eircom Limited

On April 2, 2012 the EMEA Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit Event occurred in respect of eircom Limited.

NOTE – MAY 10, 2012

The EMEA Determinations Committee (DC) passed the following resolutions on May 8, 2012:

that no auction will be held to settle Relevant Transactions (as defined in the DC Rules) with respect to which a Credit Event Resolution has occurred with respect to eircom Limited, unless one or more obligations that constitutes a Deliverable Obligation(s) is effectively received by the DC Secretary by 5:00pm London Time on Thursday 10 May in accordance with Section 3.3(c) of the DC Rules;
that the Senior Facilities Agreement dated 22 May 2006 (as amended pursuant to an amendment and restatement agreement dated 16 August 2006 and as further amended pursuant to three amendment agreements dated 3 April 2007, 30 May 2007 and 24 June 2008) (the “Loan”), which was the only obligation that was proposed for inclusion on the Initial List, does not constitute a Deliverable Obligation and therefore the Loan should not be included on the Initial List; and
the Initial List (which has no potential Deliverable Obligations) is deemed to have been published on May 8, 2012.

Accordingly, to the extent any market participant would like to propose an obligation to include on the Supplemental List of Deliverable Obligations, these should be submitted to ISDA (together with the required documentation) by 5:00pm London Time on Thursday 10 May in accordance with Section 3.3(c) of the DC Rules (please see the document below entitled "Submission of Potential Deliverable Obligations and Challenges" for further details on submitting obligations/information to ISDA).

Please note that if an auction is not held in accordance with resolution (i) set out above, the Fallback Settlement Method will be applicable to settle Relevant Transactions. For the avoidance of doubt, the Loan will not constitute a Deliverable Obligation in accordance with resolution (ii) set out above.

NOTE – MAY 11, 2012

In accordance with DC resolution (i) set out above, no auction will be held to settle Relevant Transactions (as defined in the DC Rules) with respect to which a Credit Event Resolution has occurred with respect to eircom Limited as the DC Secretary did not receive any obligation that constitutes a Deliverable Obligation by the relevant cut-off time. We draw your attention to the last paragraph of the May 10, 2012 note above as to the consequence on settlement of Relevant Transactions of no auction being held.

For the avoidance of doubt, for purposes of Section 12.12 of the Credit Derivatives Definitions, the “No Auction Announcement Date” with respect to the eircom Limited Credit Event is May 11, 2012.