OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

divided by the actual number of days in such Fixed Rate Payer
Calculation Period, subject to a minimum of zero
where:
“Tranche Notional Amount” means, with respect to a Fixed
Rate Calculation Date, an amount equal to the Initial Tranche
Notional Amount minus the Aggregate Cash Settlement
Amount as at that Fixed Rate Calculation Date.
Notwithstanding Section 2.5 or Article V of the Credit
Derivatives Definitions, the Fixed Amount payable by the
Protection Buyer on the Fixed Rate Payer Payment Date (the
“Bridge Date”) immediately following the Securities Maturity
Date (as defined in the Conditions) shall be calculated in
accordance with the Fixed Amount Adjustment Method
provisions below.
Fixed Rate payable by Protection
Buyer:
The sum of: (i) (a) 1.15 per cent. per annum with respect to
each Fixed Rate Payer Calculation Period from and including
the Fixed Rate Payer Calculation Period scheduled to
commence on (and include) the Effective Date to and
including the Fixed Rate Payer Calculation Period scheduled
to end on (but exclude) 7 February 2013 (the “Step Up Date”)
or (b) 2.00 per cent. per annum with respect to each Fixed Rate
Payer Calculation Period from and including the Fixed Rate
Payer Calculation Period scheduled to commence on (and
include) the Step Up Date to and including the Fixed Rate
Payer Calculation Period scheduled to end on (but exclude) the
Scheduled Termination Date and (ii) the Deposit Margin (as
defined in the Deposit Agreement), multiplied by the nominal
amount of the Main Deposit divided by the Tranche Notional
Amount, such Deposit Margin being notified by the Protection
Seller to the Protection Buyer,
Provided that the Fixed Rate payable by the Protection Buyer
shall not exceed 2.45 per cent. per annum prior to the Step Up
Date and 3.15 per cent. per annum thereafter or be less than
zero.
Fixed Rate Payer Payment Dates:
Payment Observation Date:
Fixed Rate Payer Calculation
Period:
Fixed Rate Payer Period End Dates:
Fixed Rate Day Count Fraction:
Each Fixed Rate Payer Period End Date.
With respect to any Fixed Rate Payer Payment Date, the date
occurring 2 Business Days prior to that Fixed Rate Payer
Payment Date.
Each period from, and including, one Fixed Rate Payer Period
End Date to, but excluding, the next following Fixed Rate
Payer Period End Date, except that (a) the initial Fixed Rate
Payer Calculation Period will commence on, and include, the
Effective Date, and (b) the final Fixed Rate Payer Calculation
Period will end on, but exclude, the Termination Date.
7 February, 7 May, 7 August and 7 November in each year,
from and including 7 May 2006.
Actual/360.
37