VALLAURIS II CLO PLC - Irish Stock Exchange

USE OF PROCEEDS
The net proceeds from the issuance of the Notes on the Closing Date after payment of certain
fees and expenses payable on the Closing Date (as set forth in the Subscription Agreement) are
expected to be approximately A300,000,000. Such proceeds will be applied by the Issuer as follows: (a)
in payment of all amounts due and payable in connection with the acquisition of certain Collateral
Debt Obligations purchased by the Issuer on or about the Closing Date in the amount of
approximately A200,000,000, (b) in payment of the costs of entry (if any) into the Interest Rate Hedge
Transactions and the Currency Swap Transactions to be entered into on the Closing Date, (c) in
payment of A195,000 into the Expense Reserve Account, (d) in payment of all amounts due and
payable in connection with the acquisition of OAT Strips comprising the OAT Security Component
of the Class V Structured Combination Notes (e) in payment of all amounts due and payable in
connection with the acquisition of Natexis Zero Coupon Notes comprising the Natexis Zero Coupon
Security Component of the Class VI Structured Combination Notes and (f) any proceeds remaining,
in payment into the Additional Collateral Account for application towards the purchase of Additional
Collateral Debt Obligations from time to time. The Lead Manager’s and Joint Lead Managers’
underwriting and placement fees and expenses will be deducted from the gross proceeds of the issue
of the Notes. See ‘‘Subscription and Sale’’ below.
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