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**Re:            Transactions per Attachment A**

| §   | A                    review of the Primary Servicing and Master Servicing activities                    of KBREC                    during the above stated period and of its performance, under                    the                    Agreement, has been made under my                    supervision. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| §   | To                    the best of my knowledge, based on such review, KBREC has fulfilled                    all of                    its obligations under the Agreement in all material respects,                    except                    for: |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.   | 1122(d)(2)(vii)                    - Reconciliations are prepared on a monthly basis for all asset-backed                    securities related bank accounts, including custodial accounts                    and related                    bank clearing accounts. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a.   | One                    T&I bank reconciliation contained reconciling items for more than                    ninety days. Although monthly reconciliations are performed timely,                    appropriate steps will be taken to resolve, within ninety days                    of                    identification, all reconciling items on the custodial account                    bank                    reconciliations. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | 1122(d)(4)(xv)                    - Collateral or security on pool assets is maintained as required                    by the                    transaction agreements or related pool asset                    documents. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b.   | Three                    original Letters of Credit were not maintained at KCRECM's office.                    Steps                    have been taken to retain and secure all original Letters of                    Credit in                    KCRECM's offices, instead of maintaining them with the Document                    Custodian. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| By:                                        | Date:   |
|--------------------------------------------|---------|
| /s/                      Bryan S. Nitcher  | 3-13-07 |
| Bryan                      S. Nitcher      |    |
| Senior                      Vice President |    |

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**Attachment            A to Annual Compliance Statement**

**Commercial            Mortgage Pass-Through Certificates**

**KeyCorp            Real Estate Capital Markets, Inc. as Master Servicer**

**Commercial            Mortgage Pass-Through Certificates**

**KeyCorp            Real Estate Capital Markets, Inc., as Primary Servicer**

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