Correction: Fitch Affirms Gorgons (European Loan Conduit No. 12).

LONDON -- (This is an amended version of a press release issued earlier today and contains revised tranche sizes.)

Fitch Ratings, the international rating agency, has today affirmed all Classes of Gorgons (European Loan Conduit No. 12) FCC ('ELoC 12') due August 2013 as follows:

EUR200.1 million Class A (FR0000473068): 'AAA';

EUR30.0m Class B (FR0000473076): 'AA';

EUR30.0m Class C (FR0000473084): 'A';

ERU30.0m Class D (FR0000473092): 'BBB+';

EUR8.4m Class E1 (FR0000473100): 'BBB';

EUR11.3m Class E2 (FR0000473167): 'BBB';

EUR7.9m Class F (FR0000473118): 'BB+', and

EUR12.1m Class G (FR0000473126): 'BB'.

The affirmation follows the expected departure of tenant Credit Lyonais (17% of rent roll), now Calyon, in September 2005, representing 27,664 sq metres. The borrower has recently concluded a leasing of 4,200 sq metres of this space to Societe Generale and a leasing of 6,265 sq metres to ING Direct. The borrower is also talking to several parties regarding the remaining space to be vacated by Calyon. Although at closing of the transaction the Calyon lease represented about 50% of market rates, the presence of rent free periods and remaining vacant space will cause a significant reduction in ICR. ICR is already down at 1.27x, compared to1.88x at closing. The main reason for the drop is an increase in the mortgage rate to 6.50% from 4.69%. The interest cost has increased to EUR5.6m in August 2005 from EUR3.9m in May 2003.

Nevertheless, in this current scenario it is likely that drawings will be made on the liquidity facility starting in May 2006 to cover for interest/ principal shortfalls when the scheduled principal payments increase to EUR1.9m per quarter from the current EUR245,000. In addition, there have been no delinquencies or defaults since closing in March 2003. As a result, the notes are affirmed. However, Fitch points out that a failure of the borrower to fill all Calyon space following this and any other vacancy would raise concerns and see a continuation of drawings on the EUR25m facility.

The six largest tenants occupy 83% of the space, with the largest now being Credit Foncier, who took the Editis space in November 2004. The current occupancy of Credit Foncier is 24% of rent roll.

As of August 2005, the loan balance was EUR337.1m with a weighted average loan-to-value (LTV) of 78.8 %, down from 81.1% at closing. The occupancy rate, by economic value, is 94.8%, at the same levels of the previous quarter.

Following the early break from Calyon and the impossibility to conclude a new lease for the same space by the 4 of August 2005, the originator allocated the amount credited to the reserve account for EUR7.0m, corresponding to the payments due from November 2004 to August 2005, to the repayments of the loan.

The Class G notes benefit from a 'turbo amortisation' for a maximum cumulative amount of EUR2.0m, generated by the excess cash over the priority amount, which includes all the fees payable to the servicer and the payments due under a swap agreement.

This transaction is the securitisation of a EUR340m commercial loan originated by Morgan Stanley (rated 'AA-'(AA minus)/'F1+' Rating Watch Negative) in France to finance the acquisition of a single office property, Zeus, located in the Bercy area of Paris, France. The property was acquired from Morgan Stanley Real Estate Fund by a special purpose vehicle established by Blackstone Group International Ltd.

Fitch will continue to monitor the performance of the transaction as well as the Paris office market in general. Surveillance for this transaction is available on the agency's subscription website, www.fitchresearch.com.

Fitch's rating definitions are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.