ALBA 2007 – 1 plc - Irish Stock Exchange

Condition 1: Form and Title
The 100 R Certificates will be represented by a global certificate in registered form (a "Global R
Certificate").
If R Certificates in definitive form are issued pursuant to R Certificate Condition 12, a definitive
certificate in respect of each R Certificate represented by the Global R Certificate (the "Definitive R
Certificates") will be issued in registered form and serially numbered.
Title to the Global R Certificates and Definitive R Certificates will pass upon registration in the register
(the "Register") which the Issuer shall procure to be kept by the Registrar. Registered holders of the
Global R Certificates or Definitive R Certificates shall (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 such Global R Certificates or Definitive R Certificates, 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.
For so long as the R Certificates are represented by Global R Certificates, 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 number of R Certificates (each, an "Accountholder") as the holder of such
number of R Certificates (including for the purposes of any quorum requirements of, or the right to
demand a poll at, meetings of the R Certificateholders), other than for the purposes of making
payments on such Global R Certificates, the right to which shall be vested, as against the Issuer and the
Trustee, solely in the registered holder of the relevant Global R Certificate in accordance with and
subject to the terms of the Trust Deed.
The R Certificates may be held or traded in unit form and can be transferred in single units in
accordance with the terms of the Trust Deed and the relevant Global R Certicate or relevant Definitive
R Certicate (as appropriate). Transfers and exchanges of beneficial interests in Global R Certificates
will be effected subject to and in accordance with the rules and procedures of Euroclear and
Clearstream, Luxembourg, as appropriate.
Condition 2: Status, Ranking and Security
(a)
Status and Ranking of the R Certificates
The R Certificates are constituted by the Trust Deed. The Issuer will issue 100 R Certificates on the
Issue Date.
The R Certificates constitute direct, secured (as more particularly described in the Issuer Security
Deed) and unconditional obligations of the Issuer and rank pari passu without preference or priority
amongst each other.
The Issuer Security Deed contains provisions to the effect that, so long as any of the Notes are
outstanding, the Trustee shall not be required, when exercising its powers, authorities and discretions,
to have regard to the interests of any other persons (other than Noteholders in accordance with the
Trust Deed) having the benefit of the security constituted by the Issuer Security Deed and, in relation to
the exercise of such powers, authorities and discretions, the Trustee shall have no liability to such
persons as a consequence of so acting.
(b)
Security