Company No 1776304

ANNUAL REPORT AND FINANCIAL STATEMENTS

CDB (UK) LIMITED

YEAR ENDED 30 SEPTEMBER 2007

LJHSU1U2*
L16 30/07/2008 28
COMPANIES HOUSE
CDB(UK) LIMITED

Contents

Corporate information

Report of the Directors

Statement of directors' responsibilities

Auditors' report

Income statement

Balance sheet

Statement of changes in equity

Cash flow statement

Notes to the financial statements

CDB(UK) LIMITED

Directors

D Quilligan
D Murray (Resigned 22 May 2008)
F G Parker
T Walsh (Appointed 19 March 2008)
J Brydie (Appointed 19 March 2008)

Secretary

F G Parker

Auditors

Ernst & Young LLP

1 More London Place
London, SE1 2AF

Bankers

Anglo Irish Bank Corporation pic

10 Old Jewry
London
EC2R 8DN

Registered office

10 Old Jewry
London
EC2R 8DN

Registered number

1776304

Country of incorporation

United Kingdom
CDB (UK) LIMITED

REPORT OF THE DIRECTORS

The directors have pleasure in submitting their report and the audited financial statements for CDB (UK) Limited
('the company') for the year ended 30 September 2007

1 REVIEW OF THE DEVELOPMENT OF THE BUSINESS

The company continues to act as an investment holding company

2 PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are minimal as the company acts as a holding company and is
non-trading

3 RESULTS FOR THE YEAR AND STATE OF AFFAIRS AS AT 30 SEPTEMBER 2007

The results for the year and the balance sheet at 30 September 2007 are set, respectively, out on pages 7 and 8 The profit
after taxation for the year amounted to £20,636 (2006 £1,368,842 loss after taxation) Total equity amounted to
£244,033,612 as at 30 September 2007 (2006 £121,312,976)

4 DIVIDEND
The directors do not propose the payment of a dividend in respect of the year ended 30 September 2007 (2006 £ Nil)

5 IMPORTANT EVENTS SINCE THE YEAR END AND FUTURE DEVELOPMENTS

The directors will continue to closely monitor the performance of the company to ensure its continued profitability
There have been no important events affecting the company since the year end

6 DIRECTORS AND SECRETARY

Declan Quilligan and Gordon Parker continued to serve as directors throughout the year James Brydie and Thomas
Walsh were appointed directors on 19 March 2008 David Murray resigned as director on 22 May 2008 All remaining
directors will continue in office in accordance with the articles of association Gordon Parker served as secretary
throughout the year The directors and secretary had no interests in the shares of the company during the year

7 PARENT COMPANY
The company is a wholly owned subsidiary of Anglo Irish Bank Corporation pic, incorporated in the Republic
of Ireland

8 DISCLOSURE OF INFORMATION TO THE AUDITORS

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit
information, being information needed by the auditor in connection with prepanng its report, of which the auditor is
unaware Having made enquiries of fellow directors, each director has taken all steps that he is obliged to take as a
director in order to make himself aware of any relevant audit information and to establish that the auditor is aware of
that information

2
CDB (UK) LIMITED

REPORT OF THE DIRECTORS 2007 (Continued)

9 INDEPENDENT AUDITORS
A resolution for the reappointment of Ernst & Young LLP as auditors of the company is to be proposed at the forthcoming
Annual General Meeting

ON BEHALF OF THE BOARD

REGISTERED OFFICE

10 Old Jewry
London
EC2R 8DN Gordon Parker - Director

Date 30 July 2008

3
CDB (UK) LIMITED

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE

REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS

The Directors are responsible for preparing the annual report and the financial statements in accordance with
applicable United Kingdom law and International Financial Reporting Standards as adopted by the European Union

Company Law requires the Directors to prepare financial statements for each financial year which present fairly the
financial position of the Company and of the financial performance and cash flows of the company for that period In
preparing those Financial Statements, the Directors are required to

- select suitable accounting policies and then apply them consistently,

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information,

- provide additional disclosures when compliance with the specific requirements of IFRS is insufficient to enable users
to understand the impact of particular transactions, other events and conditions on the entity's financial position and
financial performance, and

- state that the company has complied with IFRS, subject to any material departures disclosed and explained in the
financial statements

The Directors are responsible for Keeping proper accounting records which disclose with reasonable accuracy at any time
the financial position of the Company and which enable them to ensure that the financial statements comply with the
Companies Act 1985 and Article 4 of the International Accounting Standards regulation They have general responsibility
for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect
fraud and other irregularities

4
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CDB (UK) LIMITED

We have audited the financial statements of CDB (UK) Limited ('the company') for the year ended 30 September 2007
which comprise the Income Statement, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow
Statement and the related notes 1 to 14 These financial statements have been prepared under the accounting policies
set out therein

This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies
Act, 1985 Our audit work has been undertaken so that we might state to the company's members those matters we are
required to state to them in an auditor's report and for no other purpose To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed

Respective responsibilities of directors and independent auditors

The directors' responsibilities for preparing the financial statements in accordance with applicable United Kingdom
law and International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the
Statement of Directors' Responsibilities

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and Ireland)

We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the Companies Act 1985 We also report to you whether the information given in the
Report of the Directors is consistent with the financial statements

In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit, or if information specified by law
regarding directors' remuneration and other transactions is not disclosed

We read the Report of the Directors and consider the implications for our report if we become aware of any apparent
misstatements within it

Basis of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures tn the financial statements It also includes an assessment of the significant estimates and judgments
made by the directors in the preparation of the financial statements, and of whether the accounting policies are
appropriate to the company's circumstances, consistently applied and adequately disclosed

We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregularity or error In forming
our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CDB (UK) LIMITED (Continued)

Opinion

In our opinion

- the financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of
the state of affairs of the company as at 30 September 2007 and of its profit for the year then ended,

- the financial statements have been properly prepared in accordance with the Companies Acts 1985, and

- the information given in the Report of the Directors is consistent with the financial statements

EnvsV- VJ-P
Ernst & Young LLP
Registered Auditor
1 More London Place
London, SE1 2AF

Date I d - c n - OS

6
CDB (UK) LIMITED
Income statement
For the year ended 30 September 2007
2007 2006

Notes £ £

Investment income 2 73 73

Operating profit before impairment losses 73 73

Impairment losses 4 - (1,386,894)

Profit / (Loss) before taxation 5 73 (1,386,821)

Taxation 6 20,563 17,979

Profit / (Loss) for the financial year 20,636 (1,368,842)

The notes on pages 1 1 - 1 6 form part of these financial statements

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CDB (UK) LIMITED
Balance sheet
2007 2006
As at 30 September 2007
Notes £
£
Assets
Investments in subsidiaries 7 245,060,844 122,360,842
Quoted investments 8 977 977
Other assets 9 65,378 44,815
Prepayments and accrued income 281 208
Total assets 245.127,480 122,406,842

Liabilities
Loans and borrowings 10 1,093,868 1,093,866
Total liabilities 1,093,868 1,093,866

Share capital 12 245,785,000 123,085,000

Accumulated Losses (1,751,388) (1,772,024)
Shareholders' funds 244,033,612 121,312,976
Total equity and liabilities 245,127,480 122,406,842

The notes on pages 11-16 form part of these financial statements

ON BEHALF OF THE BOARD

JbJ-X
Gordon Parker - Director

Date 30 July 2008

8
CDB (UK) LIMITED
Statement of changes in equity
For the year ended 30 September 2007

Share Accumulated
Capital Losses Total
£ £ £

Balance at 1 October 2005 123,085,000 (403,182) 122,681,818

Loss for the year (1,368,842) (1,368,842)

Balance at 1 October 2006 123,085,000 (1,772,024) 121,312,976

Profit for the year 20,636 20,636

Share capital issued 122,700,000 122,700,000

Balance at 30 September 2007 245,785,000 (1,751,388) 244,033,612

The notes on pages 11 - 1 6 form part of these financial statements

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CDB (UK) LIMITED
Cash flow statement
For the year ended 30 September 2007

2007 2006
Notes £ £

Cash flows from operating activities

Operating profit / (loss) 73 (1,386.821)
Non-cash items 11 (73) 1,386,851

Net cash flows from operating activities 30

Cash flows from investing activities

Investment in subsidiary undertakings (122,700,002)
Net cash flows from investing activities (122,700,002)

Cash Flows from Financing activities

Proceeds of equity share issue 122,700,000
Net cash flows from financing activities 122,700,000

Net (decrease) I increase in cash and cash equivalents (2) 30

Opening cash and cash equivalents (1,093,866) (1,093,896)
Closing cash and cash equivalents 11 (1,093,868) (1,093,866)

The notes on pages 1 1 - 1 6 form part of these financial statements

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 CDB (UK) LIMITED

Notes to the financial statements

ACCOUNTING POLICIES

The significant accounting policies adopted by the company are set out below

1 Basis of preparation
The financial statements of the company for the year ended 30 September 2007 were authorised for issue by the board of
directors and the balance sheet was signed on the board's behalf by Gordon Parker on 30 July 2008 The company is a
private limited company incorporated and domiciled in England and Wales

The financial statements have been presented in accordance with International Accounting Standards and International
Financial Reporting Standards (Collectively 'IFRS') as adopted by the EU and applicable at 30 September 2007

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain
assets and liabilities to the extent required or permitted under accounting standards as set out in the relevant accounting
policies

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions
that affect the reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent
assets and liabilities Since management's judgement involves making estimates concerning the likelihood of future
events, the actual results could differ from those estimates Some estimation techniques involve significant amounts of
management judgement, often in areas which are inherently uncertain

Investment income recognition

Investment income comprises income and realised gains from quoted investment holdings Income is accounted for on a
receivable basis Interest is accrued up to the balance sheet date Realised gains or losses represent the
difference between proceeds of disposal and original cost less any prior provision for permanent diminution in
value

Cash and cash equivalents

For the purposes of the cash flow statement, cash comprises cash on hand and demand deposits Cash equivalents
comprise highly liquid investments that are convertible into cash with an insignificant risk of changes in value with onginal
maturities of less than three months

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CDB (UK) LIMITED

Notes to the financial statements continued

ACCOUNTING POLICIES continued

Income tax, including deferred income tax

Income tax payable on profits, based on the applicable tax law in each jurisdiction in which the Company operates, is
recognised as an expense in the period in which the profits anse The tax effects of income tax losses available for carry
forward are recognised as an asset only when, and to the extent that it is probable, that future taxable profits will be
available against which these losses can be utilised in the relevant junsdiction

Deferred income tax is provided in full, using the balance sheet liability method, on temporary timing differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements, except

- Deferred income tax is determined using tax rates based on legislation enacted or substantially enacted at the balance
sheet date and expected to apply when the deferred tax asset is realised or the deferred tax liability is settled, and

- Deferred tax assets are recognised where it is probable that future taxable profit will be available against
which temporary differences will be utilised

Investments
Investments in subsidiaries are held to maturity and are reflected m the Balance Sheet at cost less provision for
impairment Quoted investments are stated at their market value

Consolidation
Consolidated financial statements have not been prepared as the company is a wholly owned subsidiary of a company
incorporated in the European Economic Community under section 228 of the Companies Act 1985

Prospective Accounting Changes

The company has not applied the following new standards, amendments to standards and interpretations (IFRICs) that
have been adopted by the IASB but are not yet effective

IFRS 7 - Financial Instruments Disclosures,

IFRS 8 - Operating Segments,
Amendment to IAS 1 - Capital Disclosures,
Amendment to IAS 1 - Presentation of Financial Statements,
IFRIC Interpretation 10 - Interim Financial Reporting and Impairment,
IFRIC Interpretation 11-IFRS 2- Group and Treasury Share Transactions

These will be adopted in future years and are not expected to have a material impact on the Company's results IFRS 7
and the Amendment to IAS 1 will result in additional disclosures relating to capital and nsk management policies and
processes

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 CDB (UK) LIMITED

Notes to the financial statements continued

2 Investment Income 2007 2006

£ £

Investment income 73 73

3 Director's emoluments

No director received any emoluments from the Company (2006 none)

4 Impairment losses 2007 2006

£ £

Impairment of investment in subsidiary 1,386,894

The impairment loss in the prior year was the amount by which the carrying amount of the investment in Anglo Irish Credit Pic,
a subsidiary of CDB (UK) Limited, exceeded its recoverable amount As a result, the cost of investment was written down to
£5,946,710 and the loss charged to the income statement

5 Profit before taxation

Audit fees are borne by the parent Company

6 Taxation 2007 2006

£ £
Current tax

Current year (20,563) (17,979)

Effective tax rate (28,168%) 1%

The reconciliation of current tax on profit on ordinary activities at the standard Corporation Tax rate to the
Company's actual current tax credit is analysed as follows

Profit / (Loss) before taxation 73 (1,386,821)

Profit on ordinary activities before taxation at 30% 22 (416,046)

Effects of
Impairment Losses 416,068
Transfer pricing adjustment - Sch28AA (20,585) (18,001)

Total tax (20,563) (17,979)

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 CDB (UK) LIMITED

Notes to the financial statements continued

7 Investment in subsidiaries 2007 2006

£
Subsidiaries at cost
Anglo Irish Credit pic 5,946,710 7,333,604
Amblepath Properties Limited 10 10
Anglo Irish Asset Limited 74 74
Argyle Investment Finance Limited 2 2
Clickinput Limited 1 1
Finance 2000 pic 61,947 61,947
Anglo Irish Carry Partner Limited 1 1
Sutherland Finance and Leasing 82,597 82,597
Anglo Irish Finance Limited 3,500,000 3,500,000
Anglo Irish Asset Finance pic 220,000,000 100,000,000
Anglo Irish Commercial Properties (No 1) Limited 3,000,000 3,000,000
Anglo Irish Commercial Properties Limited 1,125,000 1,125,000
Anglo Irish Capital GP Limited 11,335,000 8,635,000
Anglo Irish Property Lending Limited 9,500 9,500
Anglo Irish Private Capital Limited 1
Anglo Irish Property Investors Limited 1

245,060,844 123,747,736
Impairment of Anglo Irish Credit pic (1,386,894)
245,060,844 122,360,842

Investments in subsidiary undertaking are stated at cost less provisions for impairment

The company indirectly owns the entire issued share capital of Anglo Insh Leasing Limited, IFT Nominees Limited and
Berfors Nominees Limited through Anglo Irish Credit pic

All companies and partnerships are registered in England and Wales

All of the above investments are in Sterling except for the investment in Anglo Insh Capital GP Limited which comprises
ordinary shares of €12,500,000 and £2,750,000 (2006 €12,500,000 and £50,000)

Particulars of subsidiaries, all of which are consolidated, and are registered in England and Wales are

Principal Country of
Principal subsidiaries Holding activity registration

Anglo Irish Credit pic 100% Dormant United Kingdom

Amblepath Properties Limited 100% Investment property United Kingdom
Anglo Insh Asset Limited 74% Hire purchase/leasing United Kingdom
Argyle Investment Finance Limited 100% Property Management United Kingdom
Clickinput Limited 100% Dormant United Kingdom
Finance 2000 pic 100% Investment Holding Company United Kingdom
Anglo Irish Carry Partner Limited 100% Investment Holding Company United Kingdom
Sutherland Finance and Leasing pic 100% Dormant United Kingdom
Anglo Insh Finance Limited 100% Finance United Kingdom
Anglo Irish Asset Finance pic 100% Commercial lending & Instalment Credit United Kingdom

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 CDB (UK) LIMITED

Notes to the financial statements continued

7 Investment in subsidianes (continued)

Principal Country of
Principal subsidiaries Holding activity registration

Anglo Irish Commercial Properties (No 1) Limited 100% Investment Holding Company United Kingdom
Anglo Irish Commercial Properties Limited 100% Investment Holding Company United Kingdom
Anglo Insh Capital GP Limited 100% Investment Holding Company United Kingdom
Anglo Irish Property Lending Limited 100% Secured Finance United Kingdom
Anglo Insh Private Capital Limited 100% Dormant United Kingdom
Anglo Insh Property Investors Limited 100% Investment Holding Company United Ktngdom

8 Quoted Investments

The quoted investments have a market value of £977 (2006 £977) and are listed on the London Stock Exchange

9 Other assets
2007 2006
£ £

Amounts owed by group undertakings 65,378 44,815

Amounts owed by group undertakings are provided on an in interest free basis with no fixed terms of repayment

10 Loans and borrowings

2007 2006
£ £
Amounts Falling Due Within One Year

Loan from Parent Undertaking 986,655 986,653

Amounts Falling Due After One Year

Loan from group undertakings 107,213 107,213
1,093,868 1,093,866

Amounts owing to parent undertakings, are provided by Anglo Irish Bank Corporation Pic - London
Branch (AIBC) The facilities are provided by AIBC as required to enable the growth of the business, and is
interest free with no fixed terms of repayment

Amounts owing to group undertakings longer than a year are provided by CDB Investments Limited,
and is interest free, with no fixed terms of repayment

11 Cash flow statement

2007 2006
Non-cash items £ £

Provision for impairment - 1,386,894

Net (increase) tn prepayments and accrued income (73) (41)
Other - (2)

(73) 1,386.851

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 CDB (UK) LIMITED

Notes to the financial statements continued

11 Cash flow statement (continued)

2007 2006
Cash and cash equivalents £ £

Deposits with banks (1,093,868) (1,093,866)

(with a maturity of less than three months)

(1,093,868) (1,093,866)
As at 30 September

12 Authorised share capital 2007 2006

£ £

200,000,000 Ordinary shares of£1each 200,000,000 200,000,000

12,500,000 Ordinary shares of €1 each 8,585,000 8,585,000
55,000,000 £1 Redeemable Participating Preference shares 55,000,000 50,000,000

263,585,000 258,585,000
Allotted, called and fully paid
191,750,000 Ordinary shares of £1 each 191,750,000 74,050,000
12,500,000 Ordinary shares of €1 each 8,585,000 8,585,000
45,450,000 £1 Redeemable Participating Preference shares 45,450,000 40,450,000

245,785,000 123,085,000

On 23 May 2007 the ultimate parent company subscribed to 2,700,000 ordinary £1 shares which were issued at par

On 28 September 2007 the ultimate parent company subscribed to 5,000,000 Redeemable Participating Preference
shares and 115,000,000 ordinary £1 shares which were issued at par

13 Parent Company

The company is incorporated in England and is a wholly owned subsidiary of Anglo Irish Bank Corporation pic,
incorporated in the Republic of Ireland The company's financial statements have been consolidated only in the
group financial statements of the parent company and a copy of these financial statements are available from
Stephen Court, 18/21, St Stephen's Green, Dublin 2, Ireland

14 Related party transactions

The parent company, Anglo Irish Bank Corporation pic, has provided loans to the company The balance
on these loans at 30 September 2007 are £986,655 (2006 £986,653) Also CDB Investments Limited has provided
loans to the company of £107,213 (2006 £107,213) The company provided loans to other group entities
The balance on these loans at 30 September 2007 are £65,378 (2006 £44,815)
The company did not incur intercompany interest charge or income dunng the year (2006 £nil)

16