ALBA 2007 – 1 plc - Irish Stock Exchange

As a condition to the issue of the A Notes, the A Notes are anticipated to be rated AAA by Fitch
Ratings Ltd. ("Fitch"), Aaa by Moody's Investors Service Limited ("Moody's") and AAA by Standard
& Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P" and, together with
Fitch and Moody's, the "Rating Agencies"). The B Notes are anticipated to be rated AAA by Fitch,
Aa2 by Moody's and AAA by S&P. The C Notes are anticipated to be rated AA- by Fitch and AA by
S&P. The D Notes are anticipated to be rated A- by Fitch and A by S&P. The E Notes are anticipated
to be rated BBB by Fitch and BBB by S&P. The F Notes are anticipated to be rated BB by Fitch and
Ba2 by Moody's.
As a condition to the issue of the MERCs, the MERCs are anticipated to be rated AAA by Fitch, Aaa
by Moody's and AAA by S&P. The ratings by Fitch and Moody's on the MERCs address the
likelihood of receipt by the MERC Holders of MERC Holder Payments. However, they assume
without any independent investigation that (a) the payment of the corresponding Mortgage Early
Repayment Charges is legally valid, binding and enforceable against the Borrowers and (b) such
Mortgage Early Repayment Charges are actually collected from Borrowers and received by the Issuer.
The rating by S&P on the MERCs addresses the likelihood of receipt by the MERC Holders of
Mortgage Early Repayment Charges actually received by the Issuer if enforceable. The issue of the
Subordinated Notes and the R Certificates is not conditional upon a rating and the Issuer has not
requested any rating of the Subordinated Notes or the R Certificates.
A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by any of the Rating Agencies.
Application has been made to the Irish Financial Services Regulatory Authority (the "Financial
Regulator"), as competent authority under Directive 2003/71/EC, for this Prospectus to be approved.
Application has been made to The Irish Stock Exchange Limited (the "Irish Stock Exchange") for the
Notes and the Instruments to be admitted to the official list (the "Official List") and to trading on its
regulated market.
See "Risk Factors" below for a description of certain factors which should be considered by prospective
investors in connection with an investment in the Notes and Instruments.
The Notes of each class are sold in reliance on Regulation S ("Regulation S") under the United States
Securities Act of 1933, as amended (the "Securities Act") and each class of Notes will be represented
initially by a temporary global note in bearer form, without coupons or talons (each a "Temporary
Global Note"), which will be deposited with HSBC Bank plc acting through its London office as
common depositary (the "Common Depositary") for Clearstream Banking, société anonyme
("Clearstream, Luxembourg") and Euroclear Bank S.A./N.V. as operator of the Euroclear System
("Euroclear ") on or about the Issue Date. Each Temporary Global Note will be exchangeable not
earlier than 40 days after the Issue Date (provided that certification of non-U.S. beneficial ownership
has been received) for interests in a permanent global note in bearer form, without coupons or talons,
for the relevant class (each, a "Permanent Global Note") and, together with each Temporary Global
Note, the "Global Notes"). The Permanent Global Notes will also be deposited with the Common
Depositary.
The Instruments of each class are sold in reliance on Regulation S and each class of Instruments will be
represented on issue by a global instrument in registered form (each a "Global Instrument"). The
Registrar will on behalf of the Issuer maintain a register in which it will register in the name of HSBC
Issuer Services Common Depositary Nominee (UK) Limited as nominee of the Common Depositary for
Euroclear and for Clearstream, Luxembourg, as owner of the Global Instruments. Transfers of the