OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Notes.
Key Agent:
Moody’s:
Moody’s ABS Classification:
Moody’s CDOROM(tm) Model
Test:
Moody’s Expected ABS Recovery
Rate:
In respect of an ABS Reference Obligation, as defined in
CDOROM(tm) Model Test.
Moody’s Investors Service, Inc. or any successor rating
agency thereto.
In respect of an ABS Reference Obligation, the classification
identified in the table attached in Part II of Appendix C.
CDOROM(tm) is a Monte Carlo-based simulation model
provided by Moody’s from time to time mainly for calculating
the expected loss on tranches of synthetic CDOs, using
Moody’s Input.
In respect of Reference Obligations, the Moody’s Expected
ABS Recovery Rate shall be calculated using the appropriate
recovery tables set out in Part I of Appendix C for the relevant
type of Reference Obligation and its Initial Rating or
Equivalent Moody’s Rating as of the ABS Issue Date.
In respect of Reference Obligations for which a Credit Event
has occurred, for the purpose of running the Moody’s
CDOROM(tm) Model Test only, the Moody’s Expected ABS
Recovery Rate shall be the Final Price or if the latter has not
been determined yet, the highest Full Quotation obtained on
the latest Interim Valuation Date.
Moody’s Rating:
Moody’s Input:
Originator:
Portfolio Adjustment Agent:
The rating displayed on www.moodys.com of the ABS
Reference Obligation as of any date of determination, or, if
such rating is not available, the rating displayed on
Bloomberg, or, if such rating is not available, the rating
provided in the documentation, or, if such rating is not
available, the shadow rating provided by Moody’s.
The inputs as shown in Part V of Appendix C used in respect
of Moody’s CDOROM(tm) Model Test, comprising amongst
others the Moody’s Expected ABS Recovery Rate, the
Adjusted Rating, and in respect of an ABS Reference
Obligation only, the Initial Rating and the Key Agent.
In respect of an ABS Reference Obligation, the entity that,
under the terms of such Reference Obligation, is responsible
for originating or selling the Underlying Assets to the relevant
ABS issuer.
Société Générale
Portfolio Adjustment Rules: The rules set out in Part I of Appendix B.
Portfolio
Agreement:
Administration
The portfolio administration agreement dated 7 February 2006
between, inter alios, the Protection Buyer, the Protection
Seller and the Portfolio Administrator, entered into in
connection with the Notes and accession agreement between,
inter alios, the abovementioned parties dated 7 February 2006
relating to the Notes.
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