23rd May 2008

TABERNA EUROPE CDO I P.L.C.

(the "Issuer")

(Incorporated in Ireland with limited liability with registered number 430216)

NOTICE TO THE HOLDERS OF

the outstanding

€90,500,000 Class A2 Senior Floating Rate Notes due 2038 (the "Class A2 Notes") 
(ISIN: XS0278170765 and XS0278171904)

NOTICE IS HEREBY GIVEN to the holders of the Class A2 Notes (the Noteholders) that the Issuer, pursuant to a Trust Deed dated 31 January 2007, as amended or restated from time to time, (the Trust Deed) constituting the Class A2 Notes, proposes the following as a written resolution of the Noteholders (the Written Resolution) to take effect as an Ordinary Resolution in accordance with Schedule 4 to the Trust Deed. Noteholders should be aware that, in accordance with the Trust Deed, holders of more than 50 per cent. of the aggregate Principal Amount Outstanding of all the Class A2 Notes entitled to vote in respect of such Written Resolution must sign the Written Resolution for the Written Resolution to take effect as such:

WRITTEN RESOLUTION

"To: BNY Corporate Trustee Services Limited

Capitalised terms used herein and not specifically defined will bear the same meanings as in the Trust Deed dated 31 January 2007, as amended or restated from time to time, (as in force as at the date of this resolution, the Existing Trust Deed) constituting the Notes.

We represent and warrant that as at the date of signing of this Written Resolution we are in the records of Euroclear or Clearstream, Luxembourg the owner of the principal amount of the Class A2 Notes set out below and that such Notes have been blocked in an account to the order of the Principal Paying Agent until the earlier of the passing of this Written Resolution and 6 June 2008 and we have provided the Trustee with appropriate evidence of such holdings.

We hereby resolve and agree to the removal of the rating assigned by Fitch to the Class A2 Notes as of the date of the passing of this Written Resolution (the Rating Removal).

This Written Resolution may be contained in one document or in several documents in like form, each signed by or on behalf of one or more Noteholders.

• Name of Noteholder:

Signature of Noteholder:

Date: 2008

Principal amount of the Notes held:

€ of the €90,500,000 Class A2 Senior Floating Rate Notes due 2038"

Voting Instructions: A holder of an interest in the Class A2 Note may request that the registered holder of the Class A2 Note vote in accordance with the instructions of such holder. Any effective submission of a voting instruction made by the holder of an interest in a Class A2 Note will only be binding on the registered holder if such instructions are received from a direct accountholder of Euroclear or Clearstream, Luxembourg (each such direct accountholder, an Accountholder), as the case may be, by the transmission of an electronic instruction in accordance with the procedures of Euroclear or Clearstream, Luxembourg, as the case may be. Therefore, a holder of an interest in a Class A2 Note which is not an Accountholder must arrange, either directly or indirectly, through its broker, dealer, bank, custodian, trust company or other nominee to contact the Accountholder through which it holds such interests in order to procure delivery of such voting instruction via Euroclear or Clearstream, Luxembourg, as the case may be, to the registered holder. Accountholders are requested to respond to this notice by no later than 6 June 2008. 

Each Accountholder who delivers voting instructions via Euroclear or Clearstream, Luxembourg, as the case may be, is requested to disclose its identity to the Registrar, the Trustee and the Issuer.

In accordance with normal practice, the Trustee expresses no opinion as to the merits of the Rating Removal. The Trustee has not been involved in drafting the Written Resolution and makes no representation that all relevant information has been disclosed to the Noteholders in or pursuant to this Notice. The Trustee expresses no opinion on the proposals set out in this Notice. The Trustee recommends that Noteholders who are in any doubt as to the impact of the implementation of the Rating Removal should seek their own independent legal and financial advice.

This notice is given by the Issuer

For further information please contact: 

Kate Boyle

Arthur Cox Listing Services Limited

Tel: 00353 1 6181108

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.