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KPMG LLP

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Chicago, IL 60601-6436

 

 

**Report of IndependentRegistered Public Accounting Firm**

 

 

The Board of Directors

The Corporate Trust Servicesdivision of Wells Fargo Bank, National Association:

 

 

We have examinedmanagement’s assessment, included in the accompanying Assessment ofCompliance with the Applicable Servicing Criteria, that the Corporate TrustServices division of Wells Fargo Bank, National Association (the“Company”) complied with the servicing criteria set forth in Item1122(d) of the Securities and Exchange Commission’s Regulation AB forcommercial mortgage-backed securities (“CMBS”) transactions backedby pools of commercial mortgage loans and/or backed by CMBS for which theCompany provides trustee, securities administration and/or paying agentservices and where some or all of the offered securities for such CMBStransactions were either (a) publicly issued pursuant to a registrationstatement delivered under the Securities Act of 1933, as amended, or (b)privately issued pursuant to an exemption from registration where the Companyhas an obligation under the transaction agreements to deliver an assessment ofcompliance with the applicable servicing criteria under Item 1122(d) ofRegulation AB; provided however that, the platform excludes any transactions(i) where the offered securities were issued, sponsored or guaranteed by anyagency or instrumentality of the U.S. government or any government-sponsoredentity, and (ii) where the offered securities were issued pursuant to atransaction that closed prior to January 1, 2006 and for which the Companyoutsources all material servicing activities (as defined by Regulation AB) (the“CMBS Platform”) as of and for the twelve months ended December 31,2016.  Management has determined that all the servicing criteria set forthin Item 1122(d) are applicable to the Company’s obligations in therelated transaction agreements with respect to the CMBS Platform as of and forthe twelve months ended December 31, 2016, except for the following servicingcriteria:  1122(d)(4)(ii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(vi),1122(d)(4)(vii), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x),1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xiv), whichmanagement has determined are not applicable to the Company’s obligationsin the related transaction agreements with respect to the CMBS Platform as ofand for the twelve months ended December 31, 2016; provided however that, withrespect to the CMBS Platform (a) servicing criterion 1122(d)(1)(v) isapplicable only to the Company’s obligations related to the aggregationof information received and the conveyance of such information, in each case,as required by the transaction agreements and (b) servicing criterion1122(d)(4)(iii) is applicable only to the Company’s obligations relatedto the process of making or effecting an addition, removal or substitution tothe asset pool in accordance with the transaction agreements (the“Applicable Servicing Criteria”).  With respect to applicableservicing criteria 1122(d)(2)(iii) and 1122(d)(4)(iii), management hasdetermined that there were no activities performed during the twelve monthsended December 31, 2016 with respect to the CMBS Platform, because there wereno occurrences of events that would require the Company to perform suchactivities. Appendix A to the Assessment of Compliance with the ApplicableServicing Criteria identifies the individual transactions defined by managementas constituting the CMBS Platform. Management is responsible for theCompany’s compliance with the servicing criteria. Our responsibility isto express an opinion on management’s assessment about theCompany’s compliance based on our examination.

 

Our examination was conductedin accordance with the standards of the Public Company Accounting OversightBoard (United States) and in accordance with attestation standards establishedby the American Institute of Certified Public Accountants and, accordingly,included examining, on a test basis, evidence about the Company’scompliance with the servicing criteria specified above and performing suchother procedures as we considered necessary in the circumstances. Ourexamination included testing selected asset backed transactions and securitiesthat comprise the CMBS Platform, testing selected servicing activities relatedto the CMBS Platform, and determining whether the Company processed those selectedtransactions and performed those selected activities in compliance with theservicing criteria. Furthermore, our procedures were limited to the selectedtransactions and servicing activities performed by the Company during theperiod covered by this report. Our procedures were not designed to determinewhether errors may have occurred either prior to or subsequent to our teststhat may have affected the balances or amounts calculated or reported by theCompany during the period covered by this report for the selected transactionsor any other transactions.  We believe that our examination provides areasonable basis for our opinion.  Our examination does not provide alegal determination on the Company’s compliance with the servicingcriteria.

 

As described in theaccompanying Assessment of Compliance with the Applicable Servicing Criteria,for servicing criterion 1122(d)(4)(i), the Company has engaged a vendor toperform the activities required by this servicing criterion. The Company hasdetermined that this vendor is not considered a “servicer” asdefined in Item 1101(j) of Regulation AB, and the Company has elected to takeresponsibility for assessing compliance with the servicing criterion applicableto this vendor as permitted by the SEC’s Compliance and DisclosureInterpretation (“C&DI”) 200.06, Vendors Engaged by Servicers(C&DI 200.06). As permitted by C&DI 200.06, the Company has assertedthat it has policies and procedures in place designed to provide reasonable assurancethat the vendor’s activities comply in all material respects with theservicing criterion applicable to the vendor. The Company is solely responsiblefor determining that it meets the SEC requirements to apply C&DI 200.06 forthe vendor and related criterion as described in management’s Assessmentof Compliance with the Applicable Servicing Criteria, and we performed noprocedures with respect to the Company’s eligibility to apply C&DI200.06.

 

In our opinion,management’s assessment that the Company complied with the aforementionedservicing criteria, including servicing criterion 1122(d)(4)(i) for whichcompliance is determined based on C&DI 200.06 as described above, as of andfor the twelve months ended December 31, 2016 is fairly stated, in all materialrespects.

 

 

/s/ KPMG LLP

 

Chicago, Illinois

February 17, 2017

 

 

KPMG LLP is a Delaware limitedliability partnership and the U.S. member 

firm of the KPMG network ofindependent member firms affiliated with 

KPMG International Cooperative(“KPMG International”), a Swiss entity.