortfall on Operating Capital during the transfer period we agreed to withhold interest and amortisation payments for the next 6 months, starting in September The notes will continue to receive interest from the Liquidity Facility.

7 Contacts Reporting Queries Capita Asset Services (Ireland) Limited, Block C, Maynooth Business Campus, Maynooth, Co. Kildare, Ireland Tel: +353-(0) Fax: +353-(0) ASSET MANAGER Ervin Ruci +44 (0) ervin.ruci@capitaassetservices.co.uk

8 Unless otherwise noted, this document has been prepared by Capita Asset Services (Ireland) Limited or one of its affiliated companies (collectively referred to as CAS ), acting as Primary Servicer and/or Special Servicer (collectively referred to as the Servicer ) in relation to Hercules (Eclipse ) plc. With respect to documents that have been issued as a RIS Notice, such documents have been issued by the issuer of the notes and have not necessarily been prepared by the Servicer. Deal Summary, CMSA and Asset Surveillance reports will not generally be issued as RIS Notices. This document is provided for information purposes to holders of the relevant notes from time to time and prospective investors who may lawfully receive, and have read, the prospectus for such notes. The information contained herein must be read in conjunction with, and is qualified by, such prospectus. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, country, state or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The document does not constitute any form of commitment, advice or recommendation on the part of CAS or its officers, affiliates, advisors, agents or representatives in relation to any transaction. Nothing in any of the documents on this site constitutes any promotion in respect of any invitation, endorsement or offer to invest in any securities in any jurisdiction. The document is not intended to represent an offer of securities for sale in the United States or to U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). CAS does not offer or purports to offer investment, tax, regulatory, accounting or legal advice and these documents should not and cannot be relied upon as such. Neither CAS, nor any officer or employee thereof of The Capita Group plc or any affiliate accepts any liability whatsoever for any direct or consequential losses arising from any use of information contained herein, including, without limitation, the reliance on any information, data or model, or the use of the documents in the preparation of your financial books and records. You must rely solely on your own examinations of the prospectus for the relevant notes, and consult your own investment, tax, regulatory, accounting or legal advisors prior to making any investment decisions or taking any other action relating to the information contained on this document. Certain information contained in this document is derived from information provided to or obtained by the Servicer from third parties, including the relevant cash managers. CAS has not independently verified any of such information. Accordingly, CAS does not guarantee or provide any warranties as to their accuracy or completeness and they should not be relied upon as such. CAS does not purport that the information contained in this document is all-inclusive or contains all of the information that an investor may require to make a full analysis of the relevant notes. Each recipient of this document must make its own independent investigation and analysis of the information and the notes and its own determination of the suitability of any investment in the relevant notes, with particular reference to its own investment objectives and experience and any other factors which may be relevant to it in connection with such investment and on such other information and advice from its own legal, accounting and tax advisers as it deems relevant and without reliance on the document. Any modelling or back-testing included is not an indication as to future performance of the applicable notes. No representation is made by CAS as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling or back-testing contained herein. Capita Asset Services (Ireland) Limited is regulated by the Central Bank of Ireland under the Investment Intermediaries Act, It is registered in Ireland as a private company limited by shares and its registered number is The document or information contained herein (whether in whole or in part) may not be reproduced, distributed or transmitted to any other person or incorporated into another document or other material without the prior written permission of CAS.