EFTA Document EFTA01365216

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 CLO, Corp. (the "Co-Issue?' and, together with the Issuer, the "Co-Issuers") of Class A-I Floating Rate Senior Notes, Class A-2 Floating Rate Senior Notes, Class B Floating Rate Deferrable Senior Subordinate Notes and Class C Floating Rate Deferrable Senior Subordinate Notes and (ii) the Issuer of Class D Floating Rate Deferrable Subordinate Notes and Income Notes. No registration statement relating to these securities has been or will be filed with the U.S. Securities and Exchange Commission. These securities will be offered pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. This Offering Circular does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation or sale is not permitted. Distribution of this electronic transmission of the Offering Circular to any person other than (a) the person receiving this electronic transmission from the initial purchaser and/or placement agent on behalf of the Issuer or the Co-Issuers and (b) any person retained to advise the person receiving this electronic transmission with respect to the offering contemplated by this Offering Circular (each, an "Authorized Recipient") is unauthorized, provided that each recipient of this electronic transmission from the initial purchaser and/or placement agent (and each employee, representative, or other agent of the recipient) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax treatment and tax structure. Except as provided in the preceding sentence, any photocopying, disclosure or alteration of the contents of this Offering Circular, and any forwarding of a copy of this Offering Circular or any portion thereof by electronic mail or any other means to any person other than an Authorized Recipient, is prohibited. By accepting delivery of this Offering Circular, each recipient hereof agrees to the foregoing. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055892 CONFIDENTIAL SONY GM_00202078 EFTA01365216