OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

minus
(ii)
the amount of interest actually paid in
respect of the Interest Periods relating to
all such Payment Observation Dates
either pursuant to paragraph 18(xiv)(1)
or delayed payments of interest pursuant
to paragraph 18(xiv)(2) (other than as a
result of the Final Valuation Notice to
which such Final Valuation Notice
Receipt Date relates).
plus
(iii)
an amount determined by the Calculation
Agent in its sole and absolute discretion
as being equal to the Relevant
Proportion of the amount of interest
received by the Issuer pursuant to the
Deposit Agreement to the extent such
amount is attributable to an amount
equal to the difference between the
amounts described under (i) and (ii)
above.
(ii)
(iii)
Optional Redemption Amount(s)
and method, if any, of calculation
of such amount(s):
If redeemable in part:
With respect to each Specified Denomination,
the Relevant Proportion of the Adjusted
Aggregate Nominal Amount.
(a)
Minimum nominal amount
to be redeemed:
Not applicable.
(b) Maximum nominal
amount to be redeemed:
Not applicable.
(iv) Option Exercise Date(s): Any redemption of the Notes made pursuant to
the exercise of the Issuer’s option described in
this paragraph 24 shall occur on the Optional
Redemption Date.
(v)
(vi)
Description of any other Issuer’s
option:
Notice period (if other than as set
out in the Conditions):
Not applicable.
At least 4 Business Days prior to an Optional
Redemption Date.
25 Put Option: Not applicable.
26 Exchangeable Notes: No.
27 Exchange Event: Not applicable.
28 Repayable Assets: All Securities.
29. Final Redemption Amount: The Final Redemption Amount payable in
respect of each Note shall be an amount equal to
the Relevant Proportion of any sums received by
22