Notice

    RNS Number : 4715J
  Cloverie PLC
  03 December 2008
   

    Company Announcement
    Cloverie PLC
     (the "Issuer")


    1 North Wall Quay 
    International Financial Services Centre
    Dublin 1
    Ireland

    Series 2007-43 EUR 50,000,000 Floating Rate Portfolio Credit Linked Notes due 2017 (ISIN: XS0307226125) (the "Notes")

    3 December 2008
    Amendment to Cloverie Series 2007-43:
    The Issuer hereby wishes to announce the following changes to the Notes. The Series Prospectus, Credit Default Swap Confirmation and
Substitution Agency Agreement have been amended so that:
    (i) the following Reference Entities have been removed from the Reference Portfolio: Federal Home Loan Mortgage Corporation, Federal
National Mortgage Association, Kaupthing Banki HF, Landsbanki Islands HF and Lehman Brothers Holdings Inc., with effect as of the Amendment
Date (as defined below);
    (ii) notwithstanding that a Credit Event has occurred in respect of each of the Reference Entities listed in (i) above, the Total
Portfolio Cumulative Loss Percentage has been reset to zero, with effect as of the Amendment Date;
    (iii) as a result of the changes in (i) above, the Reference Entity Percentage has been increased from 1/133 to 1/128;
    (iv) the "Threshold Percentage" has been decreased from 5.57 per cent. to 5.00 per cent.;
    (v) the "Exposure Percentage" has been increased from 1.00 per cent. to 1.039 per cent.;
    (vi) the following language is included:
    "If, as determined by the Calculation Agent in its sole and absolute discretion in connection with a Reference Entity and a Credit
Event, (a) a protocol or other market standard agreement (the "Settlement Protocol") sponsored by the International Swaps and Derivatives
Association, Inc. or any other internationally recognised association or organisation is published by such association or organisation for
the purposes of amending the terms of one or more types of credit derivative transactions with the intention that settlement of the Credit
Event in respect of such Reference Entity be determined in accordance with such Settlement Protocol and that such Settlement Protocol be
used to determine the amounts payable by and/or rights and obligations of the parties under such credit derivative transaction which relate
to such Reference Entity, (b) Party A is bound by, or adheres to, such Settlement Protocol and (c) the Protocol provides for the selection
of an obligation satisfying the Reference Obligation Category and the Reference Obligation Characteristics, then the amounts payable by and/or rights and obligations of the parties as determined
under such Settlement Protocol shall apply for such Reference Entity and Credit Event.";
    (vii) Tate & Lyle Public Limited Company has been substituted for Swisscom AG, with effect as of the Amendment Date; and
    (viii) there has been a Succession Event in respect of The Bear Stearns Companies Inc. for which the sole Successor was JPMorgan Chase &
Co. 
    These amendments are effective as of 28 November 2008 (the "Amendment Date"). Noteholder consent has been granted for such amendments.
Capitalised terms used but not defined herein shall have the meaning given to them in the Series Prospectus.
    For further information please contact:  
    AIB International Financial Services Ltd.
AIB International Centre
    International Financial Services Centre
    Dublin 1
    Ireland
    Tel: + 353 1 8740777 / + 353 1 6418279


    Company Announcement
    Cloverie PLC
     (the "Issuer")


    1 North Wall Quay 
    International Financial Services Centre
    Dublin 1
    Ireland

    Series 2007-44 EUR 100,000,000 Floating Rate Portfolio Credit Linked Notes due 2017 (ISIN: XS0307226471) (the "Notes")

    3 December 2008
    Amendment of Cloverie Series 2007-44:
    The Issuer hereby wishes to announce the following changes to the Notes. The Series Prospectus, Credit Default Swap Confirmation and
Substitution Agency Agreement have been amended so that:
    (i) the following Reference Entities have been removed from the Reference Portfolio: Federal Home Loan Mortgage Corporation, Federal
National Mortgage Association, Kaupthing Banki HF, Landsbanki Islands HF and Lehman Brothers Holdings Inc., with effect as of the Amendment
Date (as defined below);
    (ii) notwithstanding that a Credit Event has occurred in respect of each of the Reference Entities listed in (i) above, the Total
Portfolio Cumulative Loss Percentage has been reset to zero, with effect as of the Amendment Date;
    (iii) as a result of the changes in (i) above, the Reference Entity Percentage has been increased from 1/133 to 1/128;
    (iv) the "Threshold Percentage" has been decreased from 6.57 per cent. to 5.00 per cent.;
    (v) the "Exposure Percentage" has been increased from 1.00 per cent. to 1.039 per cent.;
    (vi) the following language is included:
    "If, as determined by the Calculation Agent in its sole and absolute discretion in connection with a Reference Entity and a Credit
Event, (a) a protocol or other market standard agreement (the "Settlement Protocol") sponsored by the International Swaps and Derivatives
Association, Inc. or any other internationally recognised association or organisation is published by such association or organisation for
the purposes of amending the terms of one or more types of credit derivative transactions with the intention that settlement of the Credit
Event in respect of such Reference Entity be determined in accordance with such Settlement Protocol and that such Settlement Protocol be
used to determine the amounts payable by and/or rights and obligations of the parties under such credit derivative transaction which relate
to such Reference Entity, (b) Party A is bound by, or adheres to, such Settlement Protocol and (c) the Protocol provides for the selection
of an obligation satisfying the Reference Obligation Category and the Reference Obligation Characteristics, then the amounts payable by and/or rights and obligations of the parties as determined
under such Settlement Protocol shall apply for such Reference Entity and Credit Event.";
    (vii) Tate & Lyle Public Limited Company has been substituted for Swisscom AG, with effect as of the Amendment Date; and
    (viii) there has been a Succession Event in respect of The Bear Stearns Companies Inc. for which the sole Successor was JPMorgan Chase &
Co. 
    These amendments are effective as of 28 November 2008 (the "Amendment Date"). Noteholder consent has been granted for such amendments.
Capitalised terms used but not defined herein shall have the meaning given to them in the Series Prospectus.
    For further information please contact:  
    AIB International Financial Services Ltd.
AIB International Centre
    International Financial Services Centre
    Dublin 1
    Ireland
    Tel: + 353 1 8740777 / + 353 1 6418279


    This announcement has been issued through the Companies Announcement Service of
    The Irish Stock Exchange.