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

The Valuations contained in the Valuation Report represent the analysis and opinions of the Valuer at the
date of the Valuation Report, have not been updated following origination and are not guarantees of, and may
not be indicative of, present or future value. In each case there can be no assurance that another valuer would
not have arrived at a different Valuation, even if such valuer used the same general approach to and same
method of valuing the Property. In addition, Valuations seek to establish the value of a Property in an “arm’s
length” transaction carried out between a willing buyer and a willing seller with the property being exposed to
the open market but taking account only of its existing use, without adding any potential increase in value if
redeveloped in the future. Such amount could be significantly higher than the amount obtained from the sale of
a property under a distress or liquidation sale. See “Risk Factors—Loan Related Risks—Limitations of
Valuations” above.
In addition, market values of commercial real estate, and market rental rates for space in such types of
properties fluctuate from time to time. Some of the values of the Properties reflect a general appreciation in
market values of commercial real estate in the locations of such properties and would be expected to likewise
reflect a general decline in such market values during a recession.
Furthermore, in most cases, the valuation was conducted in connection with origination and prior to the
commencement of planned repairs and renovations or any planned capital improvements and/or the
implementation of new management policies. Neither the Issuer nor the Loan Arranger has prepared or
obtained a separate independent valuation or revaluation or otherwise confirmed the values set forth in the
Valuation Report.
Occupancy Statements, Operating Statements and Other Data: The Loan Arranger took steps to review, to
the extent available or applicable, Borrower-provided rent rolls, leases, and related information or statements of
occupancy rates, market data, financial data, operating statements and receipts for insurance premia, among
other things.
Obligors Under the Libra Whole Loan
The Borrower is a wholly owned subsidiary of another company incorporated in the Cayman Islands with
limited liability, (the “Shareholder” or, in its capacity as borrower under the PIK Facility Loan, the “PIK
Facility Borrower”). “Guarantor 1”, is a limited liability company incorporated in the Cayman Islands, and is
the direct subsidiary of the Borrower through which the PIK Facility Borrower indirectly, and the Borrower
directly, own the entire issued share capital of each of the limited liability companies indicated on the chart
below. Each of those companies whose name commences with ‘Guarantor’ and is followed by a number in the
chart below is a guarantor of the obligations of the Borrower under the Credit Agreement, and of the PIK
Facility Borrower under the PIK Facility Loan Agreement, each of the Property Owners is also a guarantor of
the obligations of the Borrower under the Credit Agreement and the PIK Facility Borrower under the PIK
Facility Loan Agreement (each a “Guarantor”, and, together, the “Guarantors”). Collectively, the Borrower
and the Guarantors are the “Obligors” of the obligations of the Borrower under the Credit Agreement.
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