ROCKALL CLO B.V. - Irish Stock Exchange

RATINGS OF THE NOTES
It is a condition of the issue and sale of the VF-1 Notes that the VF-1 Notes be issued with a rating of at least
"AAA" from S&P and "Aaa" from Moody's.
It is a condition of the issue and sale of the Specified Notes that the Specified Notes (except for the Class E
Subordinated Notes) be issued with at least the following ratings: the Class A-1 Notes: "AAA" from S&P and
"Aaa" from Moody's, the Class B-1 Notes: "AA" from S&P and "Aa2" from Moody's, the Class C-1 Notes: "A"
from S&P and "A2" from Moody's and the Class D-1 Notes: “BBB” from S&P and “Baa2” from Moody’s. The
Class E Subordinated Notes being offered hereby will not be rated.
The Ratings assigned to the VF-1 Notes and the Class A-1 Notes address the timely payment of interest and the
ultimate repayment of principal. The ratings assigned to the Class B-1 Notes, Class C-1 Notes and Class D-1
Notes address the ultimate payment of interest and the ultimate repayment of principal. None of the ratings
address the ability of the Issuer to pay any breakage costs or other amount with respect to the Specified Notes.
A security Rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by S&P or, as the case may be, Moody's.
The Ratings have been assigned on the basis of over-collateralisation being maintained in accordance with the
Market Valuation Manual.
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