ALBA 2007 – 1 plc - Irish Stock Exchange

TERMS AND CONDITIONS OF THE NOTES
The following is the text of the Conditions which will be endorsed or attached on each Global Note and
each Definitive Note (if and to the extent applicable) and (subject to the provisions thereof) will apply to
each such Notes.
The mortgage backed floating rate notes of Alba 2007 – 1 plc (the "Issuer") will be issued on 18 June
2007 (or such later date as may be agreed between the Issuer, the Trustee and the Managers (the "Issue
Date"), and will comprise £101,200,000 A1a Notes due 2039 (the "A1a Notes"), €190,000,000 A1b
Notes due 2039 (the "A1b Notes" and, together with the Ala Notes, the "A1 Notes"), £231,100,000
A2 Notes due 2039 (the "A2 Notes"), £269,000,000 A3 Notes due 2039 (the "A3 Notes") and,
together with the A2 Notes and the A1 Notes, the "A Notes"), £105,800,000 B Notes due 2039 (the "B
Notes"), £55,300,000 C Notes due 2039 (the "C Notes"), £34,500,000 D Notes due 2039 (the "D
Notes"), £23,800,000 E Notes due 2039 (the "E Notes") and £20,400,000 F Notes due 2039 (the "F
Notes" and, together with the A Notes, the B Notes, the C Notes, the D Notes and the E Notes, the
"Notes"). The A1a Notes, the A2 Notes, the A3 Notes, the B Notes, the C Notes, the D Notes, the E
Notes and the F Notes shall be defined as the "Sterling Notes . The A1b Notes shall be defined as the
"Euro Notes". The A1 Notes, the A2 Notes, the A3 Notes, the B Notes, the C Notes, the D Notes, the
E Notes and the F Notes are each referred to as a "class of Notes". The holders of the A1a Notes are
referred to as the "A1a Noteholders", the holders of the A1b Notes are referred to as the "A1b
Noteholders" and, with the A1a Noteholders, shall together be referred to as the "A1 Noteholders",
the holders of the A2 Notes are referred to as the "A2 Noteholders", the holders of the A3 Notes are
referred to as the "A3 Noteholders"and, with the A1 Noteholders and the A2 Noteholders shall
together be referred to as the "A Noteholders". The holders of the B Notes are referred to as the "B
Noteholders", the holders of the C Notes are referred to as the "C Noteholders", the holders of the D
Notes are referred to as the "D Noteholders", the holders of the E Notes are referred to as the "E
Noteholders" and the holders of the F Notes are referred to as the "F Noteholders". The holders of the
Notes are referred to as the "Noteholders" and the holders of each class of them as a "class of
Noteholders".
The Notes are constituted by a trust deed (as amended or supplemented from time to time (the "Trust
Deed")), to be dated on or prior to the Issue Date between the Issuer and HSBC Trustee (C.I.) Limited
(the "Trustee", which expression includes the trustee or trustees for the time being of the Trust Deed)
as trustee for the Noteholders. The Notes will have the benefit of (to the extent applicable) a paying
agency agreement dated on or prior to the Issue Date, as amended or supplemented from time to time
(the "Paying Agency Agreement") between the Issuer, the Trustee, HSBC Bank plc, as principal
paying agent (the "Principal Paying Agent,"), as agent bank (the "Agent Bank"), as registrar (the
"Registrar") and as transfer agent (the "Transfer Agent") and HSBC Institutional Trust Services
(Ireland) Limited as Irish paying agent (the "Irish Paying Agent") (together with the Principal Paying
Agent, the "Paying Agents").
In these conditions (the "Conditions"), all references to "Agent Bank" and "Paying Agent" shall mean
any agent bank or paying agents appointed from time to time in accordance with the Paying Agency
Agreement and shall include any successors thereto or to the Principal Paying Agent appointed from
time to time in accordance with the Paying Agency Agreement and any reference to an "Agent" or
"Agents" shall mean any or all (as applicable) of the above persons.
In these Conditions, capitalised words and expressions shall, unless otherwise defined herein, have the
same meanings as those given in the incorporated terms memorandum (the "Incorporated Terms
Memorandum") dated the Issue Date between, inter alios, the Issuer, the Trustee and the Principal
Paying Agent.