VALLAURIS II CLO PLC - Irish Stock Exchange

Book-Entry Interests owned through Euroclear and Clearstream, Luxembourg accounts will
follow the settlement procedures applicable to conventional eurobonds in registered form. Book-Entry
Interests will be credited to the securities custody accounts of Euroclear and Clearstream,
Luxembourg holders on the business day following the settlement date against payment for value on
the settlement date.
Initial Settlement
Upon the issuance of the Global Notes by the Issuer and the issuance of the CDIs by the
Depositary, Euroclear and Clearstream, Luxembourg will credit the respective principal amounts of
the individual beneficial interests in the CDIs to the relevant accountholder(s), as notified by or on
behalf of the Lead Manager or the Joint Lead Managers. Ownership of beneficial interests in the
CDIs will be limited to persons who maintain accounts with Euroclear and Clearstream, Luxembourg
or persons who hold interests through such persons. Ownership of beneficial interests in the CDIs will
be shown on, and the transfer of such interests will be effected only through, records maintained by
Euroclear and Clearstream, Luxembourg and in accordance with the applicable procedures of
Euroclear and Clearstream, Luxembourg.
Unless Definitive Certificates are issued, owners of beneficial interests in Global Notes
represented by a CDI will not be entitled to have any portions of such Global Notes or of a CDI
registered in their names, will not receive or be entitled to receive physical delivery of Notes in
certificated form and will not be considered the owners or holders of such Global Note or CDI (or
any Notes represented thereby) under the Trust Deed or the Notes.
In the event of an increase or decrease in the aggregate principal amount outstanding of Notes
represented by any Global Note, whether pursuant to redemption, exchange for an interest in another
Global Note, the issue of additional Notes to be represented by such Global Note, the issue of
Definitive Certificates or the repurchase and cancellation of Notes represented by such Global Note
or otherwise, the holder will present such Global Note to the Issuer or its agent for increase or
decrease, as the case may be, of the aggregate principal amount outstanding of Notes represented by
such Global Note by annotation thereon. The Issuer will procure that the CDI representing such
Global Note is increased or decreased correspondingly.
Neither the Issuer, the Trustee nor any of their respective agents will have any responsibility or
liability for any aspect of the records relating to beneficial ownership interests in the Global Notes or
the CDIs or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.
Initial settlement for the Notes and the CDIs will be made in Euros.
Secondary Market Trading
The Book-Entry Interests will trade through Participants of Euroclear and Clearstream,
Luxembourg and will settle in same-day funds.
Since the purchase determines the place of delivery, it is important to establish at the time of
trading of any Book-Entry Interests where both the purchaser’s and seller’s accounts are located to
ensure that settlement can be made on the desired value date.
Transfers between accountholders in Euroclear and Clearstream, Luxembourg will be effected in
the ordinary way in accordance with their respective rules and operating procedures. Such transfers
may be subject to certain restrictions. See ‘‘Transfer Restrictions’’.
General
The Issuer will not impose any fees in respect of the Notes; however, holders of book-entry
interests in the CDIs may incur fees normally payable in respect of the maintenance and operation of
accounts in Euroclear and Clearstream, Luxembourg.
Although the foregoing sets out a general summary of the procedures of Euroclear and
Clearstream, Luxembourg in order to facilitate the transfers of interests in the CDIs among
participants of Euroclear and Clearstream, Luxembourg neither of Euroclear nor Clearstream,
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