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KPMGLLP

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**Reportof Independent Registered Public Accounting Firm**

 

 

TheBoard of Directors

TheCorporate Trust Services division of Wells Fargo Bank, National Association:

 

 

Wehave examined management’s assessment, included in the accompanyingAssessment of Compliance with the Applicable Servicing Criteria, that theCorporate Trust Services division of Wells Fargo Bank, National Association(the “Company”) complied with the servicing criteria set forth inItem 1122(d) of the Securities and Exchange Commission’s Regulation ABfor commercial mortgage-backed securities (“CMBS”) transactionsbacked by pools of commercial mortgage loans and/or backed by CMBS for whichthe Company 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 “ApplicableServicing Criteria”).  With respect to applicable servicing criteria1122(d)(2)(iii) and 1122(d)(4)(iii), management has determined that there wereno activities performed during the twelve months ended December 31, 2016 withrespect to the CMBS Platform, because there were no occurrences of events thatwould require the Company to perform such activities. Appendix A to theAssessment of Compliance with the Applicable Servicing Criteria identifies theindividual transactions defined by management as constituting the CMBSPlatform. Management is responsible for the Company’s compliance with theservicing criteria. Our responsibility is to express an opinion onmanagement’s assessment about the Company’s compliance based on ourexamination.

 

Ourexamination was conducted in accordance with the standards of the PublicCompany Accounting Oversight Board (United States) and in accordance withattestation standards established by the American Institute of Certified PublicAccountants and, accordingly, included examining, on a test basis, evidenceabout the Company’s compliance with the servicing criteria specifiedabove and performing such other procedures as we considered necessary in thecircumstances. Our examination included testing selected asset backed transactionsand securities that comprise the CMBS Platform, testing selected servicingactivities related to the CMBS Platform, and determining whether the Companyprocessed those selected transactions and performed those selected activitiesin compliance with the servicing criteria. Furthermore, our procedures werelimited to the selected transactions and servicing activities performed by theCompany during the period covered by this report. Our procedures were notdesigned to determine whether errors may have occurred either prior to orsubsequent to our tests that may have affected the balances or amountscalculated or reported by the Company during the period covered by this reportfor the selected transactions or any other transactions.  We believe thatour examination provides a reasonable basis for our opinion.  Ourexamination does not provide a legal determination on the Company’scompliance with the servicing criteria.

 

Asdescribed in the accompanying Assessment of Compliance with the Applicable ServicingCriteria, for servicing criterion 1122(d)(4)(i), the Company has engaged avendor to perform the activities required by this servicing criterion. TheCompany has determined that this vendor is not considered a“servicer” as defined in Item 1101(j) of Regulation AB, and theCompany has elected to take responsibility for assessing compliance with theservicing criterion applicable to this vendor as permitted by the SEC’sCompliance and Disclosure Interpretation (“C&DI”) 200.06,Vendors Engaged by Servicers (C&DI 200.06). As permitted by C&DI200.06, the Company has asserted that it has policies and procedures in placedesigned to provide reasonable assurance that the vendor’s activitiescomply in all material respects with the servicing criterion applicable to thevendor. The Company is solely responsible for determining that it meets the SECrequirements to apply C&DI 200.06 for the vendor and related criterion asdescribed in management’s Assessment of Compliance with the ApplicableServicing Criteria, and we performed no procedures with respect to theCompany’s eligibility to apply C&DI 200.06.

 

Inour opinion, management’s assessment that the Company complied with theaforementioned servicing criteria, including servicing criterion 1122(d)(4)(i)for which compliance is determined based on C&DI 200.06 as described above,as of and for the twelve months ended December 31, 2016 is fairly stated, inall material respects.

 

 

/s/KPMG LLP

 

Chicago,Illinois

February17, 2017

 

 

KPMGLLP is a Delaware limited liability partnership and the U.S. member 

firmof the KPMG network of independent member firms affiliated with 

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