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DISCLAIMER Without prejudice to the right of any Addressee (as such term is defined on page 14 of the attached document) to rely on the attached valuation report prepared by CBRE Ireland (“CBRE”) dated 15 September 2014 (the “Property Valuation Report”), the copy of the Property Valuation Report attached hereto is provided for information only and except as otherwise expressly agreed by CBRE, you may not rely on it. It is for you to form your own view or take your own property and other professional advice independently of and without any reliance on it. Without prejudice to the confirmations given by CBRE in relation to the Property Valuation Report, details of which are provided in the Offering Circular in relation to the notes issued by DECO 2015-Harp Limited dated on or about April 2015 under the heading “—Valuations Disclaimer”, neither CBRE, DECO 2015-Harp Limited nor Deutsche Bank AG assumes any responsibility or liability to you in connection therewith or gives any undertaking to provide any additional information or correct any inaccuracies in it. CBRE’s work in preparing the Property Valuation Report was undertaken, and such Property Valuation Report was produced, solely in accordance with the terms of CBRE’s engagement agreed with Deutsche Bank AG, London Branch and constitutes a report to the Addressees alone. You may not rely on the contents of this document, nor shall CBRE have any responsibility to you in relation to or arising from the contents of this document, unless you have received and countersigned a reliance letter from CBRE. VALUATION REPORT Comer Property Portfolio On behalf of Date of Valuation: 18 August 2014 TABLE OF CONTENTS TABLE OF CONTENTS 1 PORTFOLIO SUMMARY 2 VALUATION REPORT 3 ECONOMIC & MARKET COMMENTARIES 4 PROPERTY REPORTS 1. Auburn, Castleknock, Dublin 15 2. Cloncourt, Clonee, Co Meath 3. Falcons View, Blanchardstown, Dublin 15 4. Hampton Rise, Navan, Co Meath 5. Howley Square, Oranmore, Co Galway 6. Kingston Hall, Salthill, Co Galway 7. Milners Square, Santry, Dublin 9 8. Wyndham Court, Chancery Lane, Dublin 8 9. Ivy Leaf, Rathdrum, Co Wicklow 10. Snoozles Hostel, Forster Street, Galway 11. Tallaght Cross East, Dublin 24 12. Orchard Gardens, Cork 13. Island Key, East Road, East Wall, Dublin 1 5 LETTER OF INSTRUCTION VALUATION REPORT 3 1 PORTFOLIO SUMMARY VALUATION REPORT 3 PORTFOLIO SUMMARY The Portfolio . The portfolio comprises 13 assets, 6 are located in Dublin, 3 in Galway and 1 in Cork, Navan, Meath and Wicklow respectively. There are twelve residential multi-tenanted properties, eight of which contain commercial elements and one hostel property. The majority of the properties are considered to be prime or good secondary assets. The majority of properties have high occupancy levels with some vacant commercial space. Most of the properties are of a modern specification but one in particular, Cloncourt, has potential for refurbishment. There are 26 commercial tenancies across the portfolio, the majority of which are located within the Cloncourt Development in Co Meath and the Howley Square & Kingstown Hall Developments in Galway. There are currently a total of 943 residential units throughout the portfolio. On completion of Block 1 at Island Key this will increase to 996. Current gross income of €10,626,671 per annum from residential and €1,422,965 per annum from commercial lettings. Further information on each asset is summarised on the following pages. PORTFOLIO SUMMARY 4 1. Auburn, Castleknock, Dublin 15 . Residential Multi-Tenanted Block with 36 Units and 54 basement car spaces. Modern Development – Very high specification. Good residential location. Current income: €475,800 per annum at 90% occupancy. 2. Cloncourt, Clonee, Co Meath . Small Mixed-Use development with 13 Residential Units, Retail of 533.4 sq m (5,742 sq ft), Office of 154.8 sq m (1,666 sq ft) and shared surface car parking. Dated Development in village setting – close to Blanchardstown. Current income: Residential - €103,440 per annum at 92% occupancy. Commercial - €139,340 per annum. PORTFOLIO SUMMARY 5 3. Falcons View, Blanchardstown, Dublin 15 . Residential Multi-Tenanted Block with 96 Units and 136 basement car spaces. Modern Development – High specification. Excellent location for lettings. Current income: €1,301,868 per annum at 98% occupancy. 4. Hampton Rise, Navan, Co Meath . Residential Multi-Tenanted Block with 29 Residential Units, 4 Retail Units and 33 basement car spaces. (Classed as 33 Residential Units for Valuation Purposes). Modern Development – Good specification. Situated close to Navan Town Centre . Current income: €170,400 per annum at 88% occupancy. Planning Permission for change of use on Commercial to provide 4 Residential Units. PORTFOLIO SUMMARY 6 5. Howley Square, Oranmore, Co Galway . Small Mixed-Use development with 11 Residential Units, Retail of 1,469.5 sq m (15,818 sq ft), Office of 1,552.6 sq m (16,712 sq ft) with 68 basement car spaces. Modern development laid out in two blocks. Current income: Residential - €96,960 per annum at 100% occupancy. Commercial – €320,986 per annum 6. Kingston Hall, Salthill, Co Galway . Mixed-Use development with 35 Residential Units, Retail of 800.8 sq m (8,620 sq ft) with 40 basement car spaces. Modern Development – Good Specification . Current income: Residential - €373,680 per annum at 100% occupancy. Commercial –€91,630 per annum PORTFOLIO SUMMARY 7 7. Milners Square, Santry, Dublin 9 . Residential Multi-Tenanted Block (Block E) with 73 Units and 73 car spaces. 12 separate units situated within Block F also included. Modern Development – Good specification. Excellent location for residential lettings. Current income: €951,240 per annum at 92% occupancy. 8. Wyndham Court, Chancery Lane, Dublin 8 . Residential Multi-Tenanted Block with 17 Units, Retail of 245.4 sq m (2,641 sq ft) and 11 basement car spaces. Modern Development – Good specification. Excellent location for residential lettings. Current income on residential: €267,360 per annum at 90% occupancy. Commercial: €10,000 per annum. PORTFOLIO SUMMARY 8 9. Ivy Leaf, Rathdrum, Co Wicklow . Residential Multi-Tenanted Block with 29 Units, Retail of 574.5 sq m (6,184 sq ft) and 35 basement car spaces. Modern Development – Good specification. Situated in a village setting – fair/good letting location. Current income on residential: €237,900 per annum at 100% occupancy. Commercial units vacant. 10. Snoozles Hostel, Forster Street, Galway . Modern Hostel situated in the centre of Galway. Total of 27 bedrooms with 130 bed spaces. th . Leased to Snoozles from 9 September 2008. Current rent equating to €135,000 per annum. PORTFOLIO SUMMARY 9 11. Tallaght Cross East, Dublin 24 . Large Residential Multi-Tenanted Scheme with 335 Residential Units, Retail of 20,669 sq m (222,480 sq ft), 48 bedroom Hotel and 448 basement car spaces. Modern Development – Good specification. Current income: Residential: €3,428,771 per annum at 95% occupancy. Commercial: €554,873 per annum. 12. Orchard Gardens, Cork . Large Residential Multi-Tenanted Scheme with 142 Residential Units, Retail of 1,452.8 sq m (15,638 sq ft) and 214 basement car spaces. Modern Development – Good specification. Current income: Residential: €1,739,472 per annum at 99% occupancy. Commercial: €171,136 per annum. PORTFOLIO SUMMARY 10 13. Island Key, East Road, East Wall, Dublin 1 . Large Residential Multi-Tenanted Scheme with 100 Residential Units, Retail of 489.9 sq m (5,273 sq ft) and 78 basement car spaces situated in Blocks 2, 3 & 6. Block 1 on completion will comprise 53 Residential units, Retail of 676.9 sq m (7,287 sq ft) and 31 basement car spaces. Modern Development – Good specification. Current income on Blocks 2, 3 & 6: Residential: €1,314,780 per annum at 95% occupancy. Commercial Units vacant. PORTFOLIO SUMMARY 11 Market Values A: Market Value of Portfolio as an investment €148,730,000 mixed Vat (One Hundred and Forty Eight Million Seven Hundred and Thirty Thousand Euro) B: Market Rent €14,451,983 per annum (Fourteen Million Four Hundred and Fifty One Thousand Nine Hundred and Eighty Three Euro) C: Market Value assuming Vacant Possession on an individual sale basis €144,288,400 mixed Vat (One Hundred and Forty Four Million Two Hundred and Eighty Eight Thousand Four Hundred Euro) D: Residual Value - Block 1 at Island Key €2,900,000 exclusive of VAT (Two Million Nine Hundred Thousand Euro) The individual Market Value of each asset is detailed on the Schedule of Values on the following page. 12 Schedule of Market Values VALUATION REPORT 13 2 VALUATION REPORT VALUATION REPORT 14 VALUATION REPORT CBRE Connaught House 1 Burlington Road Dublin 4 Switchboard +353 (0) 1 618 5500 Fax +353 (0) 1 668 8850 Report Date 15 September 2014 Addressee James M Molloy, MAI, FRICS, CRE Global Head – Real Property Valuation Deutsche Bank AG 60 Wall Street, 10th Floor New York, NY 10005 Deutsche Bank AG, London Branch of Winchester House, 1 Great Winchester Street, London EC2N 2DB on its own behalf and in its capacity as Security Agent for the Finance Parties, each as defined in a facility agreement dated on or about the date of this letter (as amended from time to time) between, amongst others, Duridgebay S.A. as borrower and Deutsche Bank AG, London Branch (the "Facility Agreement"); and each Finance Party, as defined in the Facility Agreement, from time to time; and any trustee with respect to any securities issued in connection with a securitisation of the loan under the Facility Agreement, (together the "Addressees"). We confirm that the Valuation Report (as at the date detailed in the Valuation Report) has been prepared in connection with the refinancing of a portfolio of properties owned to be acquired by Duridgebay S.A. and its subsidiaries (the “Report”) may be relied upon by the Addressees and is intended for their benefit.