Titan Europe 2007-1 (NHP) Limited - Irish Stock Exchange

“23 May 2007
The Directors
Titan Europe 2007-1 (NHP) Limited
First Floor, 7 Exchange Place
International Financial Services Centre
Dublin 1
Ireland
Issue of £435,850,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2017 and
£50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2017 and
£42,150,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2017 and
£42,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2017 and
£58,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2017 and
£60,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2017 and
£50,000 Class V Commercial Mortgage Backed Floating Rate Notes due 2017
Dear Sirs
Titan Europe 2007-1 (NHP) Limited (the “Company”)
We report on the financial information set out in paragraphs 1 to 2.2 below. This financial information has
been prepared for inclusion in the Offering Circular dated 23 May 2007. The financial information set out in
this report is based on the non-statutory accounts of the Company for the period from incorporation on 28
March 2007 to 22 May 2007 to which no adjustments were considered necessary.
Responsibility
Such financial statements are the responsibility of the Directors of the Company. The Directors of the
Company are responsible for the contents of the Offering Circular dated 23 May 2007 in which this report is
included. It is our responsibility to compile the financial information set out in our report from the unaudited
non-statutory financial statements, to form an opinion on the financial information and to report our opinion to
you.
Basis of Opinion
We conducted our work in accordance with the Statements of Investment Circular Reporting Standards
issued by the Auditing Practices Board. Our work included an assessment of evidence relevant to the amounts
and disclosures in the financial information. It also included an assessment of significant estimates and
judgements made by those responsible for the preparation of the financial statements underlying the financial
information and whether the accounting policies are appropriate to the entity’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our work so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the
financial information is free from material misstatement whether caused by fraud or other irregularity or error.
Opinion
In our opinion the financial information gives, for the purposes of the Offering Circular dated 23 May 2007
a true and fair view of the state of affairs of the Company as at 22 May 2007.
Financial Information
1. Balance Sheet at 22 May 2007 *
Current Assets
Euro
Cash 2
Capital and reserves
Share capital 2
Profit and loss reserve —
Shareholders’ funds — equity 2
* See notes in paragraph 2 below.
148