ALBA 2007 – 1 plc - Irish Stock Exchange

USE OF PROCEEDS
The net proceeds of the issue of the Notes and the Subordinated Notes are expected to amount to
approximately £980,894,284 (with all proceeds in euro converted into sterling at the rate of GBP
0.6836842105 per one euro for the A1b Notes). The expenses payable in connection with the
admission to trading of the Notes and Instruments are estimated to be £9,716.36.
Amounts received as net proceeds under the Notes (after exchanging on the Issue Date the gross
proceeds of the Euro Notes for sterling proceeds pursuant to the Cross Currency Swap Agreement) will
be applied in (a) the purchase by the Issuer of the Completion Mortgage Pool from the Seller, (b) the
funding of the Further Advances Minimum Amount and (c) the funding of the Ported Mortgage Loans
Minimum Amount, in each case, on the Issue Date. Amounts received as net proceeds under the
Subordinated Notes will be used to fund the initial deposit into the Reserve Fund.