ALBA 2007 – 1 plc - Irish Stock Exchange

Condition 1: Form, Denomination and Title
The Subordinated Notes will be represented by a global note in registered form (the "Global
Subordinated Note") which, in aggregate, will represent the aggregate principal amount of the
outstanding Subordinated Notes. The Subordinated Notes will be in the denomination of £50,000 and
increments of £1,000 in excess thereof.
Title to the Global Subordinated Notes will pass by and upon registration in the register which the
Issuer shall procure to be kept by the Registrar (the "Register").
Transfers and exchanges of beneficial interests in Global Subordinated Notes and entitlement to
payments thereunder will be effected subject to and in accordance with the rules of Euroclear and
Clearstream, Luxembourg (as the case may be).
Issuance of Definitive Subordinated Notes
If Subordinated Notes in definitive form are issued pursuant to Subordinated Note Condition 13,
Definitive Subordinated Notes in an aggregate principal amount equal to the relevant Principal Amount
Outstanding (as defined in Subordinated Note Condition 5(b)) of the Global Subordinated Note
("Definitive Subordinated Notes") will be issued in registered form in the denomination of £50,000
and increments of £1,000 in excess thereof (an "Authorised Denomination").
Title to Global Subordinated Notes and Definitive Subordinated Notes
Title to the Global Subordinated Notes and the Definitive Subordinated Notes will pass by and upon
registration in the Register. The registered holder of the Global Subordinated Note and each Definitive
Subordinated Note may (to the fullest extent permitted by applicable laws) be deemed and treated at all
times, by all persons and for all purposes (including the making of any payments), as the absolute
owner of the Global Subordinated Note or Definitive Subordinated Note, as the case may be, regardless
of any notice of ownership, theft or loss, of any trust or other interest therein or of any writing thereon
other than, in the case of a Definitive Subordinated Note, a duly executed transfer of such Definitive
Subordinated Note in the form endorsed thereon. Each Definitive Subordinated Note will be serially
numbered.
For so long as the Subordinated Notes are represented by the Global Subordinated Note, the Issuer and
the Trustee may (but shall not be obliged to) (to the fullest extent permitted by applicable laws) deem
and treat each person who is for the time being shown in the records of Euroclear or Clearstream,
Luxembourg as the holder of the particular principal amount of Subordinated Notes (each, an
"Accountholder") as the holder of such principal amount of Subordinated Notes (including for the
purposes of any quorum requirements of, or the right to demand a poll at, meetings of the Subordinated
Noteholders), other than for the purposes of payment of principal and interest on the Global
Subordinated Note, the right to which shall be vested, as against the Issuer and the Trustee, solely in
the registered holder of the Global Subordinated Note in accordance with and subject to the terms of the
Trust Deed.
Transfers of Subordinated Notes
Transfers and exchanges of beneficial interests in the Global Subordinated Note will be effected subject
to and in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg, as
appropriate. All transfers of Definitive Subordinated Notes and entries on the Register in the case of
any Definitive Subordinated Notes will be made subject to any restrictions on transfers set forth on such
Definitive Subordinated Notes and the detailed regulations concerning transfers of such Definitive