IMPORTANT NOTICE Attached is an electronic copy of the Offering Circular (the "Offering Circular"), dated January 17, 2007, relating to the contemplated offering by (i) Clear Lake CLO, Ltd. (the "Issue?') and Clear Lake

but excluding any deferred or capitalized interest. "Offer": As defined in Section 10.7(c). "Offering": The offering of the Securities pursuant to the Offering Circular. "Offering Circular": The final offering circular, dated January 17, 2007 relating to the Securities. "Officer": With respect to the Issuer, the C

anizations will perform services on behalf of the Co-Issuers and will receive fees and/or compensation for performing such services as described in the Offering Circular and this Indenture. (xii) It acknowledges that the Securities do not represent deposits with or other liabilities or obligations of, and are not g

but excluding any deferred or capitalized interest. "Offer": As defined in Section 10.7(c). "Offering": The offering of the Securities pursuant to the Offering Circular. "Offering Circular": The final offering circular, dated January 17, 2007 relating to the Securities. "Officer": With respect to the Issuer, the C