Substitution of Issuer

Company name: First Active plc

Headline: Substitution of Issuer

First Active plc

15 February 2010

Substitution of Issuer

By Ministerial Order issued on 8 December 2009 (the "Order"), the Minister for Finance in Ireland approved a scheme for the transfer of the banking business of First Active plc ("First Active") to Ulster Bank Ireland Limited ("UBIL") under Section 33 of the Central Bank Act, 1971 of Ireland ("Section 33"). First Active and UBIL also entered into a business transfer agreement on 8 October 2009 (the "Business Transfer Agreement") relating to the transfer of the First Active's banking business to UBIL. By virtue of the transfer of the banking business of First Active to UBIL pursuant to Section 33 and the Business Transfer Agreement, the relevant assets, rights, liabilities and obligations of First Active will transfer to UBIL on the 15th of February 2010 or such later date as First Active and UBIL may agree (the "Transfer Date"). The Order and the Business Transfer Agreement will give effect to the transfer of business covered by the Order and other business under Irish law, including the securities referred to below.

On the Transfer Date, the following liabilities and obligations of First Active become the liabilities and obligations of UBIL and UBIL shall be substituted in place of First Active as issuer and principal debtor, on identical terms, in respect of the following securities:

(a) IEP £30,000,000 11.375% Subordinated Bonds (ISIN: IE0004325399);

(b) STG £20,000,000 11.75% Subordinated Bonds (ISIN: IE0004325514); and

(c) STG £25,000,000 Floating Rate Subordinated Bonds (ISIN: IE0004325282).

The title and ISIN of the above securities will remain the same.

For further information, please contact

Patrick Passmore

First Active plc

Ulster Bank Group Centre

George's Quay

Dublin 2

Ireland

Telephone +353 1 608 4488

Fax: + 353 1 608 4046

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.