OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

(iii) Additional Business Centre(s)
(Condition 6(a)):
Paris, London, New York and TARGET
Business Day.
(iv)
Manner in which the Rate(s) of
Interest is/are to be determined:
ISDA Determination.
(v) Interest Period Date(s): Not applicable.
(vi)
Party responsible for calculating
the Rate(s) of Interest and Interest
Amount(s) (if not the Calculation
Agent):
Not applicable.
(vii) Screen Rate Determination
(Condition 6(b)(iii)(B)):
Not applicable.
(viii)
ISDA Determination (Condition
6(b)(iii)(A)):
Applicable.
- Floating Rate Option: In respect of the period from and including the
Issue Date to but excluding the Scheduled
Maturity Date, EUR-EURIBOR-Telerate, save
that references to “Telerate Page 248” in the
definition of “EUR-EURIBOR-Telerate”
contained in the ISDA Definitions shall be
deemed to be references to “Reuters Page
EURIBOR01”.
In the event that the Maturity Date is extended
beyond the Scheduled Maturity Date pursuant to
the provisions of paragraph 8.1(ii) above, the
Floating Rate Option in respect of the period
from and including the Scheduled Maturity Date
to but excluding the Maturity Date shall be EUR-
EONIA-OIS-COMPOUND or (if the Deposit
Bank is replaced as described in paragraph
22(viii) below) such other floating rate as is then
applicable to the Deposit (as defined in
paragraph 22(vii) below).
- Designated Maturity: Where the Floating Rate Option is EUR-
EURIBOR-Telerate, 3 months, provided that in
the event the Issuer exercises its Call Option on
an Optional Redemption Date Linear
Interpolation (as defined in the ISDA
Definitions) shall apply to the Interest Period in
which the Optional Redemption Date falls (such
Linear Interpolation for such Interest Period to
be determined with regard to Designated
Maturities of one month and two months).
Where the Floating Rate Option is EUR-EONIA-
OIS-COMPOUND, for the purposes of the ISDA
Definitions, the "Calculation Period" shall be
each relevant Interest Period.
- Reset Date: The first day of each Interest Period.
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