Document:

Exhibit 4.11

 Exhibit 4.11 

DATED 13 May 2009 

THE NATIONAL PENSIONS RESERVE FUND COMMISSION 

THE MINISTER FOR FINANCE 

and 

ALLIED IRISH BANKS, p.l.c. 
  

 
 SUBSCRIPTION
AGREEMENT 
  
  

ARTHUR COX 

DUBLIN 

(NA001/004/CA91884.11) 

 CONTENTS 

 

					
	 CLAUSE
	  	 	  	PAGE
	1	  	INTERPRETATION	  	1
	2	  	AGREEMENT TO SUBSCRIBE FOR THE 2009 PREFERENCE SHARES AND WARRANTS	  	6
	3	  	WARRANTIES	  	7
	4	  	COMPLETION	  	7
	5	  	POST-COMPLETION COVENANTS	  	8
	6	  	ASSIGNMENT AND NOVATION	  	13
	7	  	NOTICES	  	14
	8	  	GENERAL	  	15
	9	  	GOVERNING LAW AND JURISDICTION	  	16
		
	 SCHEDULE 1
	  	
	 THE ARTICLES
	  	17
		
	 SCHEDULE 2
	  	
	 THE WARRANT INSTRUMENT
	  	18
		
	 SCHEDULE 3
	  	
	 WARRANTIES
	  	19
		
	 SCHEDULE 4
	  	
	 SUBSIDIARY UNDERTAKINGS, ASSOCIATED UNDERTAKINGS AND BRANCHES
	  	36
		
	 SCHEDULE 5
	  	
	 BANKS CUSTOMER PACKAGE
	  	37

 THIS AGREEMENT is made on 13 May 2009 BETWEEN: 

 

	(1)	THE NATIONAL PENSIONS RESERVE FUND COMMISSION, acting in its capacity as controller and manager of the NPRF of Treasury Building, Grand Canal Street, Dublin 2;
(the “Subscriber”); 

  

	(2)	THE MINISTER FOR FINANCE OF IRELAND of Upper Merrion Street, Dublin 2 (the “Minister”); and 

 

	(3)	ALLIED IRISH BANKS, P.L.C. a company incorporated in Ireland under the Companies Act 1963 with registered number 24173 having its registered office at
Bankcentre, Ballsbridge, Dublin 4, Ireland (the “Company”). 

 BACKGROUND: 

 

	(A)	On the date of this Agreement, the authorised share capital of the Company is €884,200,000 divided into 1,860,000,000 Ordinary Shares of €0.32 each,
200,000,000 Non-Cumulative Preference Shares of €1.27 each and 3,500,000,000 2009 Non-Cumulative Preference Shares of €0.01 each (“2009 Preference Shares”), US$500,000,000 divided into 20,000,000 Non-Cumulative Preference
Shares of US$25 each, Stg£200,000,000 divided into 200,000,000 Non-Cumulative Preference Shares of Stg£l each and Yen 35,000,000,000 divided into 200,000,000 Non-Cumulative Preference Shares of Yen 175 each and the issued capital of the
Company (excluding 35,680,114, treasury shares) is €282,481,745.92 divided into 882,755,456 Ordinary Shares of €0.32 each. 

  

	(B)	On the terms and subject to the conditions set out in this Agreement, the Subscriber has agreed to subscribe for, and the Company has agreed to allot and issue to the
Subscriber, the 2009 Preference Shares and the Warrants. 

  

	(C)	For the purposes of performing its obligations and exercising its rights pursuant to this Agreement, the Subscriber will act by its agent the National Treasury
Management Agency of Treasury Building, Grand Canal Street, Dublin 2. 

  

	(D)	The Minister is a party to this Agreement solely that the Minister may have the benefit of and entitlement to enforce the Warranties and the rights, covenants and
undertakings set out in this Agreement, and the Company and the Subscriber hereby agree that the Minister shall be so entitled. 

  

	1.	INTERPRETATION 

  

	 	1.1	Unless the context otherwise requires, in this Agreement: 

“2009 Preference Shares” means the 3,500,000,000 2009 perpetual non-cumulative redeemable preference shares of
€0.01 each to be issued credited as fully paid by the Company pursuant to the terms of this Agreement, having the rights and subject to the restrictions set out in the Articles; 

“Accounts” means the audited consolidated accounts of the Company and its Subsidiary Undertakings for the three
(3) years ended 31 December 2006, 2007 and 2008 (including, without limitation, the related directors’ and auditors’ reports, the consolidated income statement, the consolidated balance sheet, and the consolidated cashflow
statement and related notes); 
  

 1 

 “Affiliate” means, unless otherwise specified herein,
“affiliate” as defined in Rule 405 under the Securities Act or, as the context may require, Rule 501(b) under Regulation D of the Securities Act; 

“Arrangement Fee” means €30,000,000 (thirty million euro); 

“Articles” means the articles of association of the Company as adopted at the EGM and set out in the Agreed Form in
Schedule 1 to this Agreement; 
 “Associated Undertaking” means an associated undertaking of the Company within
the meaning of the European Communities (Companies: Group Accounts) Regulations 1992; 
 “Banks Customer
Package” means the Banks Customer Package, the principles of which were set out in Appendix 1 to the announcement issued by the Department of Finance on the Recapitalisation of Allied Irish Bank and Bank of Ireland dated 11 February
2009, in relation to which the obligations of the Company are set out in Schedule 5; 
 “Bank’s Business”
means the businesses carried out by the Group or by any Group Company; 
 “Bonus Shares” means the bonus issue
of Ordinary Shares which may be made by the Company to the Subscriber by way of a capitalisation of reserves in accordance with the rights attaching to the 2009 Preference Shares as set out in the Articles; 

“Business Day” means a day other than a Saturday or Sunday or public holiday in Ireland on which clearing banks are open
for business in Dublin; 
 “Central Bank” means the Central Bank and Financial Services Authority of Ireland;

 “Companies Acts” means the Companies Acts, 1963 – 2006; 

“Completion” means the subscription for the 2009 Preference Shares by the Subscriber and the issue by the Company of the
Warrants to the Subscriber on the Completion Date in each case in accordance with the terms of this Agreement; 

“Completion Date” means the date of execution of this Agreement; 

“Connected Person” and “Connected” means a person who would be connected with another person for the
purposes of Section 26 of the Companies Act, 1990 if that other person was a director of a company; 

“Department” means the Department of Finance of Ireland; 

“EGM” means the extraordinary general meeting of the Company held at 10 a.m. on 13 May 2009 at Bankcentre,
Ballsbridge, Dublin 4, notice of which was sent to holders of the Company’s Ordinary Shares on 20 April 2009; 

“Encumbrance” means any mortgage, charge, pledge, lien, option, restriction, assignment, hypothecation, right of first
refusal, right of pre-emption, or right to acquire or restrict, any adverse claim or right or third party right or interest, any other encumbrance or security interest of any kind, and any other type of preferential arrangement (including, without
limitation, title transfer and retention arrangements) having a similar effect; 
  

 2 

 “Financial Regulator” means the Irish Financial Services Regulatory
Authority, a constituent part of the Central Bank; 
 “Group” means the Company and each Subsidiary Undertaking
for the time being and the term “Group Company” means any one of them; 
 “Indebtedness” means all
indebtedness including, without limitation, loan capital, borrowing or indebtedness in the nature of borrowing, including, without limitation, any bank overdrafts, liabilities under acceptances or acceptance credits; 

“Information” has the meaning given to it in paragraph 2.1 of Schedule 3; 

“Information Technology” means all material computer systems, communication systems, software and hardware owned or
licensed by or to any Group Company; 
 “Intellectual Property Rights” means patents, trade marks, service
marks, logos, get-up, trade names, rights in designs, copyright (including rights in computer software), internet domain names, moral rights, utility models, rights in know how, rights in databases and other intellectual property rights of the
Group, in each case whether registered or unregistered and including applications for the grant of any such rights and all rights or forms of protection having equivalent or similar effect anywhere in the world; 

“Management Accounts” means the unaudited consolidated profit and loss account and balance sheet of the Group and the
unaudited profit and loss account of each division in the Group for management reporting purposes including supplementary divisional analysis for the period beginning on 1 January 2009 and ended on 27 February 2009 which have been provided
to PricewaterhouseCoopers as part of the Information; 
 “Material Adverse Effect” means an event has occurred
or is reasonably likely to occur which has resulted in or may result in a material adverse change in or affecting the condition (financial, operational, legal or otherwise), profitability, prospects, solvency, business affairs, governance,
reputation (ethical, professional, integrity or otherwise) or operations of the Group, taken as a whole, whether or not arising in the ordinary course of business; 

“National Pensions Reserve Fund” or “NPRF” means the fund of that name established under the National Pensions
Reserve Fund Act; 
 “National Pensions Reserve Fund Act” means the National Pensions Reserve Fund Act 2000, as
amended by the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009; 
 “National
Pensions Reserve Fund Commission” means the National Pensions Reserve Fund Commission, established by the National Pensions Reserve Fund Act to, inter alia, control, manage and invest the assets of the NPRF; 

“National Treasury Management Agency” means the National Treasury Management Agency as established by the National
Treasury Management Agency Act, 1990 as Manager of the NPRF; 
 “offer to the public” shall have the same
meaning as “offer of securities to the public” in the Prospectus (Directive 2003/71/EC) Regulations 2005; 
  

 3 

 “Ordinary Shares” means the ordinary shares of €0.32 each in the
capital of the Company; 
 “Preferred Securities” has the meaning given to it in the Articles; 

“Resolutions” means the resolutions proposed at the EGM; 

“Securities Act” means the United States Securities Act of 1933, as amended; 

“Senior Executive” has the meaning set out in Clause 5.3(e); 

“Shareholder” means the Subscriber or any agent designated by the Subscriber or any other State entity designated by the
Subscriber; 
 “Share Schemes” means any share or share option schemes conducted or operated by the Group
relating to the issuance of shares to officers or employees of the Group; 
 “State” means Ireland, excluding
Northern Ireland; 
 “Subscription” means the subscription for the 2009 Preference Shares and Warrants
contemplated by this Agreement; 
 “Subscription Amount” means €3,500,000,000 (three billion, five hundred
million euro); 
 “Subsidiary Undertaking” means a subsidiary undertaking of the Company within the meaning of
the European Communities (Companies: Group Accounts) Regulations 1992; 
 “Tax” and “Taxation”
means all forms of taxation, rates, fines, duties, imposts, charges, contributions, withholdings and levies and includes (without limiting the generality of the foregoing) corporation tax, income tax, dividend withholding tax, capital gains tax,
development land tax, advance corporation tax (ACT), capital acquisitions tax, corporation profits tax, rates, water rates, capital transfer tax, inheritance tax, gift tax, residential property tax, value added tax, pay related social insurance,
national insurance contributions, amounts due under the PAYE or PRSI system, income or other levies, customs and excise duties any other import or export duties, stamp duty, stamp duty reserve tax, companies capital duty, tax on turnover or profits,
sales tax, and any other amounts corresponding or similar thereto and all other taxes, rates, fines, duties, imposts, charges, contributions, withholdings, levies or other fiscal impositions of any kind whatsoever, whether imposed by government,
municipal or local authority or otherwise, or other sums paid in respect of any of them (including in particular but without derogating from the generality of the foregoing any interest, fine, charge, additional taxation, surcharge or penalty)
whether arising under the laws of Ireland or those of any other jurisdiction or territory and whether incurred as principal, agent, trustee, indemnitor, warrantor or otherwise, and regardless of whether such taxes, penalties, rates, levies, fines,
duties, imports, charges, contributions, withholdings, levies, impositions, interest, fine, charge, additional taxation, surcharge or penalty are directly or primarily chargeable against or attributable to any Group Company or any other person, firm
or company and whether or not the Subscriber or any Group Company is or may be entitled to claim reimbursement thereof from any other person or persons and “Taxable” shall be construed accordingly; 

 

 4 

 “Tax Authority” and “Taxation Authority” means, in
Ireland, the Revenue Commissioners, and any other local, municipal, governmental, state, federal or other fiscal authority or body anywhere in the world; 

“Tier 1 Capital” has the meaning ascribed to it in the Central Bank of Ireland Implementation Notice
dated 30th June 2000 in respect of the implementation
of the EC Own Funds and Solvency Ratio Directives for Credit Institutions Incorporated in Ireland (BSD SI/00) or any successor notification replacing such notice; 

“Tier 1 securities” means respectively any obligations of the Company or, as the case may be, any Group Company or other
entity which is treated, or is capable of being treated, as Tier 1 Capital of the Company; 
 “Warrant
Certificates” means the Core Tranche Warrant Certificate and the Secondary Tranche Warrant Certificate (each as defined in the Warrant Instrument) to be issued by the Company to the Subscriber on the Completion Date; 

“Warrants” means the warrants to subscribe for up to 294,251,819 Ordinary Shares to be constituted and regulated by the
Warrant Instrument and issued by the Company to the Subscriber on the Completion Date; 
 “Warrant Instrument”
means the warrant instrument in the Agreed Form set out in Schedule 2 of this Agreement to be entered into between the Company and the Subscriber on the Completion Date, which is to constitute and regulate the Warrants; 

“Warranties” means the warranties set out in Schedule 3 of this Agreement; 

“Warrant Shares” means the Ordinary Shares to be issued by the Company to the Subscriber upon exercise of the Warrants
pursuant to the Warrant Instrument; and 
 “Working Hours” means 9.00am to 5.00pm on a Business Day.

  

	 	1.2	In this Agreement, unless the context otherwise requires: 

  

	 	(a)	a document in the “Agreed Form” is a reference to a document in a form agreed and for the purposes of identification initialled by or on behalf of the
parties thereto; 

  

	 	(b)	a reference to: 

  

	 	(i)	any party includes its successors in title and permitted assigns; 

  

	 	(ii)	a “person” includes any individual, firm, body corporate, association or partnership, government or state or agency of a state, local authority or
government body or any joint venture association or partnership (whether or not having a separate legal personality); 

  

	 	(iii)	a “company” shall be construed so as to include any company, corporation or body corporate, wherever and however incorporated or established;

  

	 	(iv)	a Clause, Paragraph, or Schedule, unless otherwise specified, is a reference to a Clause, Paragraph of or Schedule to this Agreement; 

 

	 	(v)	“writing” or similar expressions includes, unless otherwise specified, transmission by facsimile but excludes email; 

 

 5 

	 	(vi)	the singular includes the plural and vice versa and references to one gender includes all genders; 

 

	 	(vii)	“day” or a “Business Day” shall mean a period of twenty-four (24) hours running from midnight to midnight;

  

	 	(viii)	a “month” shall mean a calendar month; 

  

	 	(ix)	times are to time in Ireland; and 

  

	 	(x)	any other document referred to in this Agreement is a reference to that document as amended, varied, novated or supplemented at any time. 

 

	 	(c)	a reference to “material” means material in the context of the Group or which a reasonably prudent investor making a significant investment for shares
or debt in the Group would reasonably regard as being material to the decision to make the investment. 

  

	 	(d)	a reference to a statute or statutory provision shall be construed as a reference to the laws of Ireland unless otherwise specified and includes:

  

	 	(i)	any subordinate legislation made under it including all regulations, by-laws, orders and codes made thereunder; 

 

	 	(ii)	any repealed statute or statutory provision which it re-enacts (with or without modification); and 

 

	 	(iii)	any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it; in each case, prior to Completion. 

 

	 	(e)	any phrase introduced by the terms “including” “include” and “in particular” or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms. 

  

	 	1.3	The table of contents and headings in this Agreement are inserted for convenience only. They are to be ignored in the interpretation of this Agreement.

  

	 	1.4	Any reference to a person’s knowledge, information, belief or awareness is deemed to include the knowledge, information, belief or awareness which the person would
have had if the person had made all due and careful enquiries. 

  

	2.	AGREEMENT TO SUBSCRIBE FOR THE 2009 PREFERENCE SHARES AND WARRANTS 

  

	 	2.1	Upon the terms of this Agreement and in reliance upon the Warranties the Subscriber agrees to subscribe for, and the Company agrees to allot and issue the 2009
Preference Shares and to issue the Warrants to the Subscriber on the Completion Date. 

  

	 	2.2	In consideration of the agreement to allot and issue the 2009 Preference Shares and to issue the Warrants, the Subscriber hereby undertakes to pay the Subscription
Amount to the Company on the Completion Date. 

  

 6 

	3.	WARRANTIES 

  

	 	3.1	The Company hereby represents and warrants to and undertakes with the Subscriber and the Minister that each of the Warranties is true and accurate and not misleading as
at the date of this Agreement. 

  

	 	3.2	The Company acknowledges that the Subscriber and the Minister are entering into this Agreement in reliance upon each of the Warranties. 

 

	 	3.3	Each of the Warranties shall be construed as a separate and independent warranty and shall not be limited or restricted by reference to, or inference from, the terms of
any other Warranty. 

  

	 	3.4	The Subscriber and the Minister acknowledge that no warranties are or will be provided by any officers or employees of the Group in connection with the Subscription and
that accordingly no officer or employee of the Group will be liable to the Subscriber or the Minister in connection with the Subscription and/or the due diligence exercise undertaken by the Subscriber in connection with the Subscription in the
absence of fraud or dishonesty. 

  

	4.	COMPLETION 

  

	 	4.1	Completion shall take place immediately following execution by the parties of this Agreement. 

 

	 	4.2	On the Completion Date, the Company and the Subscriber shall execute the Warrant Instrument. 

 

	 	4.3	On the Completion Date, the Company shall: 

  

	 	(a)	deliver to the Subscriber as evidence of the authority of each person executing a document on the Company’s behalf a copy of the minutes of a duly held meeting of
the board of directors of the Company (or a duly constituted committee thereof) authorising (i) execution of the Subscription Agreement, the Warrant Instrument and the Warrant Certificates, (ii) the allotment and issue of the 2009
Preference Shares and (iii) the issue of the Warrants and, where such actions are authorised by a committee of the board of directors of the Company, a copy of the minutes of a duly held meeting of the directors constituting such committee or
the relevant extract thereof; 

  

	 	(b)	allot and issue the 2009 Preference Shares to the Subscriber credited as fully paid; 

 

	 	(c)	issue the Warrants to the Subscriber; 

  

	 	(d)	enter the Subscriber, or its nominee, in its register of members as a shareholder of the Company in respect of the 2009 Preference Shares, and confirm in writing to the
Subscriber that the Subscriber is entitled to exercise its voting rights pursuant to the Articles at any subsequent meeting of the members of the Company, including the annual general meeting of the Company to be held on 13 May 2009;

  

	 	(e)	enter the Subscriber, or its nominee, in the warrant register created under the terms of the Warrant Instrument in respect of the warrants issued to it;

  

 7 

	 	(f)	execute and deliver a share certificate to the Subscriber or its nominee in respect of the 2009 Preference Shares; 

 

	 	(g)	execute and deliver the Warrant Certificates to the Subscriber or its nominee in respect of the Warrants; and 

 

	 	(h)	pay an amount equal to the Arrangement Fee to the Subscriber, to be satisfied by deduction from the Subscription Amount as set out in Clause 4.4.

  

	 	4.4	On the Completion Date, the Subscriber shall pay an amount equal to the Subscription Amount (less the Arrangement Fee) to a bank account nominated by the Company (which
nomination shall be made in writing at least three (3) Business Days in advance). 

  

	5.	POST-COMPLETION COVENANTS 

The Company hereby covenants in favour of the Subscriber and the Minister: 

 

	 	5.1	Banks Customer Package 

The Company shall use all reasonable efforts to comply, and to procure compliance by the Group, with all the commitments and undertakings
on the part of the Company in relation to the Banks Customer Package. 
  

	 	5.2	Restructuring Plan 

Within six (6) months from the date of this Agreement, the Company will draw up and submit to the Minister a restructuring plan that
has been prepared by the Company in consultation with the Minister including, as a minimum: 
  

	 	(a)	an analysis of the Group’s business model, assessing its viability over a time-frame agreed with the Minister; 

 

	 	(b)	details of how the Company intends to minimise and repay the state aid that has been provided, while bearing the costs of restructuring the Group; and

  

	 	(c)	an analysis of the compensatory measures taken or to be taken to minimise any distortions of competition caused by the Subscription. 

 

	 	5.3	Remuneration/Fees 

  

	 	(a)	The Company shall ensure that: 

  

	 	(i)	the aggregate remuneration received during the financial year ending 31 December 2009 by each Senior Executive employed by the Group at any time during that
financial year shall be 33% less than the aggregate remuneration received by each such Senior Executive during the financial year ended 31 December 2008; 

 

	 	(ii)	no annual bonus calculated on the basis of or related to the performance of any individual, any team or department or division, or the Company or Group as a whole shall
be paid to any Senior Executive in respect of the financial year ended 31 December 2009 or the financial year ended 31 December 2010; 

  

	 	(iii)	 the aggregate fees paid to any non-executive director during the financial year ended 31 December 2009 for that year shall be 25%

  

 8 

	 	 
less than the aggregate fees paid to that non-executive director during the financial year ended 31 December 2008, and the fees payable to any new non-executive director appointed during the
financial year ended 31 December 2009 shall be adjusted accordingly; 

  

	 	(iv)	no cash allowances are paid to any employee or services provider or appointee or officer of any Group Company in compensation for the “pensions cap” imposed
by the Finance Act 2006; 

  

	 	(v)	the annual base salary of any person who is an employee or services provider or appointee or officer of any Group Company shall not, for a period of two (2) years
from the date hereof, exceed a maximum amount equal to the lower of: 

  

	 	(A)	€500,000; or 

  

	 	(B)	the amount recommended by the Covered Institution Remuneration Oversight Committee in its report to the Minister dated 27 February 2009; 

in any financial year; 
  

	 	(vi)	
***

  

	 	(vii)	the remuneration packages and policies applicable to each Group Company are amended as soon as possible (and in any event within one (1) month of the date of this
Agreement) to comply with the provisions of this Clause 5.3(a); 

  

	 	(viii)	     

  

	 	(A)	
***

  

	 	(B)	
***

  

	 	(aa)	
***

  
  

*** Indicates omission of material, which has been
separately filed, pursuant to a request for confidential treatment. 
  

 9 

	 	(bb)	
***

  

	 	(cc)	
***

  

	 	(ix)	
***

  

	 	(x)	
***

  

	 	(b)	
***

  

	 	(c)	
***

  

	 	(i)	
***

  

	 	(ii)	
***

***
 
  

	 	(d)	The Company may remunerate at levels greater than those prescribed in Clause 5.3(a) in exceptional circumstances with the prior consent in writing of the Minister.

  

	 	(e)	
***

  
  

*** Indicates omission of material, which has been
separately filed, pursuant to a request for confidential treatment. 
  

 10 

	 	 
Executive (or equivalent of such person from time to time), or who is a member of the Group Executive Committee or who holds an executive grade and reports directly to a member of the Group
Executive Committee (or, in each case, the equivalent of the Group Executive Committee from time to time) or who otherwise holds a position in the Group that is at, or above, general manager level (or the equivalent of such level from time to time),
being a total of 65 persons on the Completion Date. 

  

	 	(f)	Where the consent or agreement of the Subscriber is required and sought pursuant to any provision of this Clause 5.3 the Subscriber shall endeavour to deal with such
request reasonably and without undue delay. The Company agrees to give the Subscriber reasonable notice of any request for a consent. 

  

	 	(g)	For the purpose of this Clause 5.3, the term “services provider” means any person who is providing services to the Group that are analogous to services
being provided or that have been provided by employees or former employees of the Group (without reference to the basis on which those services are or were provided by any such employee or former employee). 

 

	 	5.4	Prohibition on the Use of “Cash Box” Structures 

Irrespective of the provisions of Section 60(12) of the Companies Act 1963, the Company shall not give, and shall procure that no
member of the Group shall give, directly or indirectly, financial assistance (including, without limitation, any indemnities or undertakings, or the payment of any fees, expenses, or commissions) for the purpose of or in connection with any issue of
shares in the Company or any member of the Group for non-cash consideration to any person or entity anywhere in the world, or enter into any put and/or call option arrangements, or acquire any subsidiary, or issue any shares in the Company or any
member of the Group where such financial assistance or options or acquisition or share issue is for the purpose of or in connection with a “cash box” structure or an arrangement having, in the sole opinion of the Minister or the
Subscriber, a similar aim or effect. 
  

	 	5.5	Secondary Sale 

 The
Company will, from time to time on request and at its own expense, do and execute or procure to be done and executed all necessary acts, deeds, documents and things in a form satisfactory to the Subscriber that the Subscriber reasonably considers
necessary to effect and/or facilitate the placing, or the offer to the public, or the admission to trading on a regulated market of the 2009 Preference Shares, or any Ordinary Shares acquired as a result of holding any 2009 Preference Shares or the
Warrants (a “Secondary Sale”), including: 
  

	 	(a)	Entering into an underwriting agreement or placing agreement on market terms; 

 

	 	(b)	Providing any information necessary for the purposes of due diligence, or the drafting or verification of any document required in connection with the Secondary Sale;

  

	 	(c)	Preparing and publishing an information memorandum or prospectus in compliance with the applicable laws, provided that the Company shall not be required to publish a
prospectus more than once in any twelve (12) month period; 

  

 11 

	 	(d)	Permitting the use of any information memorandum or prospectus prepared and published by the Company in compliance with the applicable laws for the purposes of a
Secondary Sale; 

  

	 	(e)	Making any applications or submissions required by any statutory or regulatory authority in Ireland or elsewhere in connection with the Secondary Sale;

  

	 	(f)	Publishing any notices or advertisements required in connection with the Secondary Sale; and 

 

	 	(g)	Assisting the Subscriber in relation to the effective marketing of the Secondary Sale. 

 

	 	5.6	Disclosure of Information 

  

	 	(a)	Subject to the Company’s obligations to comply with applicable law, the Company shall 

 

	 	(i)	on request, provide such information (whether in written or oral form) to the Subscriber, and arrange for access to the personnel or records of any Group Company, as
the Subscriber reasonably requires for the purposes of performing its statutory functions as set out in the National Pensions Reserve Fund Act; 

  

	 	(ii)	ensure that a copy of any information provided to the Minister, the Department or the Financial Regulator is provided to the Subscriber at the same time, to enable the
Subscriber to perform its statutory functions as set out in the National Pensions Reserve Fund Act; 

  

	 	(b)	The Company acknowledges and agrees that the Minister, the Department, the Financial Regulator and the Subscriber may disclose to each other any information which they
receive or are in possession of (including information relating to a period prior to the execution of this Agreement) concerning any Group Company. 

  

	 	5.7	
***

  

	 	5.8	Use of Proceeds 

 The
Company agrees that it shall, after the Completion Date, apply the Subscription Amount for the purpose of increasing its core tier 1 capital and, in particular, that the Subscription Amount shall not be used to make any contribution(s) to any
pension fund operated or contributed to by any Group Company in excess of the amount(s) such Group Company is required by law or the Pensions Board or any other applicable regulatory authority to contribute. The Company agrees that it will not
consent to any significant changes to the trust deeds or rules of any pension fund operated or contributed to by any Group Company without the consent of the Subscriber. 

 
  

*** Indicates omission of material, which has been
separately filed, pursuant to a request for confidential treatment. 
  

 12 

	 	5.9	Reference to Subscription Amount for Promotional Purposes 

The Company agrees that it shall not use, and that it shall procure that no Group Company shall use, the fact that the Company has
received the Subscription Amount pursuant to this Agreement for any advertisement or promotional purposes at any time without the prior written consent of the Subscriber. 

 

	 	5.10	Confidentiality 

 All
information provided or disclosed to the Minister and/or the Subscriber pursuant to this Clause 5 shall be treated as confidential by its recipient, save that this restriction shall not apply where: 

 

	 	(a)	the information, at the time of disclosure, is in the public domain; or 

  

	 	(b)	the information, following its disclosure, becomes generally available to third parties through no breach of this Agreement by the Subscriber or the Minister; or

  

	 	(c)	the information was lawfully in the possession of the recipient prior to its receipt or disclosure; or 

 

	 	(d)	the disclosure of the information is required by law. 

  

	 	5.11	Duration of the Undertakings in this Clause 5 

The undertakings set out in this Clause 5 shall continue in full force and effect until such time as the Government Preference
Shareholder (as defined in the Articles) no longer holds any of the 2009 Preference Shares or the Warrants, or for such other shorter period as may be specified in writing by the Shareholder. 

 

	6.	ASSIGNMENT AND NOVATION 

The Subscriber shall be permitted to transfer, wholly or partially, its rights and/or obligations under this Agreement, by way of
assignment and/or novation and/or contribution, to any entity or agency of or related to the State, and the Company hereby: 
  

	 	6.1	consents to any such assignment and/or novation and/or contribution; 

  

	 	6.2	agrees to do and execute or procure to be done and executed all necessary acts, deeds, documents and things in a form satisfactory to the Subscriber which the
Subscriber may reasonably consider necessary for giving full effect to this Agreement and securing to the Subscriber or any person to whom the Subscriber has transferred or proposes to transfer its rights and obligations under this Agreement the
full benefit of the rights, powers and remedies conferred upon the Subscriber in or by this Agreement; and 

  

	 	6.3	irrevocably appoints the Subscriber as its attorney to sign, execute and deliver on its behalf all deeds and documents and to do all acts and things necessary for
giving full effect to this Clause 6 of this Agreement. 

  

 13 

	7.	NOTICES 

  

	 	7.1	Subject to Clause 7.2, any notice or other communication under this Agreement shall only be effective if it is in writing. 

 

	 	7.2	Communication by electronic mail or other electronic methods of writing shall not be effective under this Agreement. 

 

	 	7.3	Any notice or other communication given or made under this Agreement shall be addressed as provided in Clause 7.5 and, if so addressed, shall, in the absence of earlier
receipt, be deemed to have been duly given or made as follows: 

  

	 	(a)	if sent by personal delivery, on delivery at the address of the relevant party; 

 

	 	(b)	if sent by pre-paid post, two (2) clear Business Days after the date of posting; or 

 

	 	(c)	if sent by facsimile, when transmitted. 

  

	 	7.4	Any notice or other communication given or made, or deemed to have been given or made, outside Working Hours will be deemed not to have been given or made until the
start of the next period of Working Hours. 

  

	 	7.5	The relevant notice details are: 

  

					
	  	 	 Address
	 	 Fax No.

	 The Company
	 		 	
			
	 Marked for the attention of:
	 	Bankcentre	 	01 661 5671
	 The Company Secretary
	 	Ballsbridge	 	
		 	Dublin 4	 	
			
	 with a copy to:
	 	Bankcentre	 	01 668 9677
	 The Group Law Agent
	 	Ballsbridge	 	
		 	 Dublin 4
	 	
			
	 The Subscriber
	 		 	
			
	 Marked for the attention of:
	 	Treasury Building	 	01 676 6639
	 Michael J. Somers
	 	Grand Canal Street	 	
	 Chief Executive
	 	Dublin 2	 	
	 National Treasury Management Agency
	 		 	
			
	with a copy to:	 	Treasury Building	 	01 676 6639
	 Head of Control
	 	Grand Canal Street	 	
	 National Treasury Management Agency
	 	Dublin 2	 	
			
	 The Minister
	 		 	
			
	 Marked for the attention of:
	 	Upper Merrion Street	 	
	 The Secretary General
	 	Dublin 2	 	
	 Department of Finance
	 		 	

  

	 	7.6	A party may notify the other parties of a change to its notice details. That notification shall only be effective on: 

 

	 	(a)	any effective date specified in the notification; or 

  

 14 

	 	(b)	if no effective date is specified or the effective date specified is less than five (5) clear Business Days after the Date when notice is received, the date
falling five (5) clear Business Days after the notification has been received. 

  

	8.	GENERAL 

  

	 	8.1	This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at
least one counterpart. Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument. 

 

	 	8.2	Except to the extent already performed, all the provisions of this Agreement shall, so far as they are capable of being performed or observed, continue in full force
and effect notwithstanding Completion. 

  

	 	8.3	This Agreement may only be varied in writing (excluding electronic methods of writing) signed by each of the parties. 

 

	 	8.4	This Agreement, along with all of the documents entered into to give effect to its terms and the transactions contemplated hereunder, constitute the entire
understanding and agreement between the parties and supersede all prior agreements, arrangements, letters and discussions between the parties. 

  

	 	8.5	No announcement concerning the transaction contemplated by this Agreement or any ancillary matter shall be made by the Company without the prior written consent of the
Subscriber, such consent not to be unreasonably withheld or delayed, save that the Company may (after consultation with the Subscriber) make an announcement concerning the transaction contemplated by this Agreement or any ancillary matter if
required by law or any securities exchange or regulatory or governmental body to which the Company or any Group Company is subject. 

  

	 	8.6	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect
or impair the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement, or the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement.

  

	 	8.7	No delay or omission by any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement shall affect that right, power or
remedy, or operate as a waiver of it. The exercise or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

  

	 	8.8	The Company will, from time to time on request and at its own expense, do and execute or procure to be done and executed (including by any Group Company) all necessary
acts, deeds, documents and things in a form satisfactory to the Subscriber or, as the case may be, the Minister that the Subscriber or, as the case may be, the Minister reasonably considers necessary to give full effect to this Agreement and to
remedy any breach of this Agreement which is related to any absence of authority or the existence of any impediment in regard to the performance of the Company’s obligations pursuant to this Agreement and pursuant to the terms of the Warrant
Instrument and, in respect of the 2009 Preference Shares, under the Articles. 

  

 15 

	 	8.9	Each party shall bear its own costs and expenses in relation to the preparation, negotiation, execution, delivery, performance or enforcement of this Agreement and the
subscription for, and allotment and issue of, the 2009 Preference Shares and the Warrants. 

  

	 	8.10	The rights and remedies of the Minister and the Subscriber pursuant to this Agreement are cumulative and not exclusive of any rights or remedies provided by law; in
particular, the Company agrees that damages may not be an adequate remedy in the event of a breach of this Agreement by the Company and that, accordingly, the Subscriber or the Minister shall be entitled (without proof of special damages) to the
remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of this Agreement. 

  

	9.	GOVERNING LAW AND JURISDICTION 

  

	 	9.1	This Agreement shall be governed by and construed in accordance with the laws of Ireland. 

 

	 	9.2	Each of the parties to this Agreement irrevocably agrees that the courts of Ireland are to have exclusive jurisdiction to settle any dispute arising out of or in
connection with this Agreement and, for such purposes, irrevocably submits to the exclusive jurisdiction of such courts. Any proceeding, suit or action arising out of or in connection with this Agreement (the “Proceedings”) shall
therefore be brought in the courts of Ireland. 

  

	 	9.3	Each of the parties to this Agreement irrevocably waives any objection to Proceedings in the courts referred to in Clause 9.2 on the grounds of venue or on the grounds
of forum non conveniens. 

  

 16 

 SCHEDULE 1 

THE ARTICLES 
  

 17 

 SCHEDULE 2 

THE WARRANT INSTRUMENT 
  

 18 

 SCHEDULE 3 

WARRANTIES 
  

	1.	Capacity and Authority 

  

	 	1.1	Each Group Company is a company duly incorporated and validly existing under the laws of the jurisdiction in which it is incorporated, and has the legal right and full
power and authority to carry on its business, and activities (including as to the ownership, leasing or operation of assets or properties) as currently being carried on and intended to be carried on at the date of this Agreement and is duly
qualified to do business in the jurisdictions in which the transaction of its business makes such qualification necessary. 

  

	 	1.2	This Agreement, the Warrant Instrument and any documents to be executed by the Company at Completion have been or will be duly authorised, executed and delivered by the
Company and constitute or will constitute, when executed, valid and binding agreements of the Company, enforceable in accordance with their terms without any sanction or consent by members of the Company or any class of members of the Company.

  

	2.	Information 

  

	 	2.1	All information provided by any Group Company, or any of their officers, agents, advisers or employees to the Subscriber and/or the Department and/or the Minister
and/or the Financial Regulator and/or the Central Bank and/or any of their respective officers, agents, advisers or employees, whether in connection with the Subscription (including, but not limited to the responses to due diligence enquiries,
confirmations and the contents of the documents made available for review in the physical data room at McCann Fitzgerald Solicitors and at Bankcentre, Ballsbridge, Dublin 4 by the Company prior to the Subscription) or other requests for information
made since the enactment of the Credit Institutions (Financial Support) Act 2008 on 2 October 2008 (the “Information”) was supplied in good faith and was when supplied, and remains (save to the extent that it has been corrected
or updated in written responses to the due diligence questionnaire provided by McCann Fitzgerald) true, accurate and complete in all material respects and not misleading in any material respect, and so far as such Information is expressed as a
matter of opinion, such opinions were when given and remain truly and honestly held and not given casually or recklessly or without due regard for their accuracy. 

 

	 	2.2	The Information was provided after due and careful consideration of all relevant factors and there were no facts known to any Group Company, or any of their officers,
agents, advisers or employees that were not taken into account in the preparation of such Information and which could reasonably be expected to have a material effect thereon. 

 

	 	2.3	No events have occurred subsequent to the provision of the Information and no fact or matter or circumstance exists in relation to any Group Company or its officers,
agents or employees which has not been disclosed in writing to the Subscriber and/or the Department and/or the Minister that, on the basis of the utmost good faith, ought to be disclosed to the Subscriber and/or the Department and/or the Minister or
which otherwise would reasonably be considered material. 

  

	 	2.4	As far as the Company is aware, having made due and careful enquiry of all Senior Executives, there is no matter or fact pattern which could reasonably be expected to
give rise to a risk of reputational damage for the Group as a financial institution in Ireland or abroad. 

  

 19 

	 	2.5	In relation to all documents published or announcements issued by the Company via a regulatory information service since 31 December 2008 (the
“Disclosures”): 

  

	 	(a)	the Disclosures were true and accurate in all material respects and not misleading in any material respect at the time of publication and, save to the extent corrected,
amended or supplemented in any subsequent documents or announcements, remain true and accurate in all material respects and not misleading in any material respect; 

 

	 	(b)	any estimates, expressions of opinion or intention or expectation in the Disclosures were made on reasonable grounds and were honestly held and fairly based and there
were no facts known to any Group Company or its officers, agents or employees (or which could have been known if reasonable enquiry had been made by the directors of the Company or the relevant personnel at the relevant Group Company) the omission
of which would make any statement of fact or estimate or statement or expression of opinion in any of the Disclosures misleading in any material respect; and 

 

	 	(c)	the Disclosures complied with the memorandum and articles of association and other constitutional documentation of the Company and all relevant legal or regulatory
requirements to which any Group Company is subject. 

  

	3.	Share Capital and Group Companies 

  

	 	3.1	The entire authorised and issued share capital of the Company on the date of this Agreement is as set out in recital (A) of this Agreement, and all shares that
have been issued by the Company are fully paid up. 

  

	 	3.2	Other than in connection with the Subscription, the Preferred Securities and the Share Schemes, there is no Encumbrance, nor is there any agreement, arrangement or
obligation to create or give any Encumbrance, on, over or affecting any issued or unissued stock, shares, loan or other capital of any Group Company other than the Company, and no claim has been made by any person to be entitled to any such
Encumbrance. 

  

	 	3.3	Save as provided in this Agreement or the Articles, or in the rights of the 2009 Preference Shares as set out in the Articles, or in the rights of the Preferred
Securities, or in the terms of the Warrant Instrument, or pursuant to the terms of the Share Schemes, no Group Company is a party to any agreement, arrangement or obligation in force which calls for the present or future allotment, issue, transfer
or disposal of, or the redemption or repurchase of, or the grant to any person of the right (whether conditional or otherwise) to call for the allotment, issue, transfer or disposal of, or the redemption or repurchase of, any security of any Group
Company (including, without limitation, any debt security in any Group Company, or any option or warrant or right of pre-emption over or any securities convertible or exchangeable for securities of any Group Company). 

 

	 	3.4	No stock, shares, loan or other capital has been created, allotted, issued, acquired, repaid or redeemed, or agreed to be created, allotted, issued, acquired, repaid or
redeemed, by any Group Company since the date of publication of its last set of audited accounts. 

  

 20 

	 	3.5	The Company does not have any Subsidiary Undertaking or Associated Undertaking or any branch (within the meaning of Council Directive 89/666/EEC of 21 December
1989) other than those listed in Schedule 4. The shares or other interests held by any Group Company in the capital of any Subsidiary Undertakings or Associated Undertakings of the Company are legally and beneficially owned free from all
Encumbrances and are fully paid up. 

  

	 	3.6	Each of the Resolutions, the Subscription, the allotment and issue of the 2009 Preference Shares, the issue of the Warrants, and the allotment and issue of any Warrant
Shares or Bonus Shares: 

  

	 	(a)	complies or will comply (as applicable) in all respects with all agreements to which any Group Company is a party or by which any such Group Company is bound, the
memorandum of association and the Articles and other constitutional documentation of the Company, and all applicable laws and regulations in Ireland and elsewhere; and 

 

	 	(b)	does not or will not (as applicable), exceed or breach or cause a variation in any restrictions or the terms of, or a default under, any contract, deed, indenture,
security, obligation, commitment or arrangement by or binding upon any Group Company or their respective properties, revenues or assets or result in any right of pre-emption or other material provision thereof becoming or ceasing to be effective, or
result in the imposition or variation of any rights or obligations of any Group Company which are material. 

  

	 	3.7	The Company and the Directors have the right, power and authority under the memorandum of association and the Articles and other constitutional documentation of the
Company to issue and allot the 2009 Preference Shares, 577,319,588 Bonus Shares and any Warrant Shares and otherwise to perform all of its obligations pursuant to this Agreement and the Warrant Instrument. 

 

	 	3.8	There are no consents, authorisations or approvals required by the Company in connection with the Subscription, the issue and allotment of the 2009 Preference Shares,
the issue of the Warrants or the performance of the Company’s obligations pursuant to this Agreement. 

  

	 	3.9	The Subscription, the allotment and issue of the 2009 Preference Shares or any Warrant Shares or Bonus Shares, and the issue of the Warrants will not cause or result,
in any contracts or arrangements to which any Group Company is a party becoming capable of being terminated by a party thereto (other than a member of the Group) or permit any such party to exercise a right against a Group Company or otherwise give
rise to material adverse consequences, to an extent that would be (singly or in the aggregate) material. 

  

	 	3.10	As a result of the Subscription, the issue and allotment of the 2009 Preference Shares, any Warrant Shares or Bonus Shares and the issue of the Warrants, no Group
Company will be obliged to pay dividends or distributions on existing Tier 1 securities, and no existing Tier 1 securities of the Group will fail to continue to qualify as Tier 1 Capital. 

 

	 	3.11	The 2009 Preference Shares and any Warrant Shares or Bonus Shares will, when issued and allotted pursuant to the terms of this Agreement or, as relevant, the Warrant
Instrument, be free from Encumbrances, and will have the rights and be subject to the restrictions set out in the Articles. 

  

 21 

	 	3.12	The Warrants will, when issued pursuant to the terms of this Agreement, be free from Encumbrances, and will have the rights and be subject to the restrictions set out
in the Warrant Instrument. 

  

	4.	Effect of Performance of this Agreement 

The performance of the Company’s obligations pursuant to this Agreement and pursuant to the terms of the Warrant Instrument and, in
respect of the 2009 Preference Shares, under the Articles will not: 
  

	 	4.1	conflict with or result in the breach of or constitute a default under any of the terms, conditions or other provisions of any material agreement, licence or instrument
to which any Group Company is a party (including, without limitation, material facilities agreements, debt programmes and derivatives contracts), or any Encumbrance, lease, contract, order, judgment, award, injunction, regulation or other
restriction or obligation of any kind or character by which or to which any material assets of any Group Company is bound or subject; 

  

	 	4.2	relieve any person from any material contract with, or other material arrangement or material obligation in favour of, any Group Company (whether contractual or
otherwise) or enable any person to determine or avoid any such contract, arrangement or obligation or any right, privilege or benefit enjoyed by any Group Company that would be (singly or in the aggregate) material, or enable any person to exercise
any right whether under an agreement with or otherwise in respect of any Group Company that would be (singly or in the aggregate) material; or 

  

	 	4.3	result in the creation, imposition, crystallisation or enforcement of any security interest whatsoever on any assets of any Group Company that would be material.

  

	5.	Accounts 

  

	 	5.1	The Accounts have been prepared in accordance with International Accounting Standards and International Financial Reporting Standards (collectively
“IFRS”) and International Financial Reporting Interpretations Committee interpretations as adopted by the European Union and with those parts of the Companies Act applicable to companies reporting under IFRS, with the European
Communities (Credit Institutions: Accounts) Regulations, 1992 and with the Asset Covered Securities Act, 2001 to 2007. 

  

	 	5.2	The Accounts show a true and fair view (within the meaning of IFRS and the legislation referred to in paragraph 5.1 above) of the assets, liabilities (including
contingent liabilities), commitments and financial position and the state of affairs and profit or loss of the Group as at the end of each relevant accounting period and of the results, cashflows and change in equity of the Company and the Group for
such periods. 

  

	 	5.3	Full disclosure of, and adequate provisions (within the meaning of IFRS and the legislation referred to in paragraph 5.1 above) for, bad and doubtful debts and all
liabilities (whether actual, deferred, contingent, disputed or otherwise) and commitments of the Group as at the end of each relevant accounting period based on the information available to the Group at the time of preparing the Accounts were made
in the Accounts. 

  

	 	5.4	The Group has established financial reporting and internal control procedures that provide a reasonable basis for the Company’s directors to make proper judgments
as to the financial position and prospects of each Group Company, and any changes to such procedures suggested or recommended by the Group’s auditors have been implemented in full. 

 

 22 

	 	5.5	The Management Accounts have been prepared with due care and attention and have been prepared on a basis consistent with that adopted and on the same assumptions as
those made in preparing previous management accounts of the Group for the year immediately preceding the date of the Management Accounts and show a reasonably accurate view of the state of affairs and profit or loss of the Group, or the division as
the case may be, as at and for the period in respect of which they have been prepared. 

  

	 	5.6	There are no, and during the past five (5) years have been no: 

  

	 	(a)	material weaknesses in the Company’s internal controls over the financial reporting (whether or not remediated) of the Company or the Group; or

  

	 	(b)	changes in the Company’s internal controls over the financial reporting of the Company or the Group that have materially adversely affected, or would be reasonably
likely to materially adversely affect, the Company’s internal controls over the financial reporting of the Company or the Group; or 

  

	 	(c)	fraud that involves any Senior Executive and no material fraud that involves any employee of the Company or (so far as the Company is aware) of any member of the Group.

  

	 	5.7	Since 31 December 2008 and save as announced via a regulatory information service by the Company: 

 

	 	(a)	the business and activities of each Group Company have been carried on in the ordinary and usual course without interruption in all material respects, in the same
manner (including, without limitation, nature and scope) so as to maintain the business of each Group Company as a going concern; 

  

	 	(b)	there has been no Material Adverse Effect; 

  

	 	(c)	there have been no material impairment charges in respect of any assets of any Group Company, and there has been no increase in the provisions in respect of losses in
relation to any mortgages, loans or other assets of any Group Company that, in any of the foregoing cases, would be (singly or in the aggregate) material; 

  

	 	(d)	save for this Agreement and the Warrant Instrument, no Group Company has, otherwise than in the ordinary course of business, entered into or assumed or incurred any
contract, commitment (whether in respect of capital expenditure or otherwise), borrowing, indebtedness in the nature of borrowing, guarantee, liability (including contingent liability) or any other agreement or obligation that, in any of the
foregoing cases, is (singly or in the aggregate) material; 

  

	 	(e)	except to an extent that (singly or in the aggregate) is not material: 

  

	 	(i)	no debtor has been released by any Group Company on terms that he pays less than the book value of his debt; 

 

	 	(ii)	no debt owing to any Group Company has been written off or has proven irrecoverable; and 

 

	 	(iii)	no debt owing to any Group Company has been deferred or subordinated other than in the ordinary course of business. 

 

 23 

	 	(f)	no Group Company has been involved in any transaction (other than any transaction provided for in this Agreement) that has resulted or would be reasonably likely to
result (singly or in the aggregate) in any liability for Taxation on the part of any Group Company that is (singly or in the aggregate) material or is outside the ordinary course of business of the relevant Group Company; 

 

	 	(g)	no Group Company has been in default in any material respect under any agreement or arrangement to which any Group Company is a party and which is material and there
are no circumstances likely to give rise to such default; 

  

	 	(h)	save in the ordinary and proper course of business no changes have occurred in the assets and liabilities shown in the Accounts and there has been no reduction in the
value of the net tangible assets of any Group Company on the basis of the valuations adopted for the purposes of the Accounts to an extent that is (singly or in the aggregate) material; and 

 

	 	(i)	other than aggregate cash dividend, distribution or coupon payments in the amount of €37.5m in respect of the Preferred Securities and dividends to other Group
Companies, no dividend or distribution has been declared, paid or made by any Group Company. 

  

	 	5.8	There is no existing profit forecast outstanding in respect of the Company, the Group taken as a whole or any member thereof save as announced via a regulatory
information service. 

  

	 	5.9	There are no companies, undertakings, partnerships, joint ventures, trusts or entities of any kind in existence in which any Group Company has an interest but whose
results are not consolidated with the results of the Group, whose default would affect the indebtedness or increase the contingent liabilities of the Group or any Group Company to an extent which would be (singly or in the aggregate) material.

  

	6.	Taxation 

  

	 	6.1	No Taxation is payable by any Group Company in connection with the Subscription or the issue and allotment of the 2009 Preference Shares or on the issue of the
Warrants. 

  

	 	6.2	All Taxation of any nature whatsoever or other sums imposed, charged, assessed, levied or payable under the provisions of applicable legislation relating to Taxation
for which any Group Company is liable as a result of any act, transaction, event, occurrence or omission on or prior to Completion will, in so far as such Taxation or other sums ought to be paid prior to or on Completion, have been paid or provided
for at or before Completion so that no Group Company will have a future liability in respect thereof. 

  

	 	6.3	No Group Company has any liability in respect of Tax (whether actual or contingent) payable by reference to income, profits or gains earned or received or deemed to
have been earned or received on or before 31 December 2008 or referable to any act, event, occurrence, omission or transactions occurring or deemed to have occurred, on or before 31 December 2008 that is not fully provided for in the
Accounts. 

  

	 	6.4	No Group Company has any outstanding liability to Tax in respect of the period or periods from 31 December 2008 or, if different, the date of publication of its
last set of audited accounts (the “Last Accounting Date”) up to and including Completion other than a liability which arises in the ordinary course of the trade carried on by such Group Company as at the Last Accounting Date.

  

 24 

	 	6.5	Each Group Company has, for each accounting period up to and including the accounting period in which Completion falls: 

 

	 	(a)	furnished any relevant Tax Authority with full and accurate particulars relating to the affairs of such Group Company; 

 

	 	(b)	properly and within the prescribed periods of time made all returns, declarations and payments and given or delivered all notices, accounts and information required for
the purposes of Taxation; 

  

	 	(c)	sufficient and proper records in relation to all events up to and including Completion including any claims or elections made to calculate the Tax liability or relief
which would arise on any disposal or on the realisation of any asset owned by such Group Company at Completion; and 

  

	 	(d)	all such particulars, returns, notices, accounts information and payments have been correct in all material respects and were made on a proper basis and there is no
dispute or disagreement outstanding nor any grounds or circumstances which might cause any dispute or disagreement with any Tax Authority and no such dispute or disagreement is expected or contemplated or, as far as the Company is aware, likely to
commence regarding any liability or potential liability to any tax recoverable from such Group Company or regarding the availability of any relief from Tax. 

 

	7.	Assets 

  

	 	7.1	All assets included in the Accounts or acquired by any Group Company since 31 December 2008 and all assets used by any Group Company or which are in the reputed
ownership of any Group Company are legally and beneficially owned by such Group Company free from any Encumbrance or validly leased or licenced to that Group Company, and where capable of possession, are in the possession or under the control of the
relevant Group Company. 

  

	 	7.2	The assets owned or leased by each of the Group Companies and the facilities and services to which each of the Group Companies has a contractual right comprise all the
assets, facilities and services necessary or reasonably convenient for the carrying on of the business of each of the Group Companies in the manner in which it is presently conducted. 

 

	 	7.3	Each agreement or arrangement entered into by any Group Company with any other party prior to the date of this Agreement, the whole or part of which purports to
constitute a security interest of any kind, or any other type of preferential arrangement (including, without limitation, a title transfer or retention arrangement) the purpose of which is to secure the obligations of such other party in favour of
the relevant Group Company, whether arising under the relevant agreement or arrangements or otherwise, constitutes valid, binding and enforceable security in respect of the obligations secured thereunder (the “Security”) and all
steps have been taken to ensure that the Security has, where capable of being perfected, been fully perfected in accordance with the requirements of any applicable law, regulatory and administrative requirements except to an extent that would not
(singly or in the aggregate) be material. 

  

 25 

	8.	Intellectual Property 

  

	 	8.1	Except to an extent that would not (singly or in the aggregate) be material, and so far as the Company is aware, (i) no Group Company infringes the Intellectual
Property Rights of any third party, and (ii) no third party infringes the Intellectual Property Rights owned or used by any Group Company. 

  

	 	8.2	All material Intellectual Property Rights used by any Group Company are either legally or beneficially owned by the relevant Group Company or are used under a valid and
subsisting licence, and such Intellectual Property Rights are not subject to any Encumbrance that is (singly or in the aggregate) material. 

  

	 	8.3	Except to an extent that is not (singly or in the aggregate) material: 

  

	 	(a)	all Intellectual Property Rights registered in the name of a Group Company (if any) are beneficially owned by it and subsisting and, if granted, not subject to
revocation; 

  

	 	(b)	all Intellectual Property Rights owned and used or reasonably likely to be used by any Group Company and capable of legal protection are subject to appropriate and
enforceable protection, including, where reasonably appropriate, by registration, in relation to which all requisite registration and renewal fees in respect thereof have been duly and paid in a timely manner; and 

 

	 	(c)	so far as the Company is aware, there is no restriction of any Group Company’s rights to use any Intellectual Property Rights owned by or licensed to any Group
Company to engage in any of the activities presently or proposed to be undertaken by it. 

  

	 	8.4	The Intellectual Property Rights comprise all of the Intellectual Property necessary for each Group Company to operate its business and for the Group to operate the
Bank’s Business as a whole in each case as it is operated at the date of the Agreement. 

  

	9.	Information Technology 

Except to an extent that is not (singly or in the aggregate) material: 

 

	 	9.1	the Information Technology systems used in connection with the businesses of the Group or any Group Company are all the systems required for the present needs of the
businesses of the Group or any Group Company, including, without limitation, as to system capacity and ability to process current peak volumes and anticipated volumes in a timely manner; 

 

	 	9.2	Save for outages of the point of sale authorisation system on 13 December 2008 and 19 December 2008, in the twelve (12) months prior to the date of this
Agreement there have not been any failures or breakdowns of any Information Technology which have caused any substantial disruption or interruption to the business of any Group Company, and the Company is not aware of any fact or matter that might
cause or lead to any such failure or breakdown; 

  

	 	9.3	 all hardware comprised in any Information Technology systems, excluding any software and any external communications lines, used in the businesses of
the Group or any Group Company are owned (except those items which are subject to finance leases) and operated by and are under the control of a Group Company and are not 

 

 26 

	 	 
wholly or partly dependent on any facilities which are not under the ownership, operation or control of the Group or (where governed by outsourcing or other similar arrangements) are otherwise
openly accessible to the Group; and 

  

	 	9.4	each Group Company is validly licensed to use the software used in its business. 

 

	10.	Insurance 

  

	 	10.1	Each Group Company is now, and has at all material times been, adequately insured against accident, damage, injury, public liability, third party loss, and other risks
normally covered by insurance and the material assets of an insurable nature of each Group Company are insured with a reputable insurance office or underwriters in amounts representing their full reinstatement or replacement value (including, where
any property is let, two (2) years loss of rent) against fire and other risks normally insured against by persons carrying on business similar to that of the Group Company, and any risks against which the Group might reasonably be expected to
insure in the particular circumstances of the businesses carried on by each Group Company. 

  

	 	10.2	As far as the Company is aware, there are no circumstances which could lead to any liability under any policy of insurance for the benefit of any Group Company (the
“Policies”) being avoided by the insurers and all premiums due in respect of the Policies have been duly paid, and all of the Policies are in full force and effect and are not void or voidable and, as far as the Company is aware, nothing
has been done or omitted to be done by any Group Company which would make any of the Policies void or voidable. 

  

	 	10.3	No claim is outstanding under any of the Policies and no event has occurred, and no circumstances exist, which gives rise, or are likely to give rise, to any claim
under any of the Policies that would be material where the underlying loss has not been fully written off by the relevant Group Company. 

  

	11.	Agreements 

  

	 	11.1	No party with whom any Group Company has entered into any agreement or arrangement that is (singly or in the aggregate) material has given any notice of its intention
to terminate, or, as far as each relevant Group Company is aware, has otherwise sought to repudiate or disclaim, such agreement or arrangement. 

  

	 	11.2	No Group Company is in breach of the terms of any material agreement or material arrangement (including, without limitation, facilities agreements, debt programmes and
derivatives contracts) and, as far as each relevant Group Company is aware, no matter exists which might give rise to a breach of this type. 

  

	 	11.3	No event or circumstance exists, has occurred or arisen or, so far as the Company is aware, is about to occur, or is likely to occur as a result of entering into or
performing this Agreement or the Warrant Instrument or the transactions contemplated by this Agreement or the Warrant Instrument which constitutes or is reasonably likely to constitute, or would with the giving of notice and/or lapse of time and/or
fulfilment of any condition and/or the making of a relevant determination, constitute a default, or result in termination of or the acceleration or breach of any obligation under any agreement, instrument or arrangement to which any Group Company is
a party or by which any such Group Company or any of its properties, revenues or assets are bound, to an extent which would be (singly or in the aggregate) material. 

 

 27 

	 	11.4	No Group Company is a party to or has any liability under any long term, onerous or unusual agreement, arrangement or obligation that is (singly or in the aggregate)
material or was entered into otherwise than in the ordinary and usual course of its business or was entered into otherwise than by way of a bargain at arm’s length. 

 

	 	11.5	Except for guarantees or indemnities given by any Group Company in the ordinary course of business on arm’s length terms, no Group Company has given or has agreed
to give any guarantee or indemnity or similar obligation in favour of a third party, and no Group Company has any-current or known future (howsoever arising) that in any of the foregoing cases is or will be (singly or in the aggregate) material.

  

	 	11.6	There are not outstanding any arrangements or understandings (whether legally binding or not) being guarantees, indemnities or sureties or loans, quasi-loans or credit
transactions provided or facilitated by any of the Group Companies in favour or for the benefit of any person who is a shareholder in (or the beneficial owner of any interest in the shares) or a member of any Group Company or, or any director or
shadow director of any of the Group Companies, or any person who is Connected with any of them or any Senior Executive other than those entered into in the ordinary course of business and on arm’s length terms. 

 

	 	11.7	The rights of the Company’s shareholders, in their capacity as such, are set out in the memorandum of association and the Articles and other constitutional
documentation of the Company (and, in the case of the Subscriber, in this Agreement and the Warrant Instrument), and no person who owns or controls or is interested in any share capital of the Company has any right, in his capacity as such, in
relation to any Group Company other than as set out in the memorandum of association and the Articles and other constitutional documentation of the Company. 

 

	 	11.8	The Company is not aware of any dispute with or claim, demand or right of action against any Group Company (otherwise than for accrued remuneration in accordance with
their contracts of employment), or of any circumstances which may give rise to any such dispute, claim, demand or right of action, by any officer or employee (or former officer or employee) of the Group and/or any person Connected with them that
would be (singly or in the aggregate) material. 

  

	 	11.9	As far as the Company is aware, no director of any Group Company or person Connected with such director or any employee of the Group or person Connected with any such
employee, is in breach of any restrictive covenant, employment agreement or contract for services with any Group Company to an extent that is material and, so far as the Company is aware, there are no circumstances which might give rise to any claim
that such a breach has occurred. 

  

	 	11.10	Save for the articles of association of any Group Company (or equivalent documents), any service agreement with a director of a Group Company or a Senior Executive, and
any contracts entered into in the ordinary course of business, there are no existing contracts or engagements or other arrangements to which any Group Company is a party and in respect of which any of the directors of any Group Company and/or any
person Connected with them and/or any Senior Executive is interested that are material and, to the extent that any such contracts, engagements or other arrangements exist, they comply with the related party requirements of the Listing Rules of the
Irish Stock Exchange and the UKLA (and any other relevant regulatory bodies) (where applicable) and/or all other applicable legal, regulatory and administrative requirements. 

 

	 	11.11	 There are no existing contracts or other arrangements with a holder of shares, or the holder of any other interest in the capital of the Company, or of
any Group Company, 

  

 28 

	 	 
to which any Group Company is a party that would be material and that has been entered into other than in the ordinary course of business and to the extent that any such contracts or other
arrangements exist they comply with all applicable legal, regulatory and administrative requirements binding on the Group. 

  

	12.	Licences, Permissions, Authorisations and Consents 

  

	 	12.1	Each Group Company has obtained all necessary licences, permissions, authorisations and consents material for the proper carrying on of its business in every
jurisdiction in which it operates (“Consents”) and all Consents are valid and subsisting in their entirety. In particular, each Group Company required to be licensed as a bank or credit institution or financial institution or any
other entity is duly licensed in its jurisdiction of incorporation and domicile and, except to an extent that is not (singly or in the aggregate) material, is duly licensed or authorised in each jurisdiction where it is required to be licensed or
authorised to conduct its business. 

  

	 	12.2	No Group Company is in breach of any Consents and, so far as the Company is aware, no circumstances exist which may result in any of them being revoked, suspended,
varied or not renewed, in whole or in part, to an extent that would be (singly or in the aggregate) material. 

  

	 	12.3	Except to an extent that is not (singly or in the aggregate) material, and save as contemplated by this Agreement, the Financial Regulator, or any other regulatory body
having jurisdiction over such Group Company in relation to its business, has not imposed any additional supervision, surveillance or reporting requirements on any Group Company in relation to its assets, liquidity or funding position or otherwise,
and no Group Company has been subject to any visits by or been requested or required to attend meetings with the Financial Regulator, or any other regulatory body having jurisdiction over such Group Company in relation to its business, in addition
to customary visits or meetings. 

  

	 	12.4	Each Group Company has conducted its business in accordance with all applicable legal, regulatory or statutory requirements in Ireland and any other jurisdiction, in
particular, but not limited to, in relation to money laundering and client identification, and no action, suit, investigation or proceeding in relation to the same is pending or, so far as the Company is aware, threatened. 

 

	 	12.5	No Group Company or, as far as the Company is aware, any director, officer, agent or employee of any Group Company is currently subject to any sanctions, other than
sanctions generally applicable, administered by the U.S. Department of the Treasury or any similar sanctions imposed by the European Union, the United Nations or any other body, governmental or other, to which any Group Company is subject
(collectively, “economic sanctions”) and no Group Company will directly or indirectly use the Subscription Amount, or lend, contribute or otherwise make available any part of the Subscription Amount to any person or entity for the
purpose of financing the activities of any person who is known or ought to be known to any Group Company to be currently subject to any economic sanctions. 

 

	 	12.6	 No Group Company nor, so far as the Company is aware, any director, officer, agent or Affiliate of a Group Company is aware of or has taken any action,
directly or indirectly, that could result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder (the “FCPA”), the OECD Bribery of Foreign Public
Officials in International Business Transactions (the “OECD Convention”) or any similar law or regulation to which any Group Company or Affiliate or any director, officer, agent of such Group Company or Affiliate is subject and each
Group Company and, so far as the Company 

  

 29 

	 	 
is aware, each Affiliate of a Group Company has conducted their business in compliance with the FCPA, the OECD Convention and any applicable similar law or regulations and have instituted and
maintain policies to ensure continued compliance therewith. 

  

	13.	Funding and Liabilities 

  

	 	13.1	No event has occurred or been alleged, nor have any circumstances arisen (and the Subscription, the issue and allotment of the 2009 Preference Shares or any Bonus
Shares or Warrant Shares, the issue of the Warrants and otherwise the performance of the Company’s obligations under this Agreement, the Warrant Instrument or, with respect to the 2009 Preference Shares, under the Articles will not give rise to
any such event or circumstances) which: 

  

	 	(a)	would cause any person to be entitled, or could, with the giving of notice or lapse of time or the fulfilment of any condition or the making of any determination, to
become entitled, to require repayment before its stated maturity of any indebtedness of any Group Company or to withdraw any line of credit or source of funding available to any Group Company; 

 

	 	(b)	would lead to any Encumbrance or security constituted or created in connection with any indebtedness, guarantee or indemnity, or any other obligation of any Group
Company, becoming enforceable or being enforced; 

  

	 	(c)	would, or would as far as each relevant Group Company is aware, be likely to cause, a downgrading of the credit or debt rating assigned to any Group Company, or any
debt issued by any Group Company, by a ratings agency; 

  

	 	(d)	would, or would , as far as each relevant Group Company is aware, be likely to, give rise to an obligation for any Group Company to repay any monetary compensatory
amounts, export refunds, intervention payments or other like subsidies; or 

  

	 	(e)	would, or would be likely to, result in any breach or default under any agreement, deed or other instrument or arrangement to which any Group Company is a party or
which is binding on it or any of its assets; 

 in each case to an extent that would be (singly or in the
aggregate) material. 
  

	 	13.2	No person to whom any indebtedness of any Group Company that is payable on demand is owed has demanded or threatened to demand repayment of, or taken or threatened to
take any step to enforce any guarantee, indemnity or other security or Encumbrance for the same, that is (singly or in the aggregate) material. 

  

	 	13.3	No Group Company has engaged in financing of a type that would not require to be shown or reflected in the Accounts nor borrowed any money which it has not repaid save
for borrowings not exceeding the amounts shown in the Accounts. 

  

	 	13.4	The Company is not now, and has not at any time in the last five (5) years, engaged in or been a party to any funding arrangements or transactions which have had
or have the object or effect of manipulating the balance sheet of the Company or rendering it misleading to shareholders or investors. 

  

	 	13.5	No default by any corporate bodies, undertakings, partnerships or joint ventures not consolidated into the Accounts but in which any Group Company has an ownership
interest would affect the indebtedness or increase the contingent liabilities of the Group to an extent that would be (singly or in the aggregate) material. 

  

 30 

	 	13.6	With respect to any sources of financing or funding outstanding or available to any Group Company (the “Facilities”): 

 

	 	(a)	there has been no contravention of or non-compliance with any of the provisions of the Facilities that would be material; 

 

	 	(b)	no steps for early repayment of any Facilities have been taken or threatened; 

 

	 	(c)	as far as each relevant Group Company is aware, there have not been any circumstances nor are there existing circumstances whereby the continuation of any of the
Facilities might be prejudiced or which may give rise to any alteration in the terms and conditions of any of the Facilities; and 

  

	 	(d)	the Subscription will not cause any of the Facilities to be terminated or mature prior to their stated date of maturity. 

 

	 	13.7	Save as announced via a regulatory information service by the Company, no Group Company has received notice of any intended or potential downgrading of the credit or
debt rating assigned to any Group Company, or of any debt issued by any Group Company, by a ratings agency. 

  

	 	13.8	Save as would otherwise not (singly or in aggregate be) material, no Group Company is paying, nor is under any liability (actual or contingent) to pay or secure (other
than by payment of employers’ contributions under PRSI, national insurance or social security legislation or under any pension fund operated by such Group Company), any pension or other benefit on retirement, death or disability or on the
attainment of a specified age or on the completion of a specified number of years of service. 

  

	14.	Insolvency 

  

	 	14.1	Save in the context of a solvent voluntary winding up, no order has been made or petition presented or resolution passed for the winding up or dissolution of any Group
Company or for the appointment of a liquidator or examiner to any Group Company. 

  

	 	14.2	No receiver and/or manager has been appointed by any person over the whole or any part of the business or assets of any Group Company, and no steps have been taken to
this end. 

  

	 	14.3	No Group Company has stopped paying or suspended payment of its debts as they fall due nor has any Group Company sought from its creditors (or any class of creditors)
any extensions of time for the payment of its debts or to commence negotiations with a view to rescheduling any of its indebtedness or agreeing any arrangement or composition. 

 

	 	14.4	No Group Company is unable to pay its debts within the meaning of Section 214 of the Companies Act 1963 or the equivalent legislation in its jurisdiction of
incorporation or Section 48 of the Central Bank Act 1989. 

  

	 	14.5	No Group Company has been a party to any transaction that could be avoided in a winding up of that Group Company. 

 

	 	14.6	No order has been made against the Company under Section 21 of the Central Bank Act 1971 and no order has been made against any Group Company under any equivalent
legislation in any jurisdiction. 

  

 31 

	15.	Litigation and Compliance 

  

	 	15.1	No Group Company is, or has been, a party to any agreement, arrangement or concerted practice or course of conduct or is, or has been, carrying on any practice which in
whole or in part contravenes or is invalidated by any competition, anti-trust, fair trading, consumer protection or similar legislation in any jurisdiction where the Group and any Group Company has assets or carries on business or in respect of
which any filing, registration or notification was required pursuant to such legislation (whether or not the same has in fact been made). 

  

	 	15.2	No Group Company and no person for whose acts or defaults any Group Company is or may be vicariously liable is involved, or has during the twelve (12) months prior
to the date of this Agreement been involved, in any civil, criminal, arbitration administrative, tribunal, disciplinary or other proceedings, (including any action by any governmental, public or regulatory authority (including, without limitation,
the Financial Regulator)), investigation or enquiry in any jurisdiction, and so far as the Company is aware no such proceedings, investigation or enquiry is pending or threatened by or against any Group Company or any person for whose acts or
defaults any Group Company is or may be vicariously liable, that would be (singly or in the aggregate) material. 

  

	 	15.3	As far as the Company is aware, no fact, matter or circumstance exists which is likely to or could give rise to any civil, criminal, arbitration, administrative,
tribunal, disciplinary or other proceedings (including any action by any governmental, public or regulatory authority) involving any Group Company or any person for whose acts or defaults any Group Company is or may be vicariously liable, that would
be (singly or in the aggregate) material. 

  

	 	15.4	There is no outstanding judgment, sentence, order, decree, injunction, arbitral award or decision of any court, tribunal, arbitrator, administrator, or governmental
agency against any Group Company or any person for whose acts or defaults any Group Company is or may be vicariously liable, or any undertaking or assurance given to any court, tribunal, arbitrator, administrator, or governmental agency by any Group
Company or any person for whose acts or defaults any Group Company is or may be vicariously liable, that would be (singly or in the aggregate) material. 

  

	 	15.5	Each Group Company has conducted its business in all material respects in accordance with all applicable legal, regulatory or statutory requirements in Ireland and
elsewhere, and the memorandum of association and the Articles and other constitutional documentation of the Group Company (or equivalent constitutional documents in jurisdictions outside Ireland). 

 

	 	15.6	None of the activities, contracts or rights of the Group or any Group Company is or has been ultra vires, unauthorised, invalid, unenforceable or in breach of a
contract or covenant that is (singly or in the aggregate) material. No Group Company has committed any breach of statutory duty or committed any tortious or other unlawful act which could lead to a successful claim or injunction being made or
granted against it that would be (singly or in the aggregate) material. 

  

	 	15.7	No investigations or enquiries or disciplinary proceedings by any court or tribunal or any governmental or other competent authority or agency are pending or, as far as
each Group Company is aware, threatened or anticipated, whether in Ireland or elsewhere, in relation to any Group Company. There is no order, decree or judgment of any court or tribunal or any governmental or other competent authority or agency,
whether in Ireland or elsewhere, outstanding against any Group Company or any person for whom any Group Company is vicariously liable that is (singly or in the aggregate) material. 

 

 32 

	 	15.8	No Group Company and as far as the Company is aware, no person for whose acts or defaults any Group Company is or may be vicariously liable (including employees,
officers and agents) has: 

  

	 	(a)	induced any person or entity to enter into any agreement or arrangement with any Group Company by means of any unlawful payment, contribution, gift, or other
inducement; 

  

	 	(b)	offered or made any unlawful payment, contribution, gift or other inducement to any government or other public official or employee in any jurisdiction; or

  

	 	(c)	directly or indirectly made any unlawful contribution to any political activity or any unlawful payment whatsoever; 

and the Group has instituted and maintains policies and procedures designed to ensure that such inducements, payments and contributions
are not made. 
  

	 	15.9	All registers, minute books and other statutory books required to be kept by each Group Company pursuant to the Companies Acts (or other applicable legislation or
regulation in any jurisdiction), have been properly kept, contain a true, complete and accurate record of the matters with which they should deal and no notice or allegation has been received that any of them is incorrect or should be rectified.

  

	 	15.10	Save as contemplated by this Agreement, within the twelve (12) months prior to the date of this Agreement no Group Company has paid or agreed to pay any fees or
commissions to any person in relation to the possible subscription for or transfer of or issue or allotment of any shares or securities in the Company or any Group Company, whether by that person or by a third party solicited or procured by that
person. 

  

	 	15.11	No Group Company nor any of its officers has failed to comply with any statutory provision or any rules, regulations, directions, requirements, notices and provisions
of the Financial Regulator or any other regulatory body having jurisdiction over such Group Company in relation to its business, including (without limitation) in respect of the adequacy and maintenance of its capital resources and financial
resources and any equivalent capital requirements that are applicable to any Group Company, except to an extent that would not (singly or in the aggregate) be material. 

 

	 	15.12	Save as would not (singly or in the aggregate) be material, no Group Company is the subject of any investigation, enforcement action (including, without limitation, to
vary the terms of any permission or licence) or disciplinary proceeding by the Financial Regulator or any other regulatory body having jurisdiction over such Group Company in relation to its business, and no such investigation, enforcement action or
disciplinary proceeding is threatened or pending. 

  

	 	15.13	No Group Company and no person whose acts or defaults any Group Company is or may be vicariously liable for has taken, directly or indirectly, any action designed to
manipulate or stabilise, or that has constituted, or that might reasonably be expected to cause or result in manipulation or stabilisation of the price of any security of the Company. 

 

	 	15.14	 Each Group Company has adopted and operates systems, frameworks and controls designed to manage and control both conflicts of interest and all risks
(including, without limitation, lending and credit risk) faced by it in the carrying on of its 

  

 33 

	 	 
business in accordance with applicable regulation and guidance issued by the Financial Regulator, or any other regulatory body having jurisdiction over such Group Company in relation to its
business, and has disclosed to its board and external auditors any significant deficiency in the design or operation of such systems and controls, any significant breach of such systems, frameworks or controls and any fraud or breach of applicable
law, regulations, rules or procedures that involves management or other employees who have a significant role in the Group Company’s internal controls. 

 

	16.	Employees 

  

	 	16.1	The Group has disclosed in the Information all current bonus, severance, gratuity and reward arrangements of the Senior Executives whether such arrangements are
formalised in the relevant Group Company’s policies or service agreements or arise from a once-off or ad-hoc arrangement and all bonus, severance, gratuity and/or reward payments made to the Senior Executives (or any of them) have been paid in
compliance with the terms of the applicable schemes disclosed in the Information. 

  

	 	16.2	Neither the Group nor any Group Company has any present or future liability to pay any bonus, severance, gratuity or reward to any of the Senior Executives that has not
been disclosed in the Information and no Group Company has any liability to increase the amount of bonus, severance, gratuity and/or reward payments to any of the Senior Executives or to confer any additional benefits on any of the Senior
Executives. 

  

	 	16.3	Each Group Company has complied to the extent practicable with the remuneration directives in the announcement issued by the Department of Finance on the
Recapitalisation of Allied Irish Banks and Bank of Ireland dated 11 February 2009. 

  

	17.	Pensions and Other Benefits 

  

	 	17.1	For the purpose of the warranties in this paragraph 17 the following expressions shall have the meanings ascribed to them below: 

“Pension Schemes” means collectively: 
  

	 	(a)	the AIB Group Pension Scheme, the Pensions Board registration number of which is PB1744; 

 

	 	(b)	the AIB Group Defined Contribution Scheme, the Pensions Board registration number of which is PB78012; 

 

	 	(c)	the AIB Group UK DC Scheme, the registration number of which is 10271661; and 

 

	 	(d)	the AIB Group UK Pension Scheme, registration number 10180335. 

“Pensions Act” means the Pensions Act 1990 to 2008 and all regulations promulgated thereunder. 

“PHI Scheme” means the PHI arrangements insured with Messrs. Irish Life Assurance Plc. 

 

	 	17.2	Except for the Pension Schemes and the PHI Scheme there is not in operation any agreement, arrangement, custom or practice for the payment of any pensions, allowances,
lump sum or other like benefits on retirement, death, or during periods of sickness or disablement, for the benefit of any Senior Executive or for the benefit of the dependants of any of them. 

 

 34 

	 	17.3	There is not in operation any agreement, arrangement, custom or practice in relation to any retirement benefits scheme operated by any Group Company other than the
Pensions Schemes that is unusual or would reasonably be considered to be onerous. 

  

	 	17.4	The Subscriber and/or the Minister and/or the Department have been furnished with full details of each and every discretion or power exercised under any of the Pension
Schemes and the PHI Schemes or otherwise in respect of any Senior Executive or dependant of any of them to augment benefits or provide a benefit which would not otherwise be provided or pay a contribution which would not otherwise have been paid.

  

	 	17.5	Each Pension Scheme has been administered in accordance with all applicable laws and regulations including, without limitation, the Pensions Act and the requirements of
the Retirement Benefits District of the Revenue Commissioners. 

  

 35 

 SCHEDULE 4 

SUBSIDIARY UNDERTAKINGS, ASSOCIATED UNDERTAKINGS AND BRANCHES 

 

 36 

 SCHEDULE 4 

SUBSIDIARY UNDERTAKINGS 

Aberco Limited (Northern
Ireland)1 

Abdon Limited (Ireland) 
 AIB 24 Hour Services
Limited (Ireland) 
 AIB Administrative Services Switzerland Limited Liability Company (Switzerland) 

AIB Administrative Services Luxembourg S.a.r.l (Luxembourg) 

AIB Alternative Investment Services Limited (Ireland) 

AIB Asset Management Holdings (Ireland) Limited (Ireland) 

AIB Asset Management Holdings Limited (England) 

AIB Bank (CI) Limited (Jersey) 
 AIB Business
Centre Limited (Ireland) 
 AIB Capital Management Holdings Limited (Ireland) 

AIB Capital Markets plc (Ireland) 
 AIB Capital
Markets Holdings (U.K.) Limited (England) 
 AIB Combined Leasing Limited (Ireland) 

AIB Commercial Finance Limited (England) 
 AIB
Commercial Services Limited (Ireland) 
 AIB Collective Investment Schemes Limited (England) 

AIB Corporate Banking Limited (Ireland) 
 AIB
Corporate Finance Limited (Ireland) 
 AIB Corporate Finance Limited (England) 

AIB Corporate Leasing Limited (England) 
 AIB
Custodial Services Limited (Ireland) 
 AIB Debt Management Limited (Ireland) 

AIB DC Pensions (Ireland) Limited (Ireland) 
 AIB
European Investments Limited (Ireland) 
  

	1	 Refers to country
of incorporation 

 APL\1951597.1 

 AIB European Investments (Warsaw) Sp. Z.o.o (Poland) 

AIB Finance Limited (Ireland) 
 AIB Finance
Limited (Ireland) 
 AIB Financial Services Limited (Ireland) 

AIB Financial Services (N.I) Limited (N. Ireland) 

AIB Film Distribution (England) 
 AIB Fund
Management Limited (Ireland) 
 AIB Fund Services Limited (Ireland) 

AIB Group Limited (England) 
 AIB Group Holdings
(U.K.) Limited (England) 
 AIB G. P. No. 1 Limited (England) 

AIB Group (UK) p.l.c. (N. Ireland) 
 AIB Holdings
Limited (Guernsey) 
 AIB Holdings (Ireland) Limited (Ireland) 

AIB Holdings (Jersey) Limited (Jersey) 
 AIB
Holdings (N.I.) Limited (N. Ireland) 
 AIB Holdings (U.K.) Limited (England) 

AIB Hungary Administrative Services Limited Liability Company (Hungary) 

AIB International Finance (Ireland) 
 AIB
International Financial Services Limited (Ireland) 
 AIB Insurance Agencies Limited (Ireland) 

AIB Insurance Agencies Limited (England) 
 AIB
Insurance Brokers Limited (Ireland) 
 AIB Insurance Consultants Limited (England) 

AIB Insurance Services Limited Ireland 
 AIB
Insurance Services (N.I.) Limited (N. Ireland) 
 AIB International Consultants Limited (England) 

AIB International Leasing Limited (Ireland) 
 AIB
Investment Company (Ireland) 
 APL\1951597.1 

 AIB Investment Managers Limited (Ireland) 

AIB Investment Management Limited (England) 
 AIB
Investment Services Limited (Ireland) 
 AIB Jerseytrust Limited (Jersey) 

AIB Jersey Fund Services Limited (Jersey) 
 AIB
Joint Ventures Limited (England) 
 AIBJT Nominees Limited (Jersey) 

AIBJT Nominees 2 Limited (Jersey) 
 AIBJT
Nominees 3 Limited (Jersey) 
 AIBJT Nominees 4 Limited (Jersey) 

AIBJT Corporate 2 Limited (Jersey) 
 AIBJT
Corporate Limited (Jersey) 
 AIB LC Limited (Isle of Man) 

AIB Leasing Limited (Ireland) 
 AIB Limited
(England) 
 AIB Limited (Ireland) 
 AIB
Maple Limited (Isle of Man) 
 AIB Mortgage Services Limited (England) 

AIB Mortgage Bank (Ireland) 
 AIB Nominees
(Jersey) Limited (Jersey) 
 AIB Oak Limited (Isle of Man) 

AIB Pensions (Isle of Man) Limited (Isle of Man) 

AIB Pensions (Jersey) Limited (Jersey) 
 AIB
Pensions UK Limited (England) 
 AIB Pension Services Limited (England) 

AIB PPM Sp. z.o.o. (Poland) 
 AIB Portfolio
Managers (CI) Limited (Jersey) 
 AIB Secretaries (IOM) Limited (Isle of Man) 

APL\1951597.1 

 AIB Securities Services Limited (Ireland) 

ALB Services Limited (Ireland) 
 AIB Services
(Isle of Man) Limited (Isle of Man) 
 ALB Telephone Services Limited (Ireland) 

AIB Trust Company (Isle of Man) Limited (Isle of Man) 

ALB Trust Company Limited (England) 
 AIB Venture
Capital Limited (Ireland) 
 AIB Venture Capital Limited (England) 

Allied Combined Trust Limited (Ireland) 
 Allied
Irish Banks (Holdings & Investments) Limited (Ireland) 
 Allied Irish Banks Independent Financial Services Limited (England)

 Allied Irish Banks North America Inc. (U.S.A.) 

Allied Irish Capital Management Limited (Ireland) 

Allied Irish Capital Markets Limited (Ireland) 

Allied Irish Finance Limited (Ireland) 
 Allied
Irish Investment Bank Limited (Ireland) 
 Allied Irish Limited (England) 

Allied Irish Leasing Limited (Ireland) 
 Allied
Irish Nominees Limited (Ireland) 
 Allied Irish Tours Limited (Ireland) 

Allied Irish Travel Limited (Ireland) 
 Alibank
London Nominees Limited (England) 
 Alibank Nominees Limited (Ireland) 

AMCredit Funding (Luxembourg) S.A. 
 Ammonite
Limited (Ireland) 
 Bank Zachodni WBK S.A. (Poland) 

BZ WBK AIB Asset Management S.A. (Poland) 
 BZ
WBK Faktor Sp Z.o.o. (Poland) 
 APL\1951597.1 

 BZ WBK Finanse & Leasing S.A. (Poland) 

BZ WBK CU Towarzystwo Ubezpieczeń Ogólnych S.A. (Poland) 

BZ WBK CU Towarzystwo Ubezpieczeń na Życie S.A (Poland) 

BZ WBK Inwestycje Sp. Z.o.o. (Poland) 
 BZ WBK
Leasing S.A. (Poland) 
 BZ WBK Nieruchomosci S.A. (Poland) 

Causeway Securities p.l.c. 
 Dom Maklerski BZ WBK
S.A. (Poland) 
 Polfund – Fundusz Poreczen Kredytowch (Poland) 

Belfast Homes plc (Ireland) 
 Blogram Limited
(Ireland) 
 Burford Nominees Ireland Limited (Ireland) 

Cavrine Limited (Ireland) 
 ClearCo Services
Limited (N. Ireland) 
 Commdec Limited (Ireland) 

Crescent Link LN plc (Ireland) 
 Dhittier Limited
(Ireland) 
 Dohcar Limited (Ireland) 

Dohhen Limited (Ireland) 
 Dove Insurance Company
Limited (Guernsey) 
 Eyke Limited (Ireland) 

Financial Audit Services Limited (Ireland) 

First Private Equity GP Limited 
 First Ireland
Infrastructure Fund (Ireland) 
 First Trust Commercial Services Limited (N. Ireland) 

First Trust Independent Financial Advisers Limited (N. Ireland) 

First Trust Investment Managers Limited (N. Ireland) 

First Trust Insurance Services Limited (N. Ireland) 

APL\1951597.1 

 First Trust Leasing No.1 (N.I.) Limited (N. Ireland) 

First Trust Leasing No.2 (N.I.) Limited (N. Ireland) 

First Trust Leasing No.3 (N.I.) Limited (N. Ireland) 

First Trust Leasing No.4 (N.I.) Limited (N. Ireland) 

First Trust Leasing No.5 (N.I.) Limited (N. Ireland) 

First Venture Fund Limited (Ireland) 
 Fullplex
Management Company Limited (Ireland) 
 General Estates and Trust Company, Limited (Ireland) 

Glenelly Investment Plc (Ireland) 
 Goodbody
Alternative Investment Management Ltd (Ireland) 
 Goodbody Corporate Finance (Ireland) 

Goodbody Economic Consultants Limited (Ireland) 

Goodbody Financial Services (Ireland) 
 Goodbody
Holdings Limited (Ireland) 
 Goodbody Pensioneer Trustees Limited (Ireland) 

Goodbody Securities Inc. (U.S.A) 
 Goodbody
Stockbrokers (Ireland) 
 Goodbody Stockbrokers Nominees Limited (Ireland) 

GSB Guernsey Limited (Guernsey) 
 GSB Guernsey
(Bridgewater Park) Limited (Guernsey) 
 GSB Millmount Homes plc (Ireland) 

GSB Northern Ireland plc (N. Ireland) 
 Hengram
Limited (Ireland) 
 iBusiness Banking (iBB) Limited (Ireland) 

J.F. Nominees Limited (Jersey) 
 JF Worthytrust
Limited (Jersey) 
 Jonent Downs Limited (Ireland) 

Kahn Holdings (Ireland) 

APL\1951597.1 

 Kavwall Limited (Ireland) 

Marro Properties Limited (Ireland) 
 The Munster
and Leinster Bank Limited (Ireland) 
 Mezzanine Management Limited (Ireland) 

Midtown Holdings Limited (Scotland) 
 Murrayfield
Investments Limited (Ireland) 
 Orchard Brae Development (NI) Limited (N. Ireland) 

Park 54 Corporation (U.S.A ) 
 Percy Nominees
Limited (Ireland) 
 P B Nominees Limited (Ireland) 

PPP Projects Limited (Ireland) 
 Radstock Limited
(Ireland) 
 Refal 209 Limited (England) 

Rushwood Holdings Limited (Ireland) 
 S. &.
M. (Limerick) Limited (Ireland) 
 Sanditon Limited (Ireland) 

Sandyford Hospital Nominees One Limited (Ireland) 

Sandyford Hospital Nominees Two Limited (Ireland) 

Sandyford Hospital Nominees Three Limited (Ireland) 

Sandyford Hospital Nominees Four Limited (Ireland) 

Sandyford Hospital Nominees Five Limited (Ireland) 

Sandyford Hospital Nominees Six Limited (Ireland) 

Sandyford Hospital Nominees Seven Limited (Ireland) 

Sandyford Hospital Nominees Eight Limited (Ireland) 

Sandyford Hospital Nominees Nine Limited (Ireland) 

Sandyford Hospital Nominees Ten Limited (Ireland) 

Sandyford Hospital Nominees Eleven Limited (Ireland) 

Sandyford Hospital Nominees Twelve Limited (Ireland) 

APL\1951597.1 

 Sandyford Hospital Nominees Thirteen Limited (Ireland) 

Sandyford Hospital Nominees Fourteen Limited (Ireland) 

Sandyford Hospital Nominees Fifteen Limited (Ireland) 

Sandyford Hospital Nominees Sixteen Limited (Ireland) 

Sandyford Hospital Nominees Seventeen Limited (Ireland) 

Sandyford Hospital Nominees Eighteen Limited (Ireland) 

Sandyford Hospital Nominees Nineteen Limited (Ireland) 

Sandyford Hospital Nominees Twenty Limited (Ireland) 

Santry Sports Clinic Co-Ownership 1 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 2 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 3 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 4 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 5 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 6 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 7 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 8 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 9 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 10 Limited (Ireland) 

Santry Sports Clinic Co-Ownership 11 Limited (Ireland) 

Secunda Management Services Limited (Jersey) 

Skerries Nominees Limited (Ireland) 
 Skobar
(Ireland) 
 Skobio (Ireland) 
 Skodell
(Ireland) 
 Skonac (Ireland) 
 Skopek
(Ireland) 
 Skovale (Ireland) 

Skyraven Limited (Ireland) 

APL\1951S97.1 

 SVPH Nominees One Limited (Ireland) 

SVPH Nominees Two Limited (Ireland) 
 SVPH
Nominees Three Limited (Ireland) 
 SVPH Nominees Four Limited (Ireland) 

SVPH Nominees Five Limited (Ireland) 
 SVPH
Nominees Six Limited (Ireland) 
 SVPH Nominees Seven Limited (Ireland) 

SVPH Nominees Eight Limited (Ireland) 
 SVPH
Nominees Nine Limited (Ireland) 
 SVPH Nominees Ten Limited (Ireland) 

SVPH Nominees Eleven Limited (Ireland) 
 SVPH
Nominees Twelve Limited (Ireland) 
 SVPH Nominees Thirteen Limited (Ireland) 

SVPH Nominees Fourteen Limited (Ireland) 
 SVPH
Nominees Fifteen Limited (Ireland) 
 SVPH Nominees Sixteen Limited (Ireland) 

SVPH Nominees Seventeen Limited (Ireland) 
 SVPH
Nominees Eighteen Limited (Ireland) 
 SVPH Nominees Nineteen Limited (Ireland) 

The Hire Purchase Company of Ireland Limited (Ireland) 

The Royal Bank of Ireland Limited (Ireland) 

Traprop Limited (Ireland) 
 Wallkav Limited
(Ireland) 
 Webbing Ireland (Ireland) 

Windbound Limited (Ireland) 
 Causeway Securities
p.l.c. 
 First Private Equity GP Limited 

AMCredit Funding (Luxembourg) S.A. 

APL\1951597.1 

 Taggart Homes Belfast 1 Limited 

Taggart Homes Belfast 2 Limited 
 GSB Evish
Limited 
 ASSOCIATED UNDERTAKINGS 

M&T Bank Corporation 
 Hibernian Life
Holdings Limited 
 Bulgarian American Credit Bank AD 

Hibernian Avivia Health Insurance Limited (formerly “VIVAS”) 

Zolter Services Limited which is the holding company for: 

First Merchant Processing (Ireland) Limited t/a AIB Merchant Services 

First Merchant Processing (UK) 
 Metrohouse S.A.

 BZ WBK - CU Towarzyswto Ubezpieczen na Zycie S.A. 

BZ WBK - CU Towarzyswto Ubezpieczen Ogolnych S.A. 

BRANCHES 
 The Company has established
branches, within the meaning of EU Council Directive 89/666/EEC (implemented in Ireland by the European Communities (Branch Disclosure) Regulations 1993)), in Australia, Canada, Estonia, France, Germany, Latvia, Lithuania, the United Kingdom and the
United States of America. 
 APL\1951597.1 

 SCHEDULE 5 

BANKS CUSTOMER PACKAGE 

In accordance with Clause 5.1, the Company has undertaken to: 
  

	1.	Increase Credit Capacity 

  

	 	1.1	increase lending capacity to small to medium enterprises (as defined in European Commission Recommendation 2003/361/EC) (“SMEs”) by 10% and provide an
additional 30% capacity for lending to first-time buyers during each quarter of the financial year commencing 1 January 2009 when compared to the corresponding quarter in the year commencing 1 January 2008; 

 

	 	1.2	to the extent that the extra capacity available for mortgages pursuant to paragraph 1.1 is not taken up in any quarter, it will be redirected to lending to SMEs in the
following quarter; 

  

	 	1.3	undertake publicity campaigns to actively promote small business and mortgage lending at competitive rates with increased transparency on the criteria to be met; and

  

	 	1.4	make quarterly reports to the Financial Regulator, with the first report to 31 March 2009 to be submitted by 30 April 2009, setting out how the above
requirements have been complied with. 

  

	2.	Environmental and Clean Energy and Innovation Fund 

  

	 	2.1	establish a €100m fund to support environment-friendly investment and innovations in clean energy; and 

 

	 	2.2	make quarterly reports to the Financial Regulator of the loans made by this fund and the purposes for which they have been made. 

 

	3.	Codes of Practice 

  

	 	3.1	comply with the Code of Conduct for Business Lending to Small and Medium Enterprises published by the Financial Regulator on 13 February 2009 (as amended or
replaced from time to time); 

  

	 	3.2	comply with the Code of Conduct for Mortgage Arrears published by the Financial Regulator on 13 February 2009 (as amended or replaced from time to time); and

  

	 	3.3	in the normal course make every effort to avoid repossessions, and not commence court proceedings for repossession of a principal private residence within 12 months of
arrears appearing, where the customer maintains contact and cooperates reasonably and honestly with the bank. 

  

	4.	Customer Communications and Financial Education 

  

	 	4.1	engage with the Financial Regulator on developing a basic bank account and improving customer communications. 

 

	5.	Independent Review of Credit Availability 

  

	 	5.1	fund an independent review, which will be managed jointly by the Company, Bank of Ireland, the Government and business representatives; 

 

 37 

	 	5.2	co-operate fully with this review; and 

  

	 	5.3	engage constructively in implementing any recommendations made by the review. 

 

	6.	Credit for Suppliers to Major Projects 

  

	 	6.1	work closely with the IDA, Enterprise Ireland and with State agencies to ensure the supply of appropriate finance to contractors engaged on major projects sponsored by
those agencies; and 

  

	 	6.2	engage in a ‘clearing group’ chaired by a Government representative and including representation from business interests and State agencies, the purpose which
is to identify specific patterns of events or cases where the flow of credit to viable projects appears to be blocked and to seek to identify credit supply solutions. 

 

	7.	Venture Capital Funding 

  

	 	7.1	make available a further €15m to new or existing seed capital funds, in collaboration with Enterprise Irelands Seed and Venture Capital Programme, to further
create and develop indigenous enterprise. 

  

	8.	Prompt Payment 

  

	 	8.1	prompt payment arrangements in future customer contracts, which will involve payment within 30 days and a late payment interest charge on any payments made after 30
days. 

  

 38 

 IN WITNESS of which this Agreement has been executed as a deed on the date which first appears on page 1 of
this Agreement. 
 The Seal of 

NATIONAL PENSIONS RESERVE 
 FUND
COMMISSION 
 was affixed in the presence of: 

 

	
	
 

	Chairman

  

	
	
 

	Commissioner

 PRESENT when the
Official Seal 
 of the MINISTER FOR FINANCE was 

affixed hereto and was authenticated by 
 the
signature of: 
  

	
	
 

	 A person authorised by

Section 15(1) of the Ministers

and Secretaries Act 1924

to authenticate the Seal

of the Minister for Finance

The Seal of 
 ALLIED IRISH BANKS, p.l.c. 

 was affixed in the presence of: 
  

	
	
 

	Director/Secretary/Authorised Signatory
	
	

 

 

  

 39Exhibit 4.12

 Exhibit 4.12 

EXECUTION COPY 
 Dated 10
September 2010 
  
  
  

 
  
  

Allied Irish Banks, p.l.c. 

and 
 AIB
European Investments Limited 
 and 

AIB Capital Markets, p.l.c. 

and 
 Banco
Santander S.A. 
  
  
  

 
  
  

SHARE PURCHASE AGREEMENT 

relating to shares in Bank Zachodni WBK S.A. and BZ WBK AIB Asset Management S.A. 

 
  
  

 
  
  

 
  
  

 

 

 

 Warsaw Towers 

ul. Sienna 39 
 7th floor 

PL-00-121 Warsaw 
  

 
 Ref L-175281 

 This Agreement is made on 10 September 2010 between: 

 

	(1)	Allied Irish Banks, p.l.c., a company incorporated in Ireland whose registered office is at Bankcentre, Ballsbridge, Dublin 4, Ireland
(“AIB”); 

  

	(2)	AIB European Investments Limited, a company incorporated in Ireland whose registered office is at Bankcentre, Ballsbridge, Dublin 4, Ireland
(“EIL”); 

  

	(3)	AIB Capital Markets p.l.c., a company incorporated in Ireland whose registered office is at Bankcentre, Ballsbridge, Dublin 4, Ireland (“AIB Capital
Markets”), 

 (EIL and AIB Capital Markets each a “Seller” and together, the
“Sellers”); and 
  

	(4)	Banco Santander S.A., a company incorporated in Spain whose registered office is at Paseo de Perenda, 9-12, Santander, Spain (“the Purchaser”),

 (each a “Party” and together the “Parties”). 

Whereas: 
  

	(A)	The Sellers have agreed to sell the Shares (as defined below) and to assume the obligations imposed on the Sellers under this Agreement; 

 

	(B)	The Purchaser has agreed to purchase the Shares and to assume the obligations imposed on the Purchaser under this Agreement; and 

 

	(C)	As a result of (A) and (B) above the Purchaser shall purchase the Group Companies. 

It is agreed as follows: 
  

	1	Interpretation 

 In this
Agreement, unless the context otherwise requires, the provisions in this Clause 1 apply: 
  

	1.1	Definitions 

“Accounts” means the audited accounts of BZ WBK for the twelve month period ended on the Accounts Date; 

“Accounts Date” means 31 December 2009; 

“Agreed Terms” means, in relation to a document, such document in the terms agreed between the Parties and signed for
identification by the Parties; 
 “AIB EGM” has the meaning given in Clause 4.1.4; 

“AIB Group” means AIB and its subsidiaries from time to time (including EIL but excluding the Group Companies);

 “Antimonopoly Approval” means, subject to Clause 4.4: (i) the issuance (or deemed issuance) by the relevant
Antimonopoly Office of a decision consenting or not objecting to the purchase by the Purchaser of the Shares, or confirming that such purchase is compatible with applicable Anti Trust Laws; or (ii) the issuance (or deemed issuance) by the
Antimonopoly Office of a decision that the purchase by the Purchaser of the Shares is not subject to the Antimonopoly Office’s approval in accordance with the applicable Anti Trust Laws, as the case may be; or (iii) the issuance by an
appropriate court (as a result of a complaint filed by the Purchaser against an Antimonopoly Office decision failing to approve the purchase by the Purchaser of the Shares) of a valid and final ruling consenting to the 

 

 1 

 
purchase by the Purchaser of the Shares or declaring that such purchase is compatible with applicable Anti Trust Laws, whichever is the later; 

“Antimonopoly Office” means the Commission of the European Union or the Polish Office of Competition and Consumer
Protection (Polish: Urząd Ochrony Konkurencji i Konsumentów) as the case may be; 
 “Anti Trust
Laws” means (i) Council Regulation No. 139/2004 of 20 January 2004 on the control of concentrations between undertakings, or (ii) to the extent the Commission of the European Union does not have jurisdiction under
Council Regulation No. 139/2004 of 20 January 2004 on the control of concentrations between undertakings, all laws, regulations, statutes or statutory provisions which regulate competition between businesses operating in the Republic of
Poland or the sale and purchase of such businesses, including the Act of February 16, 2007 on Competition and Consumer Protection (Journal of Laws 2007, No. 50, item 331); 

“Asset Management Base Price” has the meaning given in Clause 3.2; 

“Aviva TUO” means a general insurance company organized in the form of a joint stock company operating under the business
name Aviva Towarzystwo Ubezpieczeń Ogólnych S.A.; 
 “Aviva TUO Shares” means 2,225 shares of PLN
2,000 each in the share capital of Aviva TUO; 
 “Aviva TUZ” means a life insurance company organized in the
form of a joint stock company operating under the business name Aviva Towarzystwo Ubezpieczeń na Życie S.A.; 

“Aviva TUZ Shares” means 4,125 shares of PLN 2,000 each in the share capital of Aviva TUZ, constituting 10 per cent.
of the shares in the share capital of Aviva TUZ; 
 “Broker” means a reputable broker licensed to operate in
Poland which has relevant experience, to be appointed in relation to the sale of BZ WBK Shares and the Offer; 

“Business Day” means a day which is not a Saturday, a Sunday or a public holiday in Spain, Ireland and Poland;

 “BZ WBK” means a bank organized in the form of a joint stock company operating under the business name Bank
Zachodni WBK S.A. details of which are set out in Schedule 1; 
 “BZ WBK AIB Asset Management” means BZ WBK AIB
Asset Management S.A. details of which are set out in Schedule 1; 
 “BZ WBK AIB Asset Management Bank Shares”
means 67,500 shares of PLN 100 each in the capital of BZ WBK AIB Asset Management held by BZ WBK, constituting 50 per cent. of the shares in the share capital of BZ WBK AIB Asset Management; 

“BZ WBK AIB Asset Management Shares” means 67,500 shares of PLN 100 each in the share capital of BZ WBK AIB Asset
Management held by AIB Capital Markets, constituting 50 per cent. of the shares in the share capital of BZ WBK AIB Asset Management; 

“BZWBK-Aviva TUO” means a general insurance company organized in the form of a joint stock company operating under the
business name BZWBK-Aviva Towarzystwo Ubezpieczeń Ogólnych S.A.; 
  

 2 

 “BZWBK-Aviva TUO Shares” means 13,500 shares of PLN 1,000 each in the share
capital of BZWBK-Aviva TUO, constituting 50 per cent. of the shares in the share capital of BZWBK-Aviva TUO; 

“BZWBK-Aviva TUZ” means a life insurance company organized in the form of a joint stock company operating under the
business name BZWBK-Aviva Towarzystwo Ubezpieczeń na Życie S.A.; 
 “BZWBK-Aviva TUZ Shares” means
10,875 shares of PLN 1,000 each in the share capital of BZWBK-Aviva TUZ, constituting 50 per cent. of the shares in the share capital of BZWBK-Aviva TUZ; 

“BZWBK Finanse” means a limited liability company operating under the business name BZWBK Finanse Sp. z o.o. details of
which are set out in Schedule 1; 
 “BZWBK Finanse Shares” means 21,000 shares of PLN 50 each in the share
capital of BZWBK Finanse, constituting 100 per cent. of the shares in the share capital of BZWBK Finanse; 
 “BZ WBK
Material Subsidiaries Shares” means the BZWBK Finanse Shares, Dom Maklerski Shares and BZ WBK AIB Asset Management Bank Shares; 

“BZ WBK Price” has the meaning given in Clause 3.1; 

“BZ WBK Shares” means 51,413,790 bearer shares of PLN 10 each, held by EIL and constituting 70.36 per cent. of the
share capital of BZ WBK; 
 “Change in Legislation” means: 

 

	 	(i)	the passing of, or any change in, any law, rule, regulation or administrative practice after the date of this Agreement of any government, governmental department,
agency or regulatory body including (without prejudice to the generality of the foregoing) any increase in the rates of Taxation or any imposition of Taxation or any withdrawal of relief from Taxation not actually (or prospectively) in effect at the
date of this Agreement; or 

  

	 	(ii)	any change after the date of this Agreement of any generally accepted interpretation or application of any legislation; 

“Closing” means the completion of the sale of the Shares referred to in Clause 7 and Schedule 2 of this Agreement;

 “Closing Date” means the date on which Closing takes place; 

“Confidentiality Agreement” means the confidentiality agreement dated 26 May 2010 between AIB and the Purchaser
pursuant to which AIB made available to the Purchaser certain confidential information relating to the Group; 

“Contracts” means the agreements between AIB and each of Northdoor (Ireland) Limited (dated 18 March 2010 for the
supply of services) and Fair Isaac International Ltd (dated 31 March 2003 being a licence and maintenance order for the use of the debt manager software made pursuant to Computer Software Licence Agreement dated 16 June 1999 and as amended
on 28 March 2006, 22 December 2008 and 10 August 2009); 
 “CP Fulfilment Date” has the meaning
given in Clause 7.1; 
  

 3 

 “Data Room” means the data room containing documents and information
relating to the Group made available by AIB to the Purchaser at Merrill Datasite provided by Merrill Corporation; 

“Deed of Guarantee” means the deed of guarantee executed by AIB on the day hereof, whose execution draft constitutes
Schedule 9 hereto; 
 “Directors” means the directors of each of the Sellers from time to time; 

“Disclosed” means fairly disclosed to the Purchaser in the Disclosure Letter or Data Room; 

“Disclosure Letter” means the letter dated on the same date as this Agreement from each of the Sellers to the Purchaser
disclosing information constituting exceptions to the Sellers’ Warranties, details of other matters referred to in this Agreement, and any documents annexed to it; 

“Dom Maklerski” means a brokerage house organized in the form of a joint stock company operating under the business name
Dom Maklerski BZ WBK S.A. details of which are set out in Schedule 1; 
 “Dom Maklerski Shares” means 449,734
shares of PLN 100 each in the share capital of Dom Maklerski, constituting 99.78 per cent. of the shares in the share capital of Dom Maklerski; 

“Encumbrance” means any claim, floating charge or any other charge, restriction, mortgage, lien, collateral assignment
(cesja na zabezpieczenie), civil pledge (zastaw cywilny), registered pledge (zastaw rejestrowy), financial pledge (zastaw finansowy), option, fiduciary transfer of title (przewłaszczenie na zabezpieczenie),
equity, power of sale, hypothecation, usufruct, retention of title, right of pre-emption, right of first refusal or other third party rights or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing;

 “First Offer” means the tender offer to be made by the Purchaser for the purchase of the entire issued share
capital of BZ WBK pursuant to Article 74.1 of the Law on Public Offerings in accordance with Clause 5.2; 

“Group” means the Group Companies, taken as a whole; 

“Group Companies” means BZ WBK, BZ WBK AIB Asset Management and the subsidiaries of BZ WBK, the details of which are set
out in Part 2 of Schedule 1 and “Group Company” means any one of them; 
 “Hedging Agreement”
means any master agreement, confirmation, schedule or other agreement entered into by any Group Company and a member of the AIB Group for the purpose of hedging interest rate, exchange rate or any other risks of any Group Company; 

“Intra-Group Indebtedness” means, as of the Closing Date, the aggregate amount of Intra-Group Payables (on the one hand)
and the aggregate amount of Intra-Group Receivables (on the other hand); 
 “Intra-Group Payables” means, in the
case of each Group Company, all outstanding loans or other financing liabilities or obligations (including, for the avoidance of doubt, accrued interest and any other outstanding financial liabilities, but excluding liabilities arising from
transactions in the ordinary course of business) to the extent owed by the relevant Group Company to a member of the AIB Group as at the close of business on the Closing Date; 

 

 4 

 “Intra-Group Receivables” means, in the case of each Group Company, all
outstanding loans or other financing liabilities or obligations (including, for the avoidance of doubt, accrued interest and any other outstanding financial liabilities, but excluding liabilities arising from transactions in the ordinary course of
business) to the extent owed by a member of the AIB Group to a Group Company as at the close of business on the Closing Date; 

“KNF” means the Polish Financial Supervision Commission (Polish: Komisja Nadzoru Finansowego); 

“KNF BZ WBK Consent” means the approval (or deemed approval) of the KNF to the acquisition by the Purchaser of the BZ WBK
Shares pursuant to this Agreement; 
 “KNF Notifications” mean notifications by the Purchaser to the KNF of its
intention to purchase the BZ WBK Shares, the BZ WBK AIB Asset Management Shares, the Dom Maklerski Shares, the TFI Shares, the Aviva TUO Shares, the Aviva TUZ Shares, the BZWBK-Aviva TUO Shares and the BZWBK-Aviva TUZ Shares; 

“KNF Subsidiaries and Affiliates Consents” mean the approval (or deemed approval) of the KNF of the purchase, directly or
indirectly, by the Purchaser of: (i) the BZ WBK AIB Asset Management Shares; (ii) the Dom Maklerski Shares; (iii) the TFI Shares; (iv) the BZWBK-Aviva TUO Shares; (vi) the BZWBK-Aviva TUZ Shares, (vii) the Aviva TUO
Shares, and (viii) the Aviva TUZ Shares (in each case within a certain time period defined by the KNF); 
 “Law on
Public Offerings” means the Polish act on public offerings and the terms and conditions for introducing financial instruments to an organized trading system, and public companies of 29 July 2005 (Journal of Laws of 2009 No. 185
Item 1439) and any applicable secondary legislation; 
 “Leakage” means: 

 

	 	(i)	any dividend or distribution declared and paid or made by any of the Group Companies to any of the Sellers or any member of the AIB Group; 

 

	 	(ii)	any payments made (including, but not limited to gratuitous or discretionary payment, or management fees) or any assets transferred by any Group Company to any Seller
or any member of the AIB Group, other than pursuant to agreements or arrangements on an arm’s length basis and in the ordinary and usual course of business; 

 

	 	(iii)	any liabilities (regardless if contingent, conditional or not) assumed, indemnified or incurred by any Group Company for the benefit of any Seller or any member of the
AIB Group, other than pursuant to agreements or arrangements on an arm’s length basis and in the ordinary and usual course of business; 

  

	 	(iv)	any payments made by any Group Company to any member of the AIB Group in respect of any share capital or other securities of any Group Company being issued, redeemed,
purchased or repaid, or any other return of capital; 

  

	 	(v)	the waiver by any Group Company of any amount owed to that Group Company by, or of any claims (or parts thereof) or rights of that Group Company against, any Seller or
any member of the AIB Group; 

  

	 	(vi)	any Transaction Costs being paid by any Group Company; and 

  

 5 

	 	(vii)	any agreement or arrangement by or on behalf of any Group Company to give effect to any of the matters referred to in (i) to (vi) above;

 but does not include any Permitted Leakage; 

“Liabilities” means all liabilities of every description, whether deriving from contract, common law, statute or
otherwise, whether owed or incurred severally or jointly or as principal or surety and “Liability” means any one of them; 

“Locked Box Date” means 30 June 2010; 

“Long-Stop Date” means the later of: (i) the date falling on the expiry of twelve months from the date of this
Agreement, or (ii) such later date as may be agreed by the Parties in writing pursuant to Clause 4.7.2(i); 

“Losses” means, in respect of any matter, event or circumstance, all damages, payments, fines, penalties, losses, costs
(including reasonable legal costs), expenses (including taxation), disbursements or other liabilities in any case of any nature whatsoever including any irrecoverable VAT payable in relation to any such matter, event or circumstance; 

“Material Subsidiaries” means BZ WBK, Dom Maklerski, BZ WBK AIB Asset Management and BZWBK Finanse; 

“NDS” means the Polish National Depositary for Securities; 

“Offer” means the First Offer or any Subsequent Offer, as applicable; 

“Offer Document” means a tender offer document for the purchase of the entire issued share capital of BZ WBK in all
material respects in the terms set out in Schedule 10 or as otherwise agreed by the Parties and the Broker, agreement of any Party not to be unreasonably withheld; 

“Permitted Leakage” means any matter set out in Schedule 5; 

“PLN” means Polish złoty; 

“Polish Banking Law” shall mean the Banking Law of 29 August 1997 (Journal of Laws of 2002, no. 72, item 665 as
amended); 
 “Polish Business Day” means a day which is not a Saturday, a Sunday or a public holiday in Poland
unless any such day is deemed to be a working day in Poland by the KNF; 
 “Purchase Price” means the total
consideration for the BZ WBK Shares and the BZ WBK Asset Management Shares calculated in accordance with Clauses 3.1 and 3.2, respectively; 

“Purchaser’s Group” means the Purchaser and its subsidiaries, its holding company or any fellow subsidiaries from
time to time; 
 “Purchaser’s Lawyers” means DLA Piper Wiater sp.k. and DLA Piper UK LLP; 

“Purchaser Observer” means an observer appointed pursuant to Clause 6.4; 

“Seller Insurance Policies” means crime liability, professional indemnity/civil liability, directors & officers
liability, employment practices liability, terrorism and excess liability insurance policies maintained by AIB under which, immediately prior to the Closing Date, any Group Company is entitled to any benefit, and “Seller Insurance
Policy” means any one of them; 
  

 6 

 “Sellers’ Lawyers” means Linklaters LLP and Linklaters C.
Wiśniewski i Wspólnicy sp.k.; 
 “Sellers’ Warranties” means the warranties given by the
Sellers pursuant to Clause 9 and Schedule 3 and “Sellers’ Warranty” means any one of them; 

“Shares” means the BZ WBK Shares and BZ WBK AIB Asset Management Shares; 

“Split Contracts” means the agreements between AIB and each of Northdoor Plc (dated 30 November 2006 for products
and services in relation to Hyperion software) and Novell (contract number 7220721 being a Master Licence Agreement for the use of certain Novell software); 

“Subsequent Offer” has the meaning given in Clause 5.12; 

“Taxation” or “Tax” means all forms of taxation and statutory, governmental, state, provincial, local
governmental or municipal impositions, duties, contributions and levies, including, without limitation, corporation taxes, income taxes, sales taxes, use taxes, registration, stamp duty and transfer taxes, gross income taxes, value added taxes,
social contribution taxes, financial operations taxes, employment taxes, property taxes and withholding taxes and all penalties, fees, charges and interest relating to any matter relating thereto; 

“Termination Deed” means the deed between AIB and BZ WBK for the termination of an agreement for the provision of
services by AIB, in the Agreed Terms; 
 “TFI” means an investment fund manager organized in the form of a joint
stock company operating under the business name BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A. details of which are set out in Schedule 1; 

“TFI Shares” means 132,020 shares of PLN 100 each in the capital of TFI, constituting 100 per cent. of the shares in
the share capital of TFI; 
 “Third Party Claim” has the meaning given in Clause 11.5; 

“Third Party Consents” means the TSA Third Party Consents and all consents, licences, approvals, permits, authorisations
or waivers required from third parties for the novation, assignment or transfer to BZ WBK of any of the Contracts and/or Split Contracts and “Third Party Consent” means any one of them; 

“Title Warranties” has the meaning given in Clause 9.3; 

“Trading Day” means a day on which trading of shares on the WSE Main Market takes place; 

“Transaction Costs” means any costs of any member of the AIB Group relating to the sale of the Shares; 

“Transfer Deed” means the deed in the form set out in Schedule 6 regarding the transfer of the title to BZ WBK AIB Asset
Management Shares to the Purchaser or to such other member of the Purchaser’s Group as the Purchaser may nominate in writing (subject to the terms of the relevant KNF Subsidiaries and Affiliates Consent), which is to be executed at Closing;

 “Transitional Services Agreement” means the agreement in the Agreed Terms relating to the provision of
transitional services by the AIB Group to the Group; 
  

 7 

 “TSA Third Party Consents” means the Third Party Consents as so defined in
the Transitional Services Agreement; 
 “VAT” means within the European Union such Tax as may be levied in
accordance with (but subject to derogations from) Directive 2006/112/EC and outside the European Union any Taxation levied by reference to added value or sales; 

“WSE” means the Warsaw Stock Exchange; 

“WSE Main Market” means the main market operated by the WSE; 

“€” means Euro; and 

“6-Month EURIBOR” means the percentage rate per annum determined by the European Banking Federation for a period of six
months, which appears on the relevant Reuters Screen, rounded upwards to four decimal places at approximately 11.00 a.m. (Brussels Time) on the day specified for the determination of an interest rate (or, if such day is not a Business Day, such rate
at 11:00 a.m. from the immediately preceding Business Day) and, if no such screen rate is available, a replacement rate or service agreed between AIB and the Purchaser (such agreement not to be unreasonably withheld or delayed) or, in the absence of
such agreement, the arithmetic mean of the rates quoted by the principal offices in Brussels of Société Generale, BNP and HSBC as the rate at which the relevant bank could borrow funds in the European interbank market in the relevant
currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period. 

 

	1.2	Shares 

 References to
shares shall include, where relevant, quotas. 
  

	1.3	Singular, plural, gender 

References to one gender include all genders and references to the singular include the plural and vice versa. 

 

	1.4	References to persons and companies 

References to: 
  

	 	1.4.1	a person include any company, partnership or unincorporated association (whether or not having separate legal personality); and 

 

	 	1.4.2	a company include any company, corporation or any body corporate, wherever incorporated. 

 

	1.5	References to subsidiaries and holding companies 

A company is a “subsidiary” of another company (its “holding company”) if that other company, directly
or indirectly, through one or more subsidiaries: 
  

	 	1.5.1	holds at least 50 per cent. of the voting rights in it; 

  

	 	1.5.2	is a member or shareholder of it and has the right to appoint or remove a majority of its board of directors or equivalent managing body; 

 

	 	1.5.3	is a member or shareholder of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it; or

  

 8 

	 	1.5.4	has the right to exercise a dominant influence over it, for example by having the right to give directions with respect to its operating and financial policies, with
which directions its directors are obliged to comply. 

  

	1.6	Schedules etc. 

References to this Agreement shall include any Recitals and Schedules to it and references to Clauses and Schedules are to Clauses of, and
Schedules to, this Agreement. References to paragraphs and Parts are to paragraphs and Parts of the Schedules. 
  

	1.7	Information 

 References
to books, records or other information mean books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm. 

 

	1.8	Non-limiting effect of words 

The words “including”, “include”, “in particular” and words of similar effect shall not be deemed to limit
the general effect of the words that precede them. 
  

	1.9	Legal Terms 

 References
to any English legal term shall, in respect of any jurisdiction other than England, be construed as references to the term or concept which most nearly corresponds to it in that jurisdiction. 

 

	1.10	Currency Conversion 

 Any
amount to be converted from one currency into another currency for the purposes of this Agreement shall be converted into an equivalent amount at the Conversion Rate prevailing at the Relevant Date. For the purposes of this Clause: 

“Conversion Rate” means the close spot mid-trade composite (London) rate for a transaction between the two currencies in
question as quoted on Bloomberg on the date immediately preceding the Relevant Date or, if no such rate is quoted on that date, on the preceding date on which such rates are quoted; 

“Relevant Date” means, save as otherwise provided in this Agreement, the date on which a payment or an assessment is to
be made, save that, for the following purposes, the date shall mean: 
  

	 	(i)	for the purposes of Clause 6.1 (The Sellers’ Obligations in Relation to the Conduct of Business), the date of this Agreement; 

 

	 	(ii)	for the purposes of Clause 10 (Limitation of Sellers’ Liability), the date at which the Sellers’ Warranty is expressed to be true and accurate; and

  

	 	(iii)	for the purposes of Schedule 3 (Warranties given under Clause 9.1), the date at which the Sellers’ Warranty is expressed to be true and accurate.

  

	2	Agreement to Sell the Shares 

  

	2.1	On and subject to the terms of this Agreement: 

  

	 	2.1.1	EIL agrees to sell and the Purchaser agrees to purchase, the BZ WBK Shares; and 

 

 9 

	 	2.1.2	AIB Capital Markets agrees to sell and the Purchaser agrees to purchase, the BZ WBK AIB Asset Management Shares. 

 

	2.2	The Shares shall be sold with full title guarantee free from any Encumbrances and together with all rights and advantages attaching to them as at Closing (including the
right to receive any dividends or distributions declared, made or paid on or after Closing). 

  

	3	Consideration 

  

	3.1	Consideration for the BZ WBK Shares 

The total consideration for the purchase of the BZ WBK Shares under this Agreement shall be an amount in cash equal to PLN
11,665,274,813.10 (the “BZ WBK Price”) representing PLN 226.89 per BZ WBK Share. 
  

	3.2	Consideration for the BZ WBK AIB Asset Management Shares 

The total consideration for the purchase of the BZ WBK AIB Asset Management Shares under this Agreement shall be an amount in cash equal
to: 
  

													
	€ 150,000,000
(the “Asset Management Base Price”)	  	+	  	{	  	€ 88,057	  	X	  	Number of days from and including the Locked Box Date to and including the Closing Date	  	}

 

	3.3	Reduction of Purchase Price 

If any payment is made by any Seller to the Purchaser in respect of any claim for Leakage or any breach of this Agreement, the payment
shall to the extent possible (but not so as to limit the amount payable where not wholly possible), be made by way of adjustment of the consideration paid by the Purchaser for the Shares to which the payment and/or claim relates. If: 

 

	 	(i)	the payment and/or claim relates to the Shares in BZ WBK or BZ WBK AIB Asset Management, it shall be allocated in a manner which reflects the impact of the matter to
which the payment and/or claim relates, failing which it shall be allocated rateably to the Shares in BZ WBK and BZ WBK AIB Asset Management by reference to the proportions in which the consideration is allocated in accordance with Clauses 3.1 and
3.2; or 

  

	 	(ii)	the payment and/or claim relates to no particular Shares in either of BZ WBK or BZ WBK AIB Asset Management, it shall be allocated rateably to all the Shares by
reference to the proportions in which the consideration is allocated in accordance with Clauses 3.1 and 3.2; 

 and
in each case the Purchase Price shall be reduced by the amount of such payment. 
  

	4	Conditions 

  

	4.1	Conditions Precedent 

Closing of the agreement to sell and purchase the Shares contained in Clause 2 is conditional upon satisfaction or waiver of the following
conditions: 
  

 10 

	 	4.1.1	the KNF BZ WBK Consent shall have been obtained; 

  

	 	4.1.2	the Antimonopoly Approval shall have been obtained; 

  

	 	4.1.3	each of the KNF Subsidiaries and Affiliates Consents shall have been obtained; and 

 

	 	4.1.4	a resolution to approve the sale of the Shares on the terms of this Agreement shall have been passed at a general meeting of AIB convened for such purpose (the
“AIB EGM”). 

  

	4.2	Responsibility for Satisfaction 

  

	 	4.2.1	With regard to the conditions set out in Clauses 4.1.1, 4.1.2 and 4.1.3 above: 

 

	 	(i)	subject to Clause 4.5 the Purchaser shall exercise its best endeavours to, and shall take all steps (including agreeing to any disposals of assets or other conditions
or undertakings) to fulfil or procure the fulfilment of such conditions as soon as possible after the date of this Agreement; 

  

	 	(ii)	the Purchaser shall, in all cases as soon as practicable, and not later than within 30 Business Days of the date of this Agreement, submit all filings and notifications
with the Antimonopoly Office in order to obtain the Antimonopoly Approval and submit all filings and notifications (including the KNF Notifications) with the KNF within 20 Business Days of the date of this Agreement in order to obtain the KNF BZ WBK
Consent and the KNF Subsidiaries and Affiliates Consents following consultation with each of the Sellers concerning the drafts of such filings and notifications; 

 

	 	(iii)	each of the Sellers and the Purchaser agree that all requests and enquiries from the Antimonopoly Office or the KNF which relate to the satisfaction of the conditions
shall be dealt with by each Seller and the Purchaser in consultation with each other (including the review of draft responses to such requests or inquiries or other communications intended to be filed with the Antimonopoly Office or the KNF) and
each Seller and the Purchaser shall promptly co-operate with and provide all necessary information and assistance reasonably required by the Antimonopoly Office or the KNF; 

 

	 	(iv)	subject to applicable laws relating to the sharing of information, competition or other legal or regulatory restrictions, the Purchaser shall: 

 

	 	(a)	promptly notify each Seller of any communication the Purchaser receives from the Antimonopoly Office or the KNF in relation to this Agreement and the transaction
contemplated in this Agreement; and 

  

	 	(b)	provide each Seller with copies of all correspondence, filings or communications between the Purchaser or any of its representatives, on the one hand, and the
Antimonopoly Office or the KNF, as the case may be, or members of its staff, on the other hand, relating to this Agreement and the transaction contemplated in this Agreement (save that commercially sensitive information contained in any such draft
or final communication may be redacted or provided to the Sellers’ Lawyers on an external counsel basis only). 

  

 11 

	 	4.2.2	Each Seller and the Purchaser undertakes to use their reasonable endeavours to obtain any other consents and approvals and make any other notifications that may be
required in connection with the transaction contemplated in this Agreement. 

  

	4.3	Status of satisfaction of the conditions 

The Parties shall keep each other reasonably informed as to the progress towards the satisfaction of the conditions and any problems
experienced or foreseeable with respect to the satisfaction of them. 
  

	4.4	Conditional grant of Antimonopoly Approval 

  

	 	4.4.1	For the purposes of this Agreement, if the Antimonopoly Office has not issued a decision granting (or refusing or denying to grant) the Antimonopoly Approval, the
condition set out at Clause 4.1.2 shall be deemed to have been satisfied on the expiration of the period set out in applicable Anti Trust Laws, if any, in which the Antimonopoly Office is empowered to issue a decision granting (or refusing or
denying to grant) the Antimonopoly Approval. 

  

	 	4.4.2	In the event that the Antimonopoly Office issues a decision granting the Antimonopoly Approval conditionally on the Purchaser effecting or undertaking certain actions,
such decision shall be treated for the purposes hereof as being granted. 

  

	4.5	Conditional grant and commitments requested in connection with the grant of KNF BZ WBK Consent and KNF Subsidiaries and Affiliates Consents

  

	 	4.5.1	For the purposes of this Agreement, if the KNF has not issued a decision granting (or refusing or denying to grant) the KNF BZ WBK Consent and the KNF
Subsidiaries and Affiliates Consents, the conditions set out at Clause 4.1.1 and/or 4.1.3 (as the case may be) shall be deemed to have been satisfied on the expiry of either (as the case may be): (i) the 60 Business Days period specified
in the applicable law as the period within which the KNF may grant or refuse to grant the relevant consent; or (ii) any other extended period specified in the applicable law as an extended period within which the KNF may grant or refuse to
grant the relevant consent (including but not limited to extended periods as a result of the suspension of proceedings by the KNF or the posing of additional questions by the KNF). 

 

	 	4.5.2	 If the KNF issues a decision granting the KNF BZ WBK Consent and/or the KNF Subsidiaries and Affiliates Consents conditionally upon the Purchaser
effecting or undertaking certain actions, or requests that the Purchaser undertakes commitments in connection with the grant of the KNF BZ WBK Consent and/or the KNF Subsidiaries and Affiliates Consents, the Purchaser shall subject to Clause 4.5.3
and Clause 4.5.4 promptly accept such conditions or commitments and in any event such decision shall be treated for the purposes hereof as being granted on the date of issue of such decision or the
10th Business Day after the date of such request (as
applicable). 

  

	 	4.5.3	The Purchaser shall not be obliged to accept any condition or commitment requested by the KNF as referred to in Clause 4.5.2 if such condition or commitment,

 EITHER 
  

 12 

	 	(i)	would go further than requiring the Purchaser to maintain arrangements or requirements currently applicable to BZ WBK (or the AIB Group in relation to BZ WBK), in each
case to an extent which would be material in the context of the transaction contemplated by this Agreement; or 

  

	 	(ii)	would go further than requiring the Purchaser to procure that the current scope and size of operations of BZ WBK are maintained or that certain financial indicators
(including but not limited to capital adequacy or liquidity ratios) are maintained at or about the levels as at the date of this Agreement, in each case to an extent which would be material in the context of the transaction contemplated by this
Agreement; or 

  

	 	(iii)	would require BZ WBK or any Group Company to make changes to its business or organisation, in each case to an extent which would be material in the context of the
transaction contemplated by this Agreement; 

 AND 

 

	 	(iv)	would materially and adversely affect the financial returns generated by the Group; and 

 

	 	(v)	would not be consistent (in a material respect) with any conditions or commitments previously accepted by the Purchaser or any of its subsidiaries in relation to its
business in Poland; and 

  

	 	(vi)	would be materially different (in terms of type or scale) to conditions or commitments which either have already been imposed on any other material bank incorporated or
operating in Poland (or on the shareholders of any such bank in relation to it) or which reflect the current policy of the KNF. 

  

	 	4.5.4	In the event that the Purchaser proposes to exercise its right pursuant to Clause 4.5.3 not to accept a condition or commitment requested by the KNF, the Purchaser
shall provide to the Sellers full details of such condition or commitment and the Sellers acknowledge and undertake that any such information is being provided to them solely for the purpose of enabling them to evaluate the circumstances in which
the Purchaser is proposing not to accept such condition or commitment, and Clause 14.2 shall apply in respect of any such information. 

  

	 	4.5.5	 If the Purchaser is not, in accordance with Clause 4.5.3, obliged to accept a condition or commitment requested by the KNF and elects not to accept any
such condition or commitment requested of it, it shall be obliged to pay to the Sellers, on the
5th Business Day after the KNF’s decision or request,
€7,500,000 in consideration of the Sellers incurring costs and expenses in connection with the transaction set out in this Agreement and the relevant condition in Clause 4.1 shall be deemed not to be satisfied and Clause 4.7.2 shall apply.

  

	4.6	Each Seller shall notify the KNF of its intention to sell the BZ WBK Shares or the BZ WBK AIB Asset Management Shares (as applicable) not later than 10 Business Days
after the relevant Seller is notified by the Purchaser that the relevant KNF Notifications were duly filed with the KNF. 

  

 13 

	4.7	Non-satisfaction/Waiver of Conditions 

  

	 	4.7.1	The Parties may at any time together waive in whole or in part and conditionally or unconditionally any of the conditions set out in Clause 4.1, by agreement executed
in writing. 

  

	 	4.7.2	If any of the conditions in Clause 4.1 are not satisfied (including as a result of a refusal or deemed refusal of any relevant body to grant any consent or approval
required for the satisfaction of any condition referred to in Clauses 4.1.1, 4.1.2 or 4.1.3 in circumstances where either there is no intention to challenge such refusal or deemed refusal or no actual challenge within a reasonable time or where, in
the opinion of any Party acting reasonably, there is no reasonable prospect of such refusal or deemed refusal being successfully challenged) or waived on or before the Long-Stop Date: 

 

	 	(i)	the Parties may agree in writing to proceed to Closing to the extent reasonably practicable and to fix a new Long-Stop Date (not being more than 90 Business Days after
the original Long-Stop Date) in which case the provisions of this Agreement shall apply as if that other date was the Long-Stop Date; or 

  

	 	(ii)	the Purchaser or any Seller may, in its sole discretion, terminate the Agreement and no Party shall have any claim against any other under it, save for any claim
arising from breach of any obligation contained in Clause 4.2, 4.5.4, 4.5.5 or 4.8.2. Termination shall be without prejudice to this Clause 4.7.2(ii) and Clauses 4.9 (but only in circumstances where this Agreement is terminated in accordance with
Clause 4.8.2), 6.3.2(ii), 14, 15.5, 15.9 to 15.12 and 15.14 to 15.19, which shall stay in full force and effect. 

  

	4.8	AIB shareholder approval 

  

	 	4.8.1	With regard to the condition set out in Clause 4.1.4, AIB shall use its best endeavours to ensure satisfaction of the condition as soon as reasonably practicable after
the date of this Agreement with the intention that the AIB EGM shall be held within seven weeks of this Agreement. The directors of AIB shall recommend to shareholders of AIB to vote in favour of a resolution to approve the sale of the Shares to the
Purchaser at the AIB EGM and such recommendation shall be maintained. 

  

	 	4.8.2	 If the condition set out in Clause 4.1.4 has not been satisfied because the AIB EGM has voted against a resolution to approve the sale of the Shares or
such a general meeting has not been held by the Long-Stop Date, the Purchaser shall be entitled, by notice in writing to the Sellers, to terminate this Agreement. On the
10th Business Day following receipt of such notice EIL
shall pay to the Purchaser €7,500,000 in consideration of the Purchaser incurring costs and expenses in connection with the transaction set out in this Agreement. 

 

	 	4.8.3	 The Purchaser acknowledges that if it exercises its right to terminate in accordance with Clause 4.8.2 above, it shall have no further right of
recourse or redress against AIB or the Sellers under or in connection with this Agreement save in respect of Clause 4.9 and Clause 6.3.2(ii) which shall survive termination. 

 

 14 

	 	 
Termination shall also be without prejudice to this Clause 4.8.3, Clauses 14, 15.5, 15.9 to 15.12 and 15.14 to 15.19 which shall stay in full force and effect. 

 

	4.9	Exclusivity and Non-Solicitation 

  

	 	4.9.1	In consideration of the Purchaser’s commitment of time and personnel for the purpose of the transaction set out in this Agreement, each of the Sellers undertakes
that they and the members of the AIB Group and their respective directors, officers and employees, until the date falling seven months after the AIB EGM, shall not: 

 

	 	(i)	directly or indirectly, solicit or otherwise seek to procure that any person shall submit a proposal to the Sellers with a view to any transaction taking place with any
person other than the Purchaser or any person or persons connected with the Purchaser, under which such person, directly or indirectly, acquires or agrees to acquire (in one transaction or a series of transactions) the BZ WBK Shares and/or the BZ
WBK AIB Asset Management Shares; and/or 

  

	 	(ii)	solicit, enter into, continue or consummate discussions and/or negotiations with any person other than the Purchaser or any person or persons connected with the
Purchaser with a view to such a transaction taking place and shall reject any approach from such a person made with a view to such a transaction taking place. 

 

	5	Tender Offer for 100 per cent. of shares of BZ WBK 

Announcement 
  

	5.1	Immediately prior to the date of announcement of the First Offer pursuant to Clause 5.2, the Purchaser shall submit a cash deposit or irrevocable unconditional bank
guarantee to the Broker of a value of no less than the value of shares of BZ WBK subject to the Offer. 

  

	5.2	 As soon as practicable after the date of this Agreement but no later than the
20th Business Day following the date of this Agreement the
Purchaser shall announce a tender offer for the entire issued share capital of BZ WBK and shall procure that the Broker submit the Offer Document with the KNF and the WSE, notify the Polska Agencja Prasowa and take all other actions as may be
required under the Law on Public Offerings and applicable law in order to procure that the First Offer is validly announced and capable of acceptance by all shareholders of BZ WBK on the terms set out in the Offer Document and this Agreement.

 Offer terms 
  

	5.3	The First Offer shall: 

  

	 	5.3.1	be conditional only on Antimonopoly Approval and KNF BZ WBK Consent and KNF Subsidiaries and Affiliates Consents being obtained; and 

 

	 	5.3.2	state that the minimum level of acceptances shall be 70 per cent. of all shares of BZ WBK. 

 

	5.4	The price to be offered to EIL for the BZ WBK Shares in the First Offer shall be calculated in accordance with Clause 3.1. 

 

 15 

	5.5	The price to be offered to shareholders of BZ WBK other than EIL in the First Offer for their shares in BZ WKB will be calculated in accordance with the Law on
Public Offerings. For the avoidance of doubt, the Sellers acknowledge and agree that, in the event that the Purchaser is required or chooses to make any increase in the price at which it offers to acquire BZ WBK shares in connection with the Offer,
EIL shall not be entitled to any such increase and the BZ WBK Price will not change. 

  

	5.6	The First Offer shall be payable in cash. 

  

	5.7	 The First Offer shall be open for acceptance from the
36th Polish Business Day after its notification to the KNF
and WSE for no less than 70 subsequent calendar days and in all other respects shall be made in compliance with the Law on Public Offerings and the terms set out in the Offer Document and this Agreement. 

 

	5.8	 The First Offer shall state that interim settlement (Polish: zawarcie transakcji) of the purchase of any shares in BZ WBK will be possible
on every 5th Polish Business Day commencing 60 calendar
days after the First Offer acceptance period commences, subject to EIL having accepted the First Offer at that time. 

Purchaser’s obligations in relation to Offers 
  

	5.9	The Purchaser will not change the terms of or withdraw any Offer without the prior consent in writing of EIL and shall at all times comply with the requirements of the
Law on Public Offerings and other applicable law in relation to the Offer. 

  

	5.10	 Until the CP Fulfilment Date or this Agreement terminates in accordance with its terms, the Purchaser will maintain the Offer open for
acceptance by EIL for the maximum period possible in accordance with the Law on Public Offerings and in particular, will apply for the longest possible extensions of the acceptance period as are available. When applying for any extension of the
Offer acceptance period, the Purchaser shall state that interim settlement (Polish: zawarcie transakcji) of the purchase of shares in BZ WBK will be possible on each
5th Polish Business Day commencing on the
5th Polish Business Day of the extended period subject to
EIL having accepted the Offer at that time. 

  

	5.11	The Purchaser undertakes to provide AIB and EIL with reasonable prior notice of, and reasonable opportunity to: 

 

	 	5.11.1	participate in any meetings or telephone calls it may have with the KNF or WSE and shall keep AIB and EIL informed of any discussions it has with the KNF or WSE; and

  

	 	5.11.2	review and comment on any written submission to be made to the KNF or the WSE, 

insofar as such meetings, telephone calls or written submissions relate to an Offer or the transaction described in this Agreement.

 Lapse, resubmission 
  

	5.12	If as a result of any event or omission, the Offer lapses or is withdrawn or becomes incapable of acceptance by EIL before its acceptance by EIL, the Purchaser shall,
on the first Polish Business Day after such event or omission, announce a new tender offer for the entire issued share capital of BZ WBK (a “Subsequent Offer”), on the same terms and conditions as the Offer, except that:

  

 16 

	 	5.12.1	 the Subsequent Offer shall state that interim settlement (Polish: zawarcie transakcji) of the transfer of any shares in BZ WBK will be
possible, subject to EIL having accepted the Offer at that date, on each
5th Polish Business Day commencing on the
5th Polish Business Day after the Offer acceptance period
commences subject to EIL having accepted the Offer at that time; and 

  

	 	5.12.2	the Subsequent Offer shall become open for acceptances no more than 14 Polish Business Days after it is notified to the KNF and WSE. 

 

	5.13	The Purchaser shall be obliged to announce such number of Subsequent Offers as may be required to fulfil its obligations under Clause 5.12. 

 

	5.14	The obligations of the Purchaser in relation to the First Offer shall apply equally in relation to any Subsequent Offer. 

 

	5.15	The Purchaser agrees to indemnify, on an after Tax basis, the Sellers and AIB and keep the Sellers and AIB indemnified, on an after Tax basis, against all Losses,
liabilities, reasonable costs (including without limitation legal costs) and expenses, charges, actions, proceedings, claims and demands which the Sellers and AIB may suffer through or arising from any breach by the Purchaser of its obligations
under this Clause 5. 

  

	5.16	The Parties agree that if there is any inconsistency between the terms of this Agreement and any Offer, the terms of this Agreement shall prevail.

  

	5.17	The Sellers will take reasonable steps to facilitate the provision by the management board of BZ WBK of an opinion in respect of the Offer pursuant to the Law on Public
Offerings, including explaining why the Sellers are in favour of the Offer and being available to discuss the Offer with the management board. 

  

	6	Pre-Closing 

  

	6.1	The Sellers’ Obligations in Relation to the Conduct of Business 

 

	 	6.1.1	The Sellers undertake to procure that between the date of this Agreement and Closing each Material Subsidiary shall carry on its business in the ordinary and usual
course in all material respects as carried on prior to the date of this Agreement, save in so far as agreed in writing by the Purchaser, such consent not to be unreasonably withheld or delayed (including in relation to the preservation and
protection of its business and assets; the management of risk; the operation of its systems, controls and operating procedures; the overseeing and implementation of its investment, gearing and funding operations and activities; the development and
marketing of its products; the application and development of its credit policies and controls; and the operation of its IT and communications systems). 

  

	 	6.1.2	EIL undertakes to procure that, between the date of this Agreement and Closing, the relevant body of any Material Subsidiary shall not, outside the ordinary course,
without the prior written consent of the Purchaser (such consent not to be unreasonably withheld or delayed) adopt any resolutions granting consent to: 

  

	 	(i)	enter into any agreement or incur any commitment involving any capital expenditure in excess of €7,500,000 (exclusive of VAT) in respect of any individual
commitment or in excess of €30,000,000 in aggregate; 

  

	 	(ii)	create, or agree to create, any Encumbrance over any fixed asset of a Material Subsidiary of a value exceeding €7,500,000; or 

 

 17 

	 	(iii)	cease to conduct its business in all material respects in accordance with all applicable legal and administrative requirements in any jurisdiction;

  

	 	(iv)	acquire or dispose of, or agree to acquire or dispose of, any material asset, involving consideration in excess of €7,500,000, exclusive of VAT;

  

	 	(v)	amend or terminate any equity joint venture agreement or other binding agreement to which it is a party with a contractual value in excess of €10,000,000;

  

	 	(vi)	commence any litigation or arbitration or compromise, settle, release or discharge litigation or arbitration proceedings or any claim, action, demand or dispute or
waive any right in relation to litigation or arbitration proceedings, in each case where the sum involved exceeds €3,000,000; 

  

	 	(vii)	cancel or fail to renew by the due date the insurance policies in force at the date of this Agreement where such action would have a material adverse effect on the
Group; 

  

	 	(viii)	the issue of any bonds or other debt capital; 

  

	 	(ix)	any significant departures from, or additions to, the policies or procedures currently applied to risk management, the investment of the Group’s assets or treasury
management, in each case where the effect of such approval might reasonably be expected to be material in the context of the Group taken as a whole; 

  

	 	(x)	the grant of any guarantee in respect of the obligations of any person other than any Group Company; 

 

	 	(xi)	any material increase in the remuneration of any senior employee earning a base salary in excess of €200,000 per annum or of any group of employees, save in
each case for increases materially consistent with the previous practice of the Group; or 

  

	 	(xii)	the launch or establishment of any material new pension, bonus or incentive plan in respect of the Group’s employees, 

provided that EIL shall not be obliged to undertake or not to undertake any action: 

 

	 	(i)	contrary to requirements of any law or regulation or non binding guidance, request, or recommendations from the KNF; 

 

	 	(ii)	in respect of any obligation entered into prior to the date of this Agreement which was Disclosed; 

 

	 	(iii)	reasonably undertaken or not undertaken by any Group Company in an emergency or disaster situation of a natural or physical nature with the intention of minimising any
adverse effect thereof (and of which the Purchaser will be promptly notified); or 

  

	 	(iv)	which could result in a member of the relevant body acting to the detriment of such Group Company or otherwise compromise his or her fiduciary duties to such Group
Company. 

  

	 	6.1.3	 Each of EIL and AIB Capital Markets undertakes to procure that, between the date of this Agreement and Closing, neither BZ WBK and its subsidiaries nor
BZ WBK AIB 

  

 18 

	 	 
Asset Management or its subsidiaries (respectively) enter into any agreement, contract, transaction or arrangement with any company from the AIB Group, other than agreements entered into on an
arm’s-length basis in the ordinary course of business. 

  

	 	6.1.4	The Sellers shall procure that both before and after Closing no member of the AIB Group shall amend the terms of any Hedging Agreement to allow termination or payment
before the date of termination or payment in accordance with its terms without the prior consent of the Purchaser, not to be unreasonably withheld. 

  

	6.2	AIB Capital Markets undertakes not to vote at any shareholders’ meeting of BZ WBK AIB Asset Management and EIL undertakes not to vote at any shareholders’
meeting of BZ WBK, in each case, between the date of this Agreement and Closing, without the prior written consent of the Purchaser (such consent not to be unreasonably withheld), in favour of any shareholders’ resolution approving, outside the
ordinary course, the: 

  

	 	6.2.1	creation, allotment or issue, or grant of an option to subscribe for, any share capital other than in favour of a Group Company; 

 

	 	6.2.2	repayment, redemption or repurchase of any share capital other than to or from a Group Company; 

 

	 	6.2.3	reclassification of any shares or reduction of its share capital or repurchase of any shares other than in favour of a Group Company (as applicable);

  

	 	6.2.4	merger with another company or demerger with any other entity, including merger or demerger with other Group Company; 

 

	 	6.2.5	initiation of insolvency or bankruptcy proceedings or liquidation of any Material Subsidiary; 

 

	 	6.2.6	disposal of or creation of any Encumbrance over shares in any Material Subsidiary; 

 

	 	6.2.7	acquisition (whether directly or indirectly) of any shares in BZ WBK; or 

  

	 	6.2.8	delisting of BZ WBK from the Warsaw Stock Exchange, 

of, by or in relation to BZ WBK or BZ WBK Asset Management, as applicable. 

 

	6.3	Other Sellers’ Obligations Prior to Closing 

  

	 	6.3.1	Each of the Sellers shall use its reasonable endeavours to facilitate contact and, if requested by the Purchaser, to procure discussions and/or meetings between the
Purchaser on the one hand and BZ WBK and BZ WBK AIB Asset Management (respectively) on the other hand in order for the Purchaser to discuss any post-Closing integration plans or other issues which the Purchaser may wish to raise with the management
of BZ WBK or BZ WBK AIB Asset Management. 

  

	 	6.3.2	Each of the Sellers further undertakes that: 

  

	 	(i)	until the date of the AIB EGM, it shall not and shall procure that no member of the AIB Group shall enter into any binding agreement for the sale, transfer or disposal
of the Shares; 

  

	 	(ii)	 if the resolution proposed at the AIB EGM is not passed, it shall not and shall procure that no member of the AIB Group shall enter into any binding

  

 19 

	 	 
agreement for the sale, transfer or disposal of the Shares for a period of seven months from the date of such general meeting; and 

 

	 	(iii)	if the resolution proposed at the AIB EGM is passed, it shall not and shall procure that no member of the AIB Group shall enter into any binding agreement for the sale,
transfer or disposal of the Shares for the period until the earlier of Closing or termination of this Agreement. 

  

	6.4	Observers 

  

	 	6.4.1	The Parties agree that within the period starting immediately after the date of this Agreement and ending on the Closing Date the Purchaser shall be authorized
to appoint one Purchaser Observer (who shall be a senior representative of the Purchaser’s Group) to each of the supervisory board and the management board of BZ WBK, provided that no Purchaser Observers shall be appointed or continue in their
appointment if such appointment would contravene applicable law or regulation or where any regulatory body including the KNF or Antimonopoly Office, has raised any concern or objection in respect of such appointment. 

 

	 	6.4.2	The Purchaser Observer shall be appointed and removed by the Purchaser at its sole discretion and notified to the Sellers in writing with 5 Business Days prior
notice of such appointment or removal, such appointment or removal to be effective towards the Sellers, following notification to the Sellers. 

  

	 	6.4.3	Without prejudice to Clause 6.4.5 below, the Purchaser Observer shall be entitled to attend all meetings of the supervisory board and management board of BZ WBK,
and shall be given prior notice of such meetings together with all appropriate notices, agendas and board papers as given to supervisory board or management board members subject to Clause 6.5. 

 

	 	6.4.4	The Purchaser confirms and the Sellers acknowledge that: 

  

	 	(i)	neither the appointment of a Purchaser Observer nor the giving of any information by such Purchaser Observer to BZ WBK is to be taken as constituting the giving of
investment, business or legal advice, binding instruction or recommendation by the Purchaser or the Purchaser Observer or is to be treated as constituting the Purchaser Observer a supervisory board or management board member of BZ WBK; and

  

	 	(ii)	the Parties do not and will not expect the Purchaser Observer to owe to BZ WBK any duties or responsibilities as a supervisory board or management board member.

  

	 	6.4.5	If at any time there is a matter to be discussed at the supervisory board or management board meeting which the Sellers or BZ WBK acting reasonably consider to
be a sensitive matter (including any inside information, a banking secrecy, an anti-trust or a competition matter), the Purchaser Observer, upon being notified of the general nature of the issue, may be asked not to attend or to leave such meeting
or the relevant part thereof and the Sellers shall procure that he/she complies with such request. 

  

	6.5	Provision of information to Observers 

The Sellers undertake to the Purchaser that the Purchaser Observer shall, subject to applicable law, receive such materials in relation to
supervisory board and management 
  

 20 

 
board meetings of BZ WBK as provided to other supervisory board and management board members unless and to the extent only that the materials relate to a matter of the type referred to in Clause
6.4.5. 
  

	6.6	Split Contracts 

 The
Parties acknowledge and agree that the Split Contracts do not relate exclusively to BZ WBK and that the assignment or novation of the whole of such Split Contracts from AIB to the Purchaser will not be possible. Accordingly, as soon as practicable
from the date of this Agreement AIB and the Purchaser shall, in good faith, use reasonable endeavours to procure that the Split Contracts are divided without cost to BZ WBK resulting from such split such that the portion of the relevant Split
Contract relating to BZ WBK can be transferred to BZ WBK. 
  

	6.7	Conduct relating to Transitional Services prior to Closing 

AIB shall procure that any IT and Ops systems services that have been provided to BZ WBK in the 12-month period prior to the Commencement
Date (each as defined in the Transitional Services Agreement) or any replacements to such services implemented by AIB continue to be provided from the date of this Agreement until the Commencement Date (as defined in the Transitional Services
Agreement) at the same level of service and without material variation in respect of the cost of such services to BZ WBK, whether pursuant to the Existing Intra-Group Agreements, or otherwise. 

 

	7	Closing 

  

	7.1	Closing 

 On the first
Polish Business Day following fulfilment or waiver of the conditions set out in Clause 4.1 (the “CP Fulfilment Date”) EIL shall accept the Offer in relation to the BZ WBK Shares, in accordance with the Offer terms, unless the
relevant Offer is not open for acceptance at such date, in which case EIL shall accept such Offer in relation to the BZ WBK Shares on the first possible Polish Business Day that the Offer is open for acceptance. 

 

	7.2	Closing Date 

 Closing
shall take place on the earliest possible date after acceptance of the Offer by EIL pursuant to Clause 7.1 and in any event no later than: 
  

	 	7.2.1	the 12th Polish Business Day after the CP Fulfilment Date if the First Offer has been accepted by EIL; or 

 

	 	7.2.2	the 22nd Polish Business Day after the CP Fulfilment Date in any other case. 

Promptly after acceptance of the Offer by EIL pursuant to Clause 7.1, the Sellers and the Purchaser shall in good faith consult with the
Broker for the purpose of agreeing the earliest possible date Closing may occur (having regard to the terms of the Offer and the rules of settlement of the WSE and NDS and this Clause) and the Purchaser shall instruct the Broker to take such steps
as may be required to effect Closing on such date. In any event, the last possible date for Closing shall be determined in accordance with Clauses 7.2.1 and 7.2.2. 

 

 21 

	7.3	Closing Events 

Immediately prior to and on the date scheduled for Closing in accordance with Clause 7.2 each Seller and the Purchaser shall comply with
their respective obligations specified in Schedule 2. The Sellers may jointly waive some or all of the obligations of the Purchaser as set out in Schedule 2 and the Purchaser may waive some or all of the obligations of any Seller as set out in
Schedule 2. 
  

	7.4	Payment on Closing 

 On
Closing the Purchaser shall pay or procure the payment by the Broker in cash to the Sellers the consideration due under Clause 3.1 and Clause 3.2. 
  

	7.5	Repayment of Intra Group Indebtedness 

  

	 	7.5.1	Not later than five Business Days prior to the Closing Date, AIB shall provide a pay off letter to the Purchaser indicating the total amount of the Intra Group
Indebtedness which will be owing as at Closing and shall specify the relevant debtor, creditor and currency of each Intra Group Payable and Intra Group Receivable. 

 

	 	7.5.2	At Closing: 

  

	 	(i)	the Purchaser shall procure that each relevant Group Company repays to the relevant member of the AIB Group the amount of any Intra-Group Payables; and

  

	 	(ii)	AIB shall procure that each relevant member of the AIB Group repays to the relevant Group Company the amount of any Intra-Group Receivables. 

Such payments shall be made together with interest accrued and in the currency in which the relevant debt is denominated. 

 

	7.6	Breach of Closing Obligations 

If any Seller or the Purchaser fails to comply with any of their respective material obligations in Clauses 7.3, 7.4, 7.5 or Schedule 2,
the Purchaser, in the case of non-compliance or breach by any Seller, or the Sellers jointly, in the case of non-compliance by the Purchaser, shall be entitled (in addition to and without prejudice to all other rights or remedies available,
including the right to claim damages) by written notice to the other to: 
  

	 	7.6.1	effect Closing so far as practicable having regard to the defaults which have occurred; or 

 

	 	7.6.2	fix a new date for Closing (not being more than 10 Business Days after the agreed date for Closing); or 

 

	 	7.6.3	terminate this Agreement; 

and if Closing is deferred pursuant to the provisions of Clause 7.6.2, the provisions of Clause 7.5.1 and Schedule 2 shall apply to
Closing so deferred but provided such deferral may only occur once. 
  

 22 

	8	Leakage 

  

	8.1	Warranty and Undertaking 

AIB: 
  

	 	8.1.1	warrants to the Purchaser that there has been no Leakage from any Group Company between the Locked Box Date and the date of this Agreement; and

  

	 	8.1.2	undertakes to procure that there will be no Leakage from any Group Company between the date of this Agreement and the Closing Date; 

provided that in the event that Closing does not occur AIB shall have no liability to the Purchaser under Clause 8.1.1 or 8.1.2.

  

	8.2	Leakage Adjustment 

 In
the event of any Leakage between the Locked Box Date and the Closing Date, AIB shall pay to BZ BWK or BZ WBK AIB Asset Management, as the case may be, or any Group Company as the Purchaser directs, an amount in cash equal to such Leakage on or after
the Closing Date. Clauses 10 and 11 shall not apply to this Clause 8. 
  

	8.3	Notification of Leakage 

Notwithstanding Clauses 8.1 and 8.2, the Sellers shall notify the Purchaser as soon as practicable upon becoming aware that any Leakage
has occurred or is likely to occur between the Locked Box Date and Closing. 
  

	8.4	If any dividend is declared by any of the Group Companies prior to Closing, by reference to a record date prior to Closing, and such dividend is paid after
Closing to any member of the AIB Group, Clause 8.2 shall apply to such payment as if it were “Leakage” that had occurred before the Closing Date. Payment of such amount under Clause 8.2 shall satisfy any obligation of the Sellers to
account to the Purchaser in respect of such dividend as a consequence of the terms of Clause 2.2 (and vice versa). 

  

	9	Warranties 

  

	9.1	The Sellers’ Warranties 

  

	 	9.1.1	AIB Capital Markets warrants to the Purchaser that the statements set out in Part (A) of Schedule 3 are true and accurate as of the date of this Agreement.

  

	 	9.1.2	EIL warrants to the Purchaser that the statements set out in Part (B) of Schedule 3 are true and accurate as of the date of this Agreement.

  

	 	9.1.3	The Sellers do not give or make any warranty or representation as to the accuracy of the forecasts, estimates, projections or statements of intent provided to the
Purchaser or any of its directors, officers, employees, agents or advisers on or prior to the date of this Agreement, including in the information memorandum provided to the Purchaser on 28 May 2010. 

 

	9.2	Sellers’ Disclosures 

  

	 	9.2.1	The Sellers’ Warranties are subject to any matter which is described in this Agreement or Disclosed in the Disclosure Letter. 

 

 23 

	 	9.2.2	The Sellers shall, within 20 Business Days of the date of this Agreement, prepare an index of the documents referred to under the heading ‘Credit File
Documents’ in the Disclosure Letter and the Parties shall, within 5 Business Days thereafter, meet to seek, in good faith and acting reasonably, to agree that index. Once such index has been agreed, the documents referred to in such index shall
be deemed to form part of the Disclosure Letter. 

  

	9.3	Updating of the Sellers’ Warranties to Closing 

Subject to Clause 9.2, each Seller further warrants to the Purchaser that the relevant Sellers’ Warranties it is stated to make in
paragraphs 1.1.1 to 1.1.5 of Part (A) and paragraphs 1.1.1 to 1.1.6 of Part (B) of Schedule 3 (together, the “Title Warranties”) will be true and accurate at Closing as if they had been repeated at Closing. 

 

	9.4	The Purchaser’s Warranties 

  

	 	9.4.1	The Purchaser warrants to each Seller that the statements set out in Schedule 4 are true and accurate as of the date of this Agreement. 

 

	 	9.4.2	The Purchaser further warrants to each Seller that the warranties set out in Schedule 4 will be true and accurate at Closing as if they had been repeated at Closing.

  

	10	Limitation of Sellers’ Liability 

  

	10.1	Time Limitation for Claims 

  

	 	10.1.1	Subject to Clause 10.1.2, no Seller shall be liable under this Agreement in respect of any claim in respect of any breach of the Sellers’ Warranties (excluding the
Title Warranties and the warranty contained in paragraph 6 of Part B of Schedule 3) or under Clauses 6.1 and 6.2 (each a “Relevant Claim”), unless a notice of the Relevant Claim is given by the Purchaser to both Sellers specifying
the matters set out in Clause 11.2 within one year following Closing or, if the Relevant Claim relates to Tax, within six years and 6 months following Closing. 

 

	 	10.1.2	No Seller shall be liable under this Agreement in respect of any claim for breach of the Title Warranties unless a notice of the claim is given by the Purchaser to both
Sellers specifying the matters set out in Clause 11.2 within three years following Closing. 

  

	10.2	Minimum Claims and Aggregate Minimum Claims 

  

	 	10.2.1	EIL and AIB Capital Markets shall not be liable under this Agreement in respect of any individual Relevant Claim (or a series of Relevant Claims arising from
substantially identical facts or circumstances) where the liability agreed or determined (disregarding the provisions of this Clause 10.2) in respect of any such claim or series of claims does not exceed €5,000,000. 

 

	 	10.2.2	EIL and AIB Capital Markets shall not be liable under this Agreement in respect of any Relevant Claim unless the aggregate amount of all Relevant Claims for
which such Seller would otherwise be liable under this Agreement (disregarding the provisions of this Clause 10.2) exceeds €50,000,000. 

  

	 	10.2.3	 Where the amount agreed or determined in respect of all claims referred to in Clause 10.2.1 or 10.2.2 exceeds the amount referred to in Clause 10.2.1
or 10.2.2, 

  

 24 

	 	 
respectively, the relevant Seller shall be liable for the aggregate amount of such claims as agreed and not just the excess. 

 

	10.3	Maximum Liability 

  

	 	10.3.1	The aggregate liability of EIL in respect of all breaches of this Agreement shall not exceed 100 per cent. of the BZ WBK Price provided that the aggregate
liability of EIL in respect of all Relevant Claims shall not exceed 30 per cent. of the BZ WBK Price. 

  

	 	10.3.2	The aggregate liability of AIB Capital Markets in respect of all breaches of this Agreement shall not exceed the amount equal to 100 per cent. of the Asset
Management Base Price provided that the aggregate liability of AIB Capital Markets in respect of all Relevant Claims shall not exceed 30 per cent. of the Asset Management Base Price. 

 

	10.4	Contingent Liabilities 

No Seller shall be liable under this Agreement in respect of any liability which is contingent unless and until such contingent liability
becomes an actual liability and is due and payable. Nothing in this Clause 10.4 shall preclude the giving of notice of a claim in respect of a contingent liability within the time limit set out in Clause 10.1. 

 

	10.5	Losses 

 No Seller shall
be liable under this Agreement in respect of any loss of profit, loss of revenue, loss of contract, loss of goodwill, loss of claim or any indirect or consequential losses. 

 

	10.6	Provisions 

 No Seller
shall be liable under this Agreement in respect of any claim if and to the extent that specific provision or reserve is made in the Accounts for the matter giving rise to the claim. 

 

	10.7	Matters Arising Subsequent to this Agreement 

No Seller shall be liable under this Agreement in respect of any matter, act, omission or circumstance (or any combination thereof),
including the aggravation of a matter or circumstance and any Losses arising therefrom, to the extent that the same would not have occurred but for: 
  

	 	10.7.1	Agreed matters 

 any matter or
thing done or omitted to be done pursuant to and in compliance with this Agreement or otherwise at the request in writing or with the approval in writing of the Purchaser; 

 

	 	10.7.2	Acts of the Purchaser 

 any act,
omission or transaction of the Purchaser or any member of the Purchaser’s Group or any of the Group Companies, or their respective directors, officers, employees or agents or successors in title, done, committed or effected after Closing:

  

	 	(i)	outside the ordinary course of business; or 

  

 25 

	 	(ii)	otherwise than pursuant to a legally binding commitment to which the Group is subject on or before Closing; 

 

	 	10.7.3	any Change in Legislation 

  

	 	10.7.4	Accounting and Taxation Policies 

any change in accounting or Taxation policy, bases or practice of the Purchaser or any of the Group Companies introduced or having effect
after Closing, except where such change is necessary to comply with any applicable legal requirements or binding accounting standards in force at Closing. 
  

	10.8	Insurance 

 No Seller
shall be liable under this Agreement in respect of any claim to the extent that the Losses in respect of such claim have been recovered by the Purchaser or a member of the Purchaser’s Group under a policy of insurance. The Purchaser shall use
all reasonable endeavours to seek to recover amounts under policies of insurance held by it or any member of the Purchaser’s Group. 
  

	10.9	Mitigation of Losses 

 The
Purchaser shall procure that all reasonable steps are taken and all reasonable assistance is given to avoid or mitigate any Losses which in the absence of mitigation might give rise to a liability in respect of any claim under this Agreement.

  

	10.10	Purchaser’s Right to Recover 

  

	 	10.10.1	Recovery for Actual Liabilities 

No Seller shall be liable under this Agreement unless and until the liability in respect of which the claim is made has become due and
payable. 
  

	 	10.10.2	Prior to Recovery from the Sellers etc. 

If, before any of the Sellers pays an amount in discharge of any claim under this Agreement, the Purchaser or any Group Company recovers
(whether by payment, discount, credit, relief, insurance or otherwise) from a third party a sum which indemnifies or compensates the Purchaser or Group Company (in whole or in part) in respect of the loss or liability which is the subject matter of
the claim, the amount of any such sums recovered (less any reasonable costs incurred in obtaining such recovery) shall reduce or satisfy, as the case may be, such claim to the extent of such recovery. 

 

	 	10.10.3	Following Recovery from the Sellers etc. 

If any of the Sellers has paid an amount in discharge of any claim under this Agreement and the Purchaser or any Group Company is
entitled to recover (whether by payment, discount, credit, relief, insurance or otherwise) from a third party a sum which indemnifies or compensates the Purchaser or Group Company (in whole or in part) in respect of the loss or liability which is
the subject matter of the claim, such Seller shall be subrogated to all rights that the Purchaser has or would otherwise have in respect of the claim against the third party or, if subrogation is not possible, the Purchaser shall procure that all
steps are taken as such Seller may reasonably require to enforce such recovery and shall, or shall procure that the relevant Group Company shall, pay to such Seller as soon as 

 

 26 

 
practicable after receipt an amount equal to (i) any sum recovered from the third party less any costs and expenses incurred in obtaining such recovery less any Taxation attributable to the
recovery after taking account of any tax relief available in respect of any matter giving rise to the claim or if less (ii) the amount previously paid by such Seller to the Purchaser less any Taxation attributable to it. 

 

	10.11	Double Claims 

 The
Purchaser shall not be entitled to recover from any of the Sellers under this Agreement more than once in respect of the same Losses suffered. 
  

	10.12	Fraud 

 None of the
limitations contained in this Clause 10 shall apply to any claim which arises or is increased, or to the extent to which it arises or is increased, as the consequence of, or which is delayed as a result of, fraud, wilful misconduct, or wilful
concealment by any Seller. 
  

	11	Claims 

  

	11.1	Notification of Potential Claims 

Without prejudice to the obligations of the Purchaser under Clause 11.2, if the Purchaser becomes aware of any matter or circumstance that
may give rise to a claim against any Seller under this Agreement (ignoring for these purposes the application of Clause 10.2), the Purchaser shall as soon as reasonably practicable give a notice in writing to the relevant Seller setting out such
information as is available to the Purchaser as is reasonably necessary to enable the relevant Seller to assess the merits of the potential claim, to act to preserve evidence and to make such provision as the relevant Seller may consider necessary.

  

	11.2	Notification of Claims under this Agreement 

Notices of claims under this Agreement shall be given by the Purchaser to both Sellers within the time limits specified in Clause 10.1 and
shall specify reasonable information of the legal and factual basis of the claim and a summary of the evidence on which the Purchaser relies and setting out the Purchaser’s reasonable estimate of the amount of Losses which are, or are to be,
the subject of the claim (including any Losses which are contingent on the occurrence of any future event). 
  

	11.3	Commencement of Proceedings 

Any claim notified pursuant to Clause 11.2 shall (if it has not been previously satisfied, settled or withdrawn) be deemed to be
irrevocably withdrawn six months after the notice is given pursuant to Clause 11.2 or, where Clause 10.4 applies, six months after the relevant contingent liability becomes an actual liability and is due and payable or, where Clause 10.10.2 applies,
six months after the Purchaser has notified both Sellers that all reasonable steps have been taken to enforce recovery against the relevant third parties, such notification having been made promptly upon the Purchaser having taken all reasonable
steps, unless at such time legal proceedings in respect of the relevant claim have been commenced by being both issued and served. 
  

 27 

	11.4	Investigation by the Sellers 

In connection with any matter or circumstance that may give rise to a claim against any of the Sellers under this Agreement: 

 

	 	11.4.1	the Purchaser shall allow, and shall procure that the relevant Group Company allows, the relevant Seller and its financial, accounting or legal advisers to investigate
the matter or circumstance alleged to give rise to a claim and whether and to what extent any amount is payable in respect of such claim; and 

  

	 	11.4.2	the Purchaser shall disclose to the relevant Seller all material of which the Purchaser is aware which relates to the claim and shall, and shall procure that any other
relevant members of the Purchaser’s Group shall, give, subject to their being paid all reasonable costs and expenses, all such information and assistance, including access to premises and personnel, and the right to examine and copy or
photograph any assets, accounts, documents and records, as such Seller or its financial, accounting or legal advisers may reasonably request subject to such Seller agreeing in such form as the Purchaser may reasonably require to keep all such
information confidential and to use it only for the purpose of investigating and defending the claim in question. 

  

	11.5	Conduct of Third Party Claims 

Sellers’ Conduct of Third Party Claims: 

If the matter or circumstance that may give rise to a claim against any of the Sellers under this Agreement is a result of or in
connection with a claim by a third party (a “Third Party Claim”) then, without prejudice to the rights of the insurers of the Purchaser’s Group: 

 

	 	11.5.1	the Purchaser shall notify such Seller without delay of the initiation of the Third Party Claim; 

 

	 	11.5.2	such Seller will be requested to give notice to the Purchaser within 15 Business Days after the Purchaser’s notice is given to such Seller pursuant to Clause
11.5.1 above, of such Seller’s intention to pursue such Third Party Claim and to assume the defense and full control of such Third Party Claim with reputable counsel; 

 

	 	11.5.3	in the event that a Seller gives notice to the Purchaser pursuant to Clause 11.5.2 above, such Seller shall be obliged at its own expense to take such action as it
shall deem necessary to avoid, dispute, deny, defend, resist, appeal, compromise or contest the Third Party Claim (including making counterclaims or other claims against third parties) in its own name or, as the case may be, in the name of and on
behalf of the Purchaser or member of the Purchaser’s Group concerned and to have the conduct of any related proceedings, negotiations or appeals and shall notify the Purchaser of any progress in such proceeding; 

 

	 	11.5.4	if notice is given to a Seller pursuant to Clause 11.5.1 above of the commencement of any proceeding and such Seller does not, within 15 Business Days after the
Purchaser’s notice is given to any Seller, give notice to the Purchaser of its election to assume the defense and full control of such proceeding, such Seller will be bound by any determination made in such proceeding effected by the Purchaser,
provided that any compromise or settlement shall require such Seller’s prior written consent, the consent not to be unreasonably withheld or delayed. 

  

 28 

	 	11.5.5	if a Seller sends a notice to the Purchaser pursuant to Clause 11.5.2 the Purchaser shall and the Purchaser shall procure that any member of the Purchaser’s Group
shall give, subject to their being paid all reasonable costs and expenses, all such information and assistance including access to premises and personnel, and the right to examine and copy or photograph any assets, accounts, documents and records,
as the relevant Seller may reasonably request, including instructing such professional or legal advisers as such Seller may nominate to act; 

  

	 	11.5.6	neither the Purchaser nor any member of the Purchaser’s Group shall be required to take any action or refrain from taking any action pursuant to this Clause 11.5,
if such action or omission may reasonably be considered to be unduly onerous or materially prejudicial to it or to its business. 

  

	12	Waivers and hold harmless 

  

	 	12.1	Each Seller agrees to (and agrees to procure that each member of the AIB Group shall) release and hold each Group Company harmless in respect of any and all
claims (of whatever nature, whether arising under contract or statute or otherwise) that any member of the AIB Group may have against any of the directors, officers, board members or employees of BZ WBK or BZ WBK Asset Management arising in respect
of the period prior to the Closing Date other than arising as a result of fraud, negligence, or wilful misconduct, or arising under any employment relationship between the AIB Group and such person. 

 

	 	12.2	AIB undertakes to the Purchaser, for itself and as trustee for its affiliates (including for the avoidance of doubt the members of the AIB Group), to release absolutely
and with effect from Closing (or failing such release to indemnify on an after Tax basis) each of the Group Companies from and in respect of any and all guarantees, indemnities or other actual or contingent obligations of similar nature given or
undertaken by any Group Company in relation to or arising out of any obligations or liabilities of AIB or any of their affiliates (but excluding for the avoidance of doubt the Group Companies) to any person other than a Group Company, if any, or to
procure the same. 

  

	13	Restrictions on AIB 

  

	13.1	Restrictions 

 Subject to
Clause 13.2, AIB undertakes with the Purchaser that no member of the AIB Group will in any Relevant Capacity in the Relevant Territory during the Restricted Period directly or indirectly: 

 

	 	13.1.1	carry on, be engaged in or be economically interested in any business which is of the same or similar type to the business of the Group as now carried on;

  

	 	13.1.2	canvass or solicit the custom of any person, firm or company who has within two years prior to Closing been a customer of the Group in relation to any business
which would involve a breach of Clause 13.1.1; or 

  

	 	13.1.3	 induce or seek to induce any present Restricted Employee to become employed whether as employee, consultant or otherwise by any member of the AIB
Group, whether or not such Restricted Employee would thereby commit a breach of his contract of service. The placing of an advertisement of a post available to a member of the public generally and the recruitment of a person through an employment
agency shall not constitute a breach of this Clause 13 provided that 

  

 29 

	 	 
no member of the AIB Group encourages or advises such agency to approach any Restricted Employee. 

 

	13.2	Exceptions 

 The
restrictions in Clause 13.1 shall not operate to prohibit any member of the AIB Group from: 
  

	 	13.2.1	continuing to undertake the business activities undertaken by AIB PPM sp. z o.o. during the two years prior to this Agreement; 

 

	 	13.2.2	lending to existing clients of the AIB Group after Closing or participating in syndicated lending activity; 

 

	 	13.2.3	undertaking any activity that does not require the establishment of any Polish branch, the incorporation of any Polish subsidiary, nor any banking licence in Poland;

  

	 	13.2.4	carrying on or being engaged in or being economically interested in any business which is of the same or similar type to the business carried on by the Group
after such time as the Purchaser ceases to carry on or be engaged in or economically interested in a substantial part of the business carried on by the Group; 

 

	 	13.2.5	holding or being interested in up to 5 per cent. of the outstanding issued share capital of a company listed on any stock exchange;

  

	 	13.2.6	fulfilling any obligation pursuant to this Agreement and any agreement to be entered into pursuant to this Agreement; 

 

	 	13.2.7	acquiring the whole or part of any business if the turnover attributable to the business to be acquired which would involve a breach of this Clause 13 in the
most recent financial year is less than 10 per cent. of the total turnover of the group or business to be acquired. 

  

	13.3	Reasonableness of Restrictions 

AIB agrees that the restrictions contained in this Clause are no greater than is reasonable and necessary for the protection of the
interest of the Purchaser but if any such restriction shall be held to be void but would be valid if deleted in part or reduced in application, such restriction shall apply with such deletion or modification as may be necessary to make it valid and
enforceable. 
  

	13.4	Interpretation 

 The
following terms shall have the following meanings respectively in this Clause 13: 
  

	 	13.4.1	“Relevant Capacity” means for its own account or for that of any person, firm or company (other than the Purchaser) or in any other manner and whether
through the medium of any company controlled by it (for which purpose there shall be aggregated with its shareholding or ability to exercise control the shares held or control exercised by any person connected with AIB) or as principal, partner,
director, employee, consultant or agent; 

  

	 	13.4.2	“Restricted Employee” means any person who is an employee of any Group Company on the Closing Date whose employee grade is 20 or higher but
excluding the certain employees specified in the Disclosure Letter; 

  

 30 

	 	13.4.3	“Restricted Period” means two years commencing on Closing; and 

 

	 	13.4.4	“Relevant Territory” means Poland. 

  

	14	Confidentiality 

  

	14.1	Announcements 

 No
announcement or circular in connection with the existence or the subject matter of this Agreement shall be made or issued by or on behalf of any member of the AIB Group or the Purchaser’s Group without the prior written approval of AIB and the
Purchaser, such approval not to be unreasonably withheld or delayed. This shall not affect any announcement or circular required by law or any regulatory body or the rules of any stock exchange on which the shares of either Party (or its holding
company) are listed but the Party with an obligation to make an announcement or issue a circular (or whose holding company has such an obligation) shall consult with the other Party (or shall procure that its holding company consults with the other
Party) insofar as is reasonably practicable before complying with such an obligation. 
  

	14.2	Confidentiality 

  

	 	14.2.1	This Clause 14.2 shall be without prejudice to the confidentiality undertaking made under the Confidentiality Agreement, which shall remain binding and effective until
Closing. 

  

	 	14.2.2	Subject to Clause 14.1 and Clause 14.2.3: 

  

	 	(i)	each Seller and the Purchaser shall treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this
Agreement (or any agreement entered into pursuant to this Agreement) which relates to: 

  

	 	(a)	the provisions of this Agreement and any agreement entered into pursuant to this Agreement; or 

 

	 	(b)	the negotiations relating to this Agreement (and any such other agreements). 

 

	 	(ii)	each Seller shall treat as strictly confidential and not disclose or use any information relating to the Group Companies following Closing and any other information
relating to the business, financial or other affairs (including future plans and targets) of the Purchaser’s Group. 

  

	 	(iii)	the Purchaser shall treat as strictly confidential and not disclose or use any information relating to the business, financial or other affairs (including future plans
and targets) of the AIB Group including, prior to Closing, the Group Companies. 

  

	 	14.2.3	Clause 14.2.2 shall not prohibit disclosure or use of any information if and to the extent: 

 

	 	(i)	the disclosure or use is required by law, any regulatory body or any stock exchange on which the shares of any Party (or its holding company) are listed (including
where this is required as part of any actual or potential offering, placing and/or sale of securities of any member of the AIB Group or the Purchaser’s Group); 

 

 31 

	 	(ii)	the disclosure or use is required by any accounting standard, in accordance with which the published accounts of any Party are to be drawn up or the disclosure is made
to a Taxation Authority in connection with the Tax affairs of the disclosing Party; 

  

	 	(iii)	the disclosure or use is required to vest the full benefit of this Agreement in any of the Sellers or the Purchaser; 

 

	 	(iv)	the disclosure or use is required for the purpose of any judicial proceedings arising out of this Agreement or any other agreement entered into under or pursuant to
this Agreement; 

  

	 	(v)	the disclosure is made to professional advisers or actual or potential financiers of any Party on a need to know basis and on terms that the disclosing Party will
procure that such professional advisers or actual or potential financiers comply with the provisions of Clause 14.2.2 in respect of such information as if they were a party to this Agreement; 

 

	 	(vi)	the information is or becomes publicly available (other than by breach of the Confidentiality Agreement or of this Agreement); 

 

	 	(vii)	the other Party has given prior written approval to the disclosure or use; or 

 

	 	(viii)	the information is independently developed after Closing; 

provided that prior to disclosure or use of any information pursuant to Clause 14.2.3(i) or (ii), the Party concerned shall promptly and
to the extent reasonably practicable notify the other Party of such requirement with a view to providing that other Party with the opportunity to contest such disclosure or use or otherwise to agree the timing and content of such disclosure or use.

  

	15	Other Provisions 

  

	15.1	Post-Closing obligations 

  

	 	15.1.1	The Purchaser will procure that ordinary shareholders meetings of the Group Companies are duly convened in accordance with Polish law and that at such meetings all
members of the Group Companies’ management and supervisory boards who hold their positions on the Closing Date are discharged from liability for the performance of their duties in 2010 (Polish: absolutorium) save to the extent of any
such member’s gross negligence, wilful misconduct or detrimental act committed by the end of 2010 is evidenced. 

  

	 	15.1.2	The Purchaser shall not and undertakes to procure that the members of the Purchaser’s Group including the Group Companies shall not make any claims in connection
with this Agreement against any former members of the management or supervisory board of any of the Group Companies holding their posts when the Group Companies were controlled by any of the Sellers other than as specifically permitted under this
Agreement or as a result of fraud committed by such a person. 

  

 32 

	15.2	AIB name 

  

	 	15.2.1	The Purchaser shall procure that, within four months after Closing: 

  

	 	(i)	each Group Company shall cease to use, and shall remove from all business materials (including letterheads, invoices, websites, stationery, advertising and marketing
materials, uniforms, signs and vehicles), the marks “AIB” or any other trade or service name or mark, business name, logo or domain name registered in the name of, or owned by, any member of the AIB Group (including the AIB ark and dove
logo) and any mark, name or logo which, in the reasonable opinion of any of the Sellers, is confusingly similar to any of them; 

  

	 	(ii)	the name of each of BZ WBK AIB Asset Management and TFI is changed so that it does not include a reference to AIB and the respective changes to the articles of
association of BZ WBK AIB Asset Management and TFI are registered. 

  

	 	15.2.2	The Purchaser shall during the four month period following Closing: 

  

	 	(i)	procure that, whenever any business materials are provided by it or any of the Group Companies to any person, any references to the marks “AIB” or any other
trade or service name or mark, business name, logo (including the AIB ark and dove logo) or domain name registered in the name of or owned by any member of the AIB Group, shall be concealed and/or include a reasonably prominent notice stating:

 “[Group Company] was purchased by [insert name of Purchaser] in [month and year]. The [insert relevant AIB
Trade Marks] are licensed by AIB p.l.c”. 
  

	 	(ii)	not and procure that the Group Companies do not do anything which is detrimental or prejudicial to the marks owned by any member of the AIB Group (including
“AIB” and the AIB ark and dove logo) or to the reputation of the AIB Group except as necessary to protect the Purchaser’s rights under this Agreement. 

 

	 	15.2.3	If the Purchaser fails to comply with its obligations under Clauses 15.2.1 and 15.2.2, the Purchaser shall indemnify AIB against any and all claims, losses, damages,
payments, costs, liabilities and expenses brought against or suffered or incurred by the AIB Group. 

  

	15.3	Insurance 

  

	 	15.3.1	The Purchaser acknowledges and agrees that from the Closing Date: 

  

	 	(i)	no Group Company shall have or be entitled to the benefit of any Seller Insurance Policy in respect of any event, act or omission that takes place after the Closing
Date and it shall be the sole responsibility of the Purchaser to ensure that adequate insurances are put in place for the Group with effect from the Closing Date; 

 

	 	(ii)	AIB shall not be required to maintain any Seller Insurance Policy for the benefit of any Group Company; and 

 

	 	(iii)	 no Group Company shall make or shall be entitled to make or notify a claim under any ‘claims made’ Seller Insurance Policy in respect of any
event, act 

  

 33 

	 	 
or omission that occurred prior to the Closing Date except in accordance with Clause 15.3.5 below. 

 

	 	15.3.2	AIB shall use reasonable endeavours after the Closing Date to recover all monies due from insurers in respect of any claim which has been made before the Closing Date
by or on behalf of any Group Company under any Seller Insurance Policy and shall, to the extent that the Group has not already been indemnified prior to the Closing Date in respect of the Losses in respect of which the claim is made, pay any monies
received in respect of such claim (after taking into account any deductible or excess and less any Taxation suffered on the proceeds and any reasonable out of pocket expenses suffered or incurred by AIB or any member of the AIB Group in connection
with such claim) to the Purchaser or, at the Purchaser’s written direction, the relevant Group Company as soon as practicable after receipt by AIB. 

  

	 	15.3.3	With respect to any event, act or omission relating to any Group Company that occurred or existed prior to the Closing Date that is covered by an
‘occurrence-based’ Seller Insurance Policy, AIB shall, at the direction of the Purchaser or the relevant Group Company, make a claim under such insurance policy, provided that: 

 

	 	(i)	AIB shall not be obliged to make any such claim if and to the extent that such claim is covered by an insurance policy held by the Purchaser or a member of the
Purchaser’s Group; 

  

	 	(ii)	the claim or any matter which may reasonably be expected to give rise to a claim is notified to AIB within the earlier of: 

 

	 	(a)	15 Business Days of the Purchaser becoming aware of the claim or such matter; 

 

	 	(b)	15 Business Days after the Closing Date; 

  

	 	(c)	where Closing takes place after 1 June 2011, 15 June 2012; 

  

	 	(iii)	the relevant Group Company shall be liable for any deductible or excess payable in respect of the claim. 

 

	 	15.3.4	In the event a Group Company notifies a claim pursuant to Clause 15.3.3, AIB shall, at the Purchaser’s cost, make all necessary notifications and claims under the
relevant Seller Insurance Policy and the relevant Group Company shall be entitled to be paid any proceeds actually received under the Seller Insurance Policy (less any deductible or excess actually paid by AIB or any member of the AIB Group and less
any Taxation suffered on the proceeds and any reasonable out of pocket expenses suffered or incurred by AIB or any member of the AIB Group) provided that: 

  

	 	(i)	AIB shall not be required, pursuant to any requests made by the Purchaser or any Group Company, (a) to undertake or threaten litigation, or (b) to incur any
expenditure or liability without being put in funds by the Purchaser or such Group Company prior to incurring any such expenditure or liability; 

  

	 	(ii)	 neither the Purchaser nor any Group Company shall be entitled to any proceeds received by the AIB Group under any Seller Insurance Policy

  

 34 

	 	 
except to the extent that such proceeds relate to a claim made pursuant to Clause 15.3.3 in respect of: 

 

	 	(a)	an event, act or omission connected with the carrying on of the business of the Group prior to the Closing Date; 

 

	 	(b)	Losses for which the relevant Group Company has not already been reimbursed, indemnified or otherwise compensated for whether under this Agreement or otherwise;

  

	 	(iii)	the Purchaser shall provide (and shall procure that the relevant Group Company also provides) all assistance, information and co-operation reasonably requested by AIB
or AIB’s representatives (including AIB’s insurers, appointed claims handlers or any lawyers instructed in relation to such claim); and 

  

	 	(iv)	the Purchaser shall or shall procure that the relevant Group Company shall pay or bear any deductible or excess element of any such claim. 

 

	 	15.3.5	With respect to any event, act or omission relating to any Group Company that occurred or existed prior to the Closing Date that are covered by any ‘claims
made’ Seller Insurance Policy and in respect of which the insurer of such policy has agreed to an extended reporting period up to 21 days after the Closing, AIB shall, at the direction of the Purchaser or the relevant Group Company, make a
claim under such insurance policy, provided that: 

  

	 	(i)	AIB shall not be obliged to make any such claim if and to the extent that such claim is covered by an insurance policy held by the Purchaser or member of the Purchaser
Group; 

  

	 	(ii)	the claim is notified to AIB within three Business Days of the Purchaser becoming aware of the claim or any matter which could reasonably be expected to give rise to a
claim and in any event within 14 days after the Closing Date; and 

  

	 	(iii)	the relevant Group Company shall be liable for any deductible or excess payable in respect of the claim. 

 

	15.4	Further Assurances 

  

	 	15.4.1	Each of the Parties shall from time to time execute such documents and perform such acts and things as either of them may reasonably require to transfer the Shares to
the Purchaser and to give the other the full benefit of this Agreement. 

  

	 	15.4.2	The Purchaser shall, and shall procure that the relevant Group Companies shall, retain for a period of seven years from Closing the books, records and documents of the
Group Companies to the extent they relate to the period prior to Closing and shall, and shall procure that the relevant Group Companies shall, to the extent not contrary to applicable law and regulations allow the AIB Group reasonable access to such
books, records and documents, including the right to take copies, at the AIB Group’s expense, provided that AIB Group’s access to such documents is justified by compliance policies, regulations or public laws. 

 

 35 

	15.5	Whole Agreement 

  

	 	15.5.1	This Agreement contains the whole agreement between the Parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms
implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation to the matters dealt with in this Agreement. 

 

	 	15.5.2	The Purchaser acknowledges that it has not been induced to enter this Agreement by any representation, warranty or undertaking not expressly incorporated into it and
that it has no right to terminate or rescind this Agreement save as expressly provided in this Agreement. 

  

	 	15.5.3	So far as is permitted by law and except in the case of fraud, each of the Parties agrees and acknowledges that its only right and remedy in relation to any warranty or
undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement to the exclusion of all other rights and remedies (including those in tort or arising under statute). 

 

	 	15.5.4	In Clauses 15.5.1 to 15.5.3, “this Agreement” includes the Disclosure Letter, the Confidentiality Agreement, the Transitional Services Agreement, and all
documents entered into pursuant to this Agreement. 

  

	15.6	Reasonableness 

 Each of
the Parties confirm they have received independent legal advice relating to all the matters provided for in this Agreement, including the terms of Clause 13 (Restrictions on AIB) and Clause 15.5 (Whole Agreement) and agrees that the
provisions of this Agreement (including the Disclosure Letter and all documents entered into pursuant to this Agreement) are fair and reasonable. 
  

	15.7	Transfer Deed 

 To the
extent that the provisions of the Transfer Deed are inconsistent with or (except to the extent they implement a transfer in accordance with this Agreement) additional to the provisions of this Agreement: 

 

	 	15.7.1	the provisions of this Agreement shall prevail; and 

  

	 	15.7.2	the Parties shall procure that the provisions of the Transfer Deed are adjusted to the extent necessary to give effect to the provisions of this Agreement.

  

	15.8	No Assignment 

  

	 	15.8.1	Subject to Clause 15.8.2 below, neither the Sellers nor the Purchaser may without the prior written consent of all Parties, assign, grant any security interest
over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement. 

  

	 	15.8.2	Subject to Clause 15.8.3, the Purchaser may, without the consent of the Sellers, assign to a subsidiary the benefit of the whole or any part of this Agreement, provided
however that such assignment shall: 

  

	 	(i)	not be absolute but shall be expressed to have effect only for so long as the assignee remains a subsidiary of the Purchaser; and 

 

 36 

	 	(ii)	be conditional upon the Purchaser executing and delivering a deed of guarantee of such subsidiary’s obligations to the Sellers under this Agreement on the terms of
the Deed of Guarantee, mutatis mutandis; 

  

	 	(iii)	not be permitted if, in the reasonable opinion of the Sellers, it would materially prejudice or delay the obtaining of the Antimonopoly Approval, the KNF BZ WBK Consent
or any KNF Subsidiaries and Affiliates Consent or is contrary to applicable law or regulation. 

  

	 	15.8.3	If any assignment is made in accordance with Clause 15.8.2, the assignee shall not be entitled to benefit from any greater obligation, or to receive any greater amount,
than that to which the Purchaser would have been entitled. 

 15.9 UK: Third Party Rights 

 

	 	15.9.1	A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of, or enjoy any benefit
under, this Agreement, except to the extent set out in this Clause 15.9. 

  

	 	15.9.2	A Group Company (whilst such Group Company remains in the Purchaser’s Group) may enforce and rely on Clause 13 to the same extent as if it were a party.

  

	 	15.9.3	This Agreement may be terminated and any term may be amended or waived without the consent of the person named in Clause 15.9.2. 

 

	15.10	Variation 

 No variation
of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Sellers and the Purchaser. 
  

	15.11	Method of Payment 

Wherever in this Agreement provision is made for the payment by one Party to the other, such payment shall be effected by crediting for
same day value the account specified by the payee to the payer reasonably in advance and in sufficient detail to enable payment by telegraphic transfer or other electronic means to be effected on or before the due date for payment. 

 

	15.12	Costs 

  

	 	15.12.1	Each Seller shall bear all costs incurred by it in connection with the preparation, negotiation and entry into of this Agreement and the sale of the Shares.

  

	 	15.12.2	The Purchaser shall bear all such costs incurred by it in connection with the preparation, negotiation and entry into of this Agreement and the purchase of the Shares.

  

	15.13	Notarial Fees, Registration, Stamp and Transfer Taxes and Duties 

The Purchaser shall bear the cost of all notarial fees and all registration, stamp and transfer taxes and duties or their equivalents in
all jurisdictions where such fees, taxes and duties are payable as a result of the transactions contemplated by this Agreement. The Purchaser shall be responsible for arranging the payment of all such fees, taxes and duties, including fulfilling any
administrative or reporting obligation imposed by the jurisdiction in question in connection with the payment of such taxes and duties. The Purchaser shall indemnify (on an after Tax basis) the relevant Seller or any other member of the AIB Group
against any Losses suffered by the relevant Seller or member of the AIB 
  

 37 

 
Group as a result of the Purchaser failing to comply with its obligations under this Clause 15.13. 
  

	15.14	Interest 

 If any of the
Sellers or the Purchaser defaults in the payment when due of any sum payable under this Agreement (howsoever determined), its liability shall be increased to include interest on such sum from the date when such payment is due until the date of
actual payment (as well after as before judgment) at a rate per annum of 3 per cent. above 6-Month EURIBOR on the date when such payment is due. Such interest shall accrue from day to day. 

 

	15.15	Notices 

  

	 	15.15.1	Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be: 

 

	 	(i)	in writing in English; 

  

	 	(ii)	delivered by hand, fax, registered post or by courier using an internationally recognised courier company. 

 

	 	15.15.2	A Notice to AIB shall be sent to the following address, or such other person or address as AIB may notify to the Purchaser from time to time: 

Allied Irish Banks, p.l.c. 

Bankcentre, Ballsbridge, Dublin 4, Ireland 

Fax: 00 3531 668 9677 

Attention: Bryan Sheridan, Group Law Agent 
  

	 	15.15.3	A Notice to EIL shall be sent to the following address, or such other person or address as EIL may notify to the Purchaser from time to time:

 AIB European Investments Limited 

Bankcentre, Ballsbridge, Dublin 4, Ireland 

Fax: 00 3531 668 9677 

Attention: Bryan Sheridan, Group Law Agent 
  

	 	15.15.4	A Notice to AIB Capital Markets shall be sent to the following address, or such other person or address as AIB Capital Markets may notify to the Purchaser from time to
time: 

 AIB Capital Markets p.l.c. 

Bankcentre, Ballsbridge, Dublin 4, Ireland 

Fax: 00 3531 668 9677 

Attention: Bryan Sheridan, Group Law Agent 
  

	 	15.15.5	A Notice to the Purchaser shall be sent to the following address, or such other person or address as the Purchaser may notify to the Sellers from time to time:

 Banco Santander S.A. 
  

 38 

 Ciudad Grupo Santander, Avenida de Cantabria s/n, Edificio Pereda
planta 1a, 28660 Boadilla de Monte-Madrid, Spain

 Fax: 00 34 91 257 1837 

Attention: Jose Luis de Mora with a copy to Pablo Castilla 

 

	 	15.15.6	A Notice shall be effective upon receipt and shall be deemed to have been received: 

 

	 	(i)	at the time of delivery, if delivered by hand, registered post or courier; 

 

	 	(ii)	at the time of transmission in legible form, if delivered by fax. 

  

	15.16	Invalidity 

  

	 	15.16.1	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with whatever deletion or
modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties. 

  

	 	15.16.2	To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause 15.16.1, then such provision or part of it shall, to the extent
that it is illegal, invalid or unenforceable, be deemed not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall, subject to any deletion or modification made under Clause 15.16.1, not
be affected. 

  

	15.17	Counterparts 

 This
Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. The Sellers and the Purchaser may enter into this Agreement by signing any such counterpart. 

 

	15.18	Governing Law and Submission to Jurisdiction 

  

	 	15.18.1	This Agreement and the documents to be entered into pursuant to it, save as expressly referred to therein, and any non-contractual obligations arising out of or in
connection with the Agreement and such documents, shall be governed by and construed in accordance with English law. 

  

	 	15.18.2	Each of the Sellers and the Purchaser irrevocably agrees that the courts of England are to have exclusive jurisdiction to settle any dispute which may arise out of or
in connection with this Agreement and the documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Agreement and the documents to be entered into pursuant to it shall be brought in
such courts. Each of the Sellers and the Purchaser irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an
inconvenient forum. 

  

	15.19	Appointment of Process Agent 

  

	 	15.19.1	Each Seller hereby irrevocably appoints AIB of Bankcentre-Britain, Belmont Road, Uxbridge, Middlesex UB8 1SA as its agent to accept service of process in England in any
legal action or proceedings arising out of this Agreement, service upon whom shall be deemed completed whether or not forwarded to or received by the Sellers. 

 

 39 

	 	15.19.2	Each Seller agrees to inform the Purchaser in writing of any change of address of such process agent within 28 days of such change. 

 

	 	15.19.3	If such process agent ceases to be able to act as such or to have an address in England, each Seller irrevocably agrees to appoint a new process agent in England
acceptable to the Purchaser and to deliver to the Purchaser within 14 days a copy of a written acceptance of appointment by the process agent. 

  

	 	15.19.4	A copy of documents served upon the process agent in accordance with Clause 15.19.1 above shall be forwarded to the Seller upon whom such documents are being served to
the address specified in Clause 15.15. Service upon the process agent shall be deemed completed whether or not forwarded to or received by the Sellers. 

  

	 	15.19.5	The Purchaser hereby irrevocably appoints Banco Santander, London branch, 2 Triton Square, Regent’s Place, London NW1 3AN, Att. Middle office/ Mr. Inches as
its agent to accept service of process in England in any legal action or proceedings arising out of this Agreement, service upon whom shall be deemed completed whether or not forwarded to or received by the Purchaser. 

 

	 	15.19.6	The Purchaser agrees to inform the Sellers in writing of any change of address of such process agent within 28 days of such change. 

 

	 	15.19.7	If such process agent ceases to be able to act as such or to have an address in England, the Purchaser irrevocably agrees to appoint a new process agent in England
acceptable to the Sellers and to deliver to the Sellers within 14 days a copy of a written acceptance of appointment by the process agent. 

  

	 	15.19.8	Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law or the right to bring proceedings in any other
jurisdiction for the purposes of the enforcement or execution of any judgment or other settlement in any other courts. 

 This
Agreement has been executed on the date stated at the beginning. 
  

 40 

					
	 SIGNED by ALAM DOHERTY

on behalf of Allied Irish Banks, p.l.c.:
	 	 }
	 	
			
	 SIGNED by ALAM DOHERTY

on behalf of AIB European Investments Limited:
	 	 }
	 	
			
	 SIGNED by ALAM DOHERTY

on behalf of AIB Capital Markets, p.l.c.:
	 	 }
	 	
			
	 SIGNED by PABLO CASTILLO

on behalf of Banco Santander S.A.:
	 	 }
	 	

  

 41 

 Schedule 1 

Group Companies and BZ WBK Aviva Interests 
  

	1	Particulars of BZ WBK and BZ WBK AIB Asset Management 

  

	1.1	Particulars of BZ WBK 

  

			
	Name:	  	Bank Zachodni WBK S.A.
	Registered Number:	  	KRS 0000008723
		
	Registered Office:	  	Wrocław, 50-950, ul. Rynek 9/11
		
	Date and place of incorporation:	  	8 October 1991, Warsaw
		
	Issued share capital:	  	PLN 730,760,130
		
	Shareholders and shares held:	  	 AIB European Investments Limited – holding 51,413,790 shares of PLN 10 each;

remaining shareholders – holding 21,662,223 shares of PLN 10 each

		
	Management Board Members:	  	 Mateusz Morawiecki (President)

Paul Barry
 Andrzej Burliga

Declan Flynn
 Justyn Konieczny

Janusz Krawczyk
 Jacek Marcinowski

Michael McCarthy
 Marcin Prell

Mirosław Skiba
 Feliks
Szyszkowiak

		
	Supervisory Board Members	  	 Aleksander Szwarc (Chairman)

Gerry Byrne
 Waldemar Frąckowiak

Aleksander Galos
 Maelíosa
ÓhÓgartaigh
 John Power

Jacek Ślotała

  

	1.2	Particulars of BZ WBK AIB Asset Management 

  

			
	Name:	  	BZ WBK AIB Asset Management S.A.
	Registered Number:	  	0000000920
		
	Registered Office:	  	Poznań, 61-739, Plac Wolności 16,

  

 42 

			
	Name:	  	BZ WBK AIB Asset Management S.A.
	Date and place of incorporation:	  	2 April 1997, Poznań
		
	Issued share capital:	  	PLN 13,500,000
		
	Shareholders and shares held:	  	 AIB Capital Markets p.l.c holding 67,500 shares of PLN 100 each

Bank Zachodni WBK S.A. holding 67,500 shares of PLN 100 each

		
	Management Board Members:	  	 Krzysztof Grzegorek (President)

Krzysztof Maciej Człapowski
 Michał
Zimpel

		
	Supervisory Board Members:	  	 Mateusz Morawiecki (Chairman)

Miroslaw Januszko
 Justyn Konieczny

Christopher McManus
 Eamonn O’Dea

Edmond O’Driscoll
 John Power

Wanda Rogowska
 Anne Maher

Piotr Portyga

  

	2	Particulars of the Group Companies 

  

	2.1	Particulars of BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A. 

 

			
	Name:	  	BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A.
	Registered Number:	  	KRS 0000001132
		
	Registered Office:	  	Poznań, 61-739, ul. Pl. Wolności 16
		
	Date and place of incorporation:	  	27 October 1997, Poznań
		
	Issued share capital:	  	PLN 13,202,000
		
	Management Board Members:	  	 Krzysztof Samotij (President)

Krzysztof Człapowski

		
	Supervisory Board Members:	  	 Justyn Konieczny (Chairman)

Wanda Rogowska
 Piotr Bodył
Szymala

  

 43 

	2.2	Particulars of Dom Maklerski BZ WBK S.A. 

  

			
	Name:	  	Dom Maklerski BZ WBK S.A.
	Registered Number:	  	KRS 0000006408
		
	Registered Office:	  	Poznań, 60-967, ul. Pl. Wolności 15
		
	Date and place of incorporation:	  	23 July 1999, Poznań
		
	Issued share capital:	  	PLN 45,073,400
		
	Shareholders and shares held:	  	BZ WBK – holding 449,734 shares of DM BZ WBK i.e. 99,78 per cent. of shares of DM BZ WBK. Remaining shares are held by several individuals (mostly C, D and E
series).
		
	Management Board Members:	  	 Mariusz Sadłocha (President) Jacek Idczak

Filip Paszke
 Jolanta
Matuszczak

		
	Supervisory Board Members:	  	 Mateusz Morawiecki
 Justyn
Konieczny
 Jacek Marcinkowski
 Wanda
Rogowska
 Christopher McManus
 Eamonn
Crowley
 John Power

  

	2.3	Particulars of BZWBK Finanse Sp. z o.o. 

  

			
	Name:	  	BZWBK Finanse Sp. z o.o.
	Registered Number:	  	KRS 0000321386
		
	Registered Office:	  	61-008 Poznań, ul. Chlebowa 48
		
	Date and place of incorporation:	  	18 December 2008, Poznań
		
	Issued share capital:	  	PLN 1,050,000 and is divided into 21,000 shares at the nominal value of PLN 50 each
		
	Management Board Members:	  	Roman Maciejewski
		
	Supervisory Board Members:	  	 Piotr Szymala
 Anna Marek

 Pawel Prokopowicz

  

	2.4	Particulars of BZWBK Faktor Sp. z o.o. 

  

			
	Name:	  	BZWBK Faktor Sp. z o.o.
	Registered Number:	  	KRS 0000148117
		
	Registered Office:	  	Warsaw 00-854, ul. Jana Pawła II 23

  

 44 

			
	Name:	  	BZWBK Faktor Sp. z o.o.
	Date and place of incorporation:	  	29 October 2002, Poznań
		
	Issued share capital:	  	PLN 50,000
		
	Management Board Members:	  	 Maurice Tracey (President)

Karol Ostrowski

		
	Supervisory Board Members:	  	 Michael McCarthy (Chairman)

Declan Flynn
 Marek
Roszczyk

  

	2.5	Particulars of BZWBK Leasing S.A. 

  

			
	Name:	  	BZWBK Leasing S.A.
	Registered Number:	  	KRS 0000026084
		
	Registered Office:	  	Poznań 61-003, ul. Chlebowa 4/8
		
	Date and place of incorporation:	  	26 September 1996, Warsaw
		
	Issued share capital:	  	PLN 121,692,000 and is divided into 1,216,920 shares at the nominal value of PLN 100 each
		
	Management Board Members:	  	 Tomasz Jąder (President)

Mariusz Włodarczyk

		
	Supervisory Board Members:	  	 Michael McCarthy (Chairman)

Jan Łożyński
 Mirosław Skiba

  

	2.6	Particulars of BZWBK Finanse & Leasing S.A. 

  

			
	Name:	  	BZWBK Finanse i Leasing S.A.
	Registered Number:	  	KRS 0000008924
		
	Registered Office:	  	61-003 Poznań, ul. Chlebowa 4/8
		
	Date and place of incorporation:	  	3 July 1998, Poznań
		
	Issued share capital:	  	PLN 50,500,000 and is divided into 505,000 shares at the nominal value of PLN 100 each
		
	Management Board Members:	  	 Wojciech Nowacki (President)

Waldemar Kwiatkowski

		
	Supervisory Board Members:	  	 Declan James Flynn (Chairman) Roman Maciejewski

Wanda Halina Rogowska

  

 45 

	2.7	Particulars of BZWBK Inwestycje Sp. z o.o. 

  

			
	Name:	  	BZWBK Inwestycje Sp. z o.o.
	Registered Number:	  	KRS 0000069070
		
	Registered Office:	  	60-967 Poznań, ul. Plac. Wolności 15
		
	Date and place of incorporation:	  	22 August 2001, Poznań
		
	Issued share capital:	  	PLN 50,000 and is divided into 100 shares at the nominal value of PLN 500 each
		
	Management Board Members:	  	Marcin Pędziński
		
	Supervisory Board Members:	  	 Mateusz Morawiecki (Chairman)

Justyn Konieczny
 Wanda
Rogowska

  

	2.8	Particulars of BZWBK Nieruchomości S.A. 

  

			
	Name:	  	BZWBK Nieruchomości S.A.
	Registered Number:	  	KRS 0000081788
		
	Registered Office:	  	62-270 Kłecko, ul. Zakrzewo 15
		
	Date and place of incorporation:	  	3 July 1998, Poznań
		
	Issued share capital:	  	PLN 750,000 and is divided into 7,500 shares at the nominal value of PLN 100 each
		
	Shareholders and shares held:	  	BZ WBK – holding 7,499 shares of BZ WBK Nieruchomości i.e. 99,99 per cent. of shares of BZ WBK Nieruchomości.
		
	Management Board Members:	  	Henryk Pieniowski (President)
		
	Supervisory Board Members:	  	 Beata Kukawka
 Wanda
Rogowska
 Beata Daszyńska

  

	2.9	Particulars of BZWBK-Aviva Towarzystwo Ubezpieczeń Ogólnych S.A. 

 

			
	Name:	  	BZWBK-Aviva Towarzystwo Ubezpieczeń Ogólnych S.A.
	Registered Number:	  	KRS 0000310719
		
	Registered Office:	  	61-894 Poznań, ul. Plac Andersa 5
		
	Date and place of incorporation:	  	3 March 2008, Poznań
		
	Issued share capital:	  	PLN 27,000,000 and is divided into 27,000 shares at the nominal value of PLN 1,000 each

  

 46 

			
	Name:	  	BZWBK-Aviva Towarzystwo Ubezpieczeń Ogólnych S.A.
	Management Board Members:	  	 Krzysztof Charchuła (President)

Paweł Zawisza

		
	Supervisory Board Members:	  	 Mateusz Morawiecki (President)

Maciej Jankowski
 Jacek Marcinkowski

David Angulo

  

	2.10	Particulars of BZWBK-Aviva Towarzystwo Ubezpieczeń na Życie S.A. 

 

			
	Name:	  	BZWBK-Aviva Towarzystwo Ubezpieczeń na Życie S.A.
	Registered Number:	  	KRS 0000310692
		
	Registered Office:	  	61-894 Poznań, ul. Plac Andersa 5
		
	Date and place of incorporation:	  	3 March 2008
		
	Issued share capital:	  	PLN 21,750,000 and is divided into 21,750 shares at the nominal value of PLN 1,000 each
		
	Management Board Members:	  	 Krzysztof Charchuła – (President)

Paweł Zawisza

		
	Supervisory Board Members:	  	 Mateusz Morawiecki (President) Maciej Jankowski Jacek Marcinkowski

David Angulo

  

 47 

 Schedule 2 

Closing Obligations 
  

	1	General Obligations 

  

	1.1	The Sellers’ Obligations 

On Closing, the Seller specified shall take the following actions: 

 

	 	1.1.1	EIL shall take such steps as may reasonably be required by the Purchaser to procure the transfer of the BZ WBK Shares to the Purchaser in accordance with the
rules of settlement of BZ WBK shares applied by the WSE and the NDS; 

  

	 	1.1.2	EIL shall deliver evidence of the fulfilment of the condition set out in Clause 4.1.4; 

 

	 	1.1.3	each Seller shall deliver evidence of notifications to the KNF of the intention to sell the Shares it is selling pursuant to this Agreement;

  

	 	1.1.4	each Seller shall deliver evidence that such Seller and its representatives are authorised to execute this Agreement, the Transfer Deed, the Transitional
Services Agreement and any other documents entered into pursuant to this Agreement; 

  

	 	1.1.5	AIB Capital Markets shall deliver the Transfer Deed duly executed by AIB Capital Markets in favour of the Purchaser, accompanied by the originals of the share
certificates issued for the BZ WBK AIB Asset Management Shares; 

  

	 	1.1.6	EIL shall deliver the Transitional Services Agreement and the Termination Deed duly executed by AIB and BZ WBK; and 

 

	 	1.1.7	AIB Capital Markets shall deliver resolutions of the general meetings of TFI and BZ WBK AIB Asset Management, effective as of the Closing Date, approving a
change of the business names of TFI and BZ WBK Asset Management, so that the business names no longer include ‘AIB’. 

  

	1.2	The Purchaser’s Obligations 

  

	 	1.2.1	Immediately prior to Closing the Purchaser shall or shall procure that the Broker takes such steps as may be required under applicable law and the rules of the
WSE and NDS to allow Closing to take place on the date determined in accordance with Clause 7.2. 

  

	 	1.2.2	On Closing, the Purchaser shall: 

  

	 	(i)	pay or procure the payment by the Broker in cash to the Sellers the consideration for the Shares calculated in accordance with Clause 3; 

 

	 	(ii)	procure the transfer by the Broker of the BZ WBK Shares to the Purchaser; 

  

	 	(iii)	deliver (or procure the delivery of): 

  

	 	(a)	evidence of the due fulfilment of the conditions set out in Clauses 4.1.1, 4.1.2 and 4.1.3 for which the Purchaser is responsible; 

 

	 	(b)	evidence that the Purchaser and its representatives are authorised to execute this Agreement, the Transfer Deed, the Transitional Services Agreement, and any other
documents entered into pursuant to this Agreement; and 

  

 48 

	 	(c)	the Transfer Deed duly executed by the Purchaser. 

  

	2	Further Obligations 

  

	2.1	Repayment of Intra Group Indebtedness 

The relevant Party shall comply with its obligations under Clause 7.5.2. 

 

	2.2	Registrations 

 On
Closing, the Purchaser shall notify the management of BZ WBK AIB Asset Management of the transfer of the BZ WBK AIB Asset Management Shares and cause the transfer to be s registered in the share register and filed for registration to the relevant
court. 
  

	2.3	Contracts 

 EIL shall
deliver at Closing duly executed novation agreements, transfers or assignments of the Contracts and Split Contracts in favour of BZ WBK the appropriate form of which shall be reasonably determined by EIL, together with the relevant Third Party
Consents except that this paragraph shall not apply in relation to any Contract or Split Contract where the necessary Third Party Consent has not been obtained by Closing, in which case such contract shall be transferred in accordance with Schedule
8. 
  

 49 

 Schedule 3 

Sellers’ Warranties given under Clause 9.1 

Part (A) - AIB Capital Markets Warranties 
  

	1	Corporate Information 

  

	1.1	The BZ WBK AIB Asset Management Shares 

  

	 	1.1.1	AIB Capital Markets: 

  

	 	(i)	is the sole owner of the BZ WBK AIB Asset Management Shares; and 

  

	 	(ii)	has the right to exercise all voting and other rights over the BZ WBK AIB Asset Management Shares. 

 

	 	1.1.2	The BZ WBK AIB Asset Management Shares comprise 50 per cent. of the issued share capital of BZ WBK AIB Asset Management. 

 

	 	1.1.3	No person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion, issue, registration, sale
or transfer, amortisation or repayment of any share capital or any other security giving rise to a right over, or an interest in, the capital of BZ WBK AIB Asset Management under any option, agreement or other arrangement (including conversion
rights and rights of pre-emption). 

  

	 	1.1.4	There are no Encumbrances on the BZ WBK AIB Asset Management Shares. 

 

	 	1.1.5	All consents for the transfer of the BZ WBK AIB Asset Management Shares have been obtained or will be obtained by Closing. 

 

	 	1.1.6	The particulars of BZ WBK AIB Asset Management contained in Schedule 1 are true and accurate in all material respects. 

 

	 	1.1.7	As at the date 10 Business Days prior to the date of this Agreement no notice of commencement of litigation, arbitration or other proceedings in relation to
title or ownership of the BZ WBK AIB Asset Management Shares has been served on AIB Capital Markets. 

  

	2	Authority and Capacity 

  

	2.1	AIB Capital Markets and BZ WBK AIB Asset Management are validly existing and each is a company duly incorporated, organised and registered under the law of its
jurisdiction of incorporation, organisation or registration, as the case may be. 

  

	2.2	AIB Capital Markets has the legal right and full power and authority to enter into and perform this Agreement, and any other documents to be executed by it
pursuant to or in connection with this Agreement. 

  

	2.3	AIB Capital Markets has taken or will have taken by Closing all corporate action required by it to authorise it to enter into and to perform this Agreement, and
any other documents to be executed by it pursuant to or in connection with this Agreement. 

  

 50 

 Part (B) - EIL Warranties 

 

	1	Corporate Information 

  

	1.1	The BZ WBK Shares and the Material Subsidiaries 

  

	 	1.1.1	EIL: 

  

	 	(i)	is the sole owner of the BZ WBK Shares, and 

  

	 	(ii)	has the right to exercise all voting and other rights over the BZ WBK Shares. 

 

	 	1.1.2	The BZ WBK Shares comprise 70.36 per cent. of the share capital of BZ WBK. The BZ WBK Shares have been properly and validly issued and are each fully paid.

  

	 	1.1.3	BZ WBK: 

  

	 	(i)	is the sole owner of the BZWBK Finanse Shares, Dom Maklerski Shares, and BZ WBK AIB Asset Management Bank Shares, and 

 

	 	(ii)	has the right to exercise all voting and other rights over the BZWBK Finanse Shares, Dom Maklerski Shares, and BZ WBK AIB Asset Management Bank Shares.

  

	 	1.1.4	The BZ WBK Material Subsidiaries Shares have been properly and validly issued and are each fully paid. 

 

	 	1.1.5	No person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion, issue, registration, sale
or transfer, amortisation or repayment of any share capital or any other security giving rise to a right over, or an interest in, the capital of BZ WBK or any Material Subsidiary under any option, agreement or other arrangement (including
conversion rights and rights of pre-emption). 

  

	 	1.1.6	There are no Encumbrances on the BZ WBK Shares or BZ WBK Material Subsidiaries Shares. 

 

	1.2	Constitutional documents, corporate registers and minute books 

The constitutional documents of each Material Subsidiary in the Data Room are complete, true and accurate copies in all material respects.

  

	2	Accounts 

  

	2.1	Accounts 

 So far as EIL
is aware, the Accounts have been prepared: 
  

	 	2.1.1	in accordance with applicable law and with the accounting principles, standards and practices generally accepted at the Accounts Date in Poland; and

  

	 	2.1.2	on a basis consistent with that adopted in preparing the audited accounts of BZ WBK for the previous two financial years. 

 

 51 

	2.2	True and Fair 

 So far as
EIL is aware, to the extent required by applicable law or any principles, standards and practices referred to in paragraph 2.1, the Accounts: (i) give a true and fair view of (a) the consolidated financial position of BZ WBK and its
subsidiaries the results of which are consolidated with those of BZ WBK as at the Accounts Date and (b) the consolidated profits and cashflows of BZ WBK and such subsidiaries for the financial period ended on that date; and (ii) contain
proper provision in respect of Taxation. 
  

	3	Events since the Accounts Date 

Since the Accounts Date BZ WBK and its Material Subsidiaries taken as a whole have operated their businesses in the ordinary and usual
course in all material respects and so as to maintain them as a going concern. 
  

	4	Litigation 

 As at the
date 10 Business Days prior to the date of this Agreement, there is no litigation, claim, legal action, proceeding, suit, arbitration or other dispute resolution process, commenced against, or known to, BZ WBK or any of its Material Subsidiaries in
respect of a sum claimed in excess of € 7,500,000 in any individual case. 
  

	5	Insolvency 

 No Material
Subsidiary is insolvent under the laws of its jurisdiction of incorporation or has proposed any arrangement with its creditors generally whether by court process or otherwise under which such creditors shall receive or be paid less than the amounts
contractually or otherwise due to them. 
  

	6	Intra-Group Indebtedness 

The amount of Intra-Group Indebtedness notified by AIB to the Purchaser pursuant to Clause 7.5.1 will on notification be accurate in all
material respects. 
  

	7	Tax 

  

	7.1	So far as EIL is aware, no Material Subsidiary has within the past twelve months been subject to, nor is on the date 10 Business Days prior to the date of this
Agreement currently subject to, any non-routine audit by any Tax Authority or to any dispute with any Tax Authority, which in any of the foregoing cases is material to the Group taken as a whole. 

 

	7.2	So far as EIL is aware, no Material Subsidiary is liable to pay any penalty, surcharge or fine, in each case in respect of any Tax which would be material to the Group
taken as a whole. 

  

	7.3	So far as EIL is aware, each Material Subsidiary is in compliance in all respects so far as material to the Group taken as a whole with any relevant laws relating to
Tax. 

  

	8	Licences and Consents 

Each Material Subsidiary has obtained all material permits, authorizations and licenses required under banking or financial services
legislation to carry on the business it carries on at the date of this Agreement and all such permits, authorizations and licenses are in full force and effect and as far as EIL is aware, there is no reason why any such permit,

  

 52 

 
authorizations or licenses should be suspended, cancelled, revoked or not renewed (where capable of renewal) on similar terms (in all material respects). 

 

	9	Compliance with Laws 

  

	 	9.1	So far as EIL is aware, each Material Subsidiary complies in all respects so far as material to the Group taken as a whole with any relevant laws, including
banking, securities, anti-trust, competition and insurance laws as well as with capital adequacy requirements and has not been informed by the KNF of any increase in capital requirements. 

 

	 	9.2	So far as EIL is aware, BZ WBK is in material compliance with the rules of the WSE (including current and periodical information reporting obligations).

  

	 	9.3	So far as EIL is aware, no Material Subsidiary has received any written notice during the past 12 months from any court, tribunal, arbitration, government agency
or regulatory body with respect to a violation of, or a failure to comply with, any relevant law or regulation or with respect to the initiation of any investigation, enquiry or disciplinary proceeding by any court, tribunal, arbitration,
governmental agency or regulatory body in respect of any Material Subsidiary, which in each of the foregoing cases is material to the Group taken as a whole. 

 

	10	Sufficiency of assets 

 So
far as EIL is aware, each Material Subsidiary owns, free of Encumbrances (other than any Encumbrance arising out of the ordinary course) or is entitled to use the assets which it uses for the operation of the business it operates on the date of this
Agreement, in each case to the extent that such assets are material to the Group taken as a whole. 
  

	11	Change of control 

 So far
as EIL is aware, the Data Room contains all agreements (or summaries of the relevant change of control provisions in such agreements) to which any Material Subsidiary is party, pursuant to which the Material Subsidiary’s counterparty has the
right to terminate such agreement on the basis of change of control pursuant to the transaction contemplated by this Agreement where the exercise of such right would be materially adverse to the Group taken as a whole. 

 

	12	Contracts 

  

	12.1	So far as EIL is aware, the Data Room contains all agreements to which each Material Subsidiary is party, excluding customer agreements and other agreements
entered into in the ordinary course, with a contractual value of Euro 5,000,000 or more, or the termination of which by the relevant Material Subsidiary would lead to a material (in the context of the Group taken as a whole) penalty or liquidated
damages, or which is an equity joint venture agreement. 

  

	12.2	So far as EIL is aware, other than in respect of any breach which is not material to the Group taken as a whole, each Material Subsidiary is in compliance with
its material obligations under the agreements in the Data Room (excluding customer contracts and other agreements entered into in the ordinary course) referred to in paragraph 12.1. 

 

 53 

 Schedule 4 

Warranties given by the Purchaser pursuant to Clause 9.4 

 

	1	Authority and Capacity 

  

	1.1	Incorporation 

 The
Purchaser is validly existing and is a company duly incorporated under the law of its jurisdiction of incorporation. 
  

	1.2	Authority to enter into Agreement 

  

	 	1.2.1	The Purchaser has the legal right and full power and authority to enter into and perform this Agreement, and any other documents to be executed by it pursuant to
or in connection with this Agreement. 

  

	 	1.2.2	The documents referred to in paragraph 1.2.1 will, when executed, constitute valid and binding obligations on the Purchaser in accordance with their respective
terms. 

  

	1.3	Authorisation 

 The
Purchaser has taken or will have taken by Closing all corporate action required by it to authorise it to enter into and perform this Agreement, and any other documents to be executed by it pursuant to or in connection with this Agreement.

  

	2	Financing 

 The Purchaser
has and will have at the Closing Date the funds required for the payment of the consideration defined in Clause 3 available in cash and such funds are in compliance with the requirements set out in Article 25h of the Polish Banking Law. 

 

 54 

 Schedule 5 

Permitted Leakage 

(Clause 8) 
  

	1	Any matter undertaken by or on behalf of any Group Company at the written request or with the written agreement of the Purchaser. 

 

	2	Any payment made or agreed to be made by or on behalf of any Group Company pursuant to this Agreement. 

 

	3	Any payment made or agreed to be made in respect of arrangements or agreements in the ordinary and usual course of business. 

 

	4	Any payment made or agreed to be made in respect of arrangements or agreements between the AIB Group and any Group Company specified in the Transitional Service
Agreement. 

  

	5	Transaction Costs not exceeding €300,000 excluding any third party advisors fees of the AIB Group and any irrecoverable VAT. 

 

	6	Payment by BZ WBK AIB Asset Management to AIB Capital Markets of a dividend of PLN 24,999,975 declared by the ordinary general meeting of BZ WBK AIB Asset Management on
30 June 2010 and payable from BZ WBK AIB Asset Management to AIB Capital Markets on 30 September 2010. 

  

 55 

 Schedule 6 

Transfer Deed 

Dated [    ] 2010 

AIB Capital Markets p.l.c. 

and 

[    ] 
  

SHARE TRANSFER AGREEMENT 

relating to shares in BZ WBK AIB Asset Management S.A. 

 

 56 

 This Share Transfer Agreement (the “Agreement”) is made on [] by and between: 

 

	(1)	AIB Capital Markets p.l.c., a company incorporated in Ireland whose registered office is at Bankcentre, Ballsbridge, Dublin 4, Ireland (“AIB Capital
Markets”) (the “Seller”), and 

  

	(2)	Banco Santander S.A., a company incorporated in Spain whose registered office is at Paseo de Pereda, 9-12, Santander, Spain (the “Purchaser”)

 (each a “Party” and together the “Parties”). 

Whereas: 
  

	(A)	The Seller, Allied Irish Banks, p.l.c, AIB European Investment Limited and the Purchaser have entered on [•] 2010 into a Share Purchase Agreement (the
“Share Purchase Agreement”) relating to the sale of 67,500 shares of PLN 100 each (the “BZ WBK AIB Asset Management Shares”) in the capital of BZ WBK AIB Asset Management S.A. ( “BZ WBK AIB Asset
Management”); 

  

	(B)	The Seller notified BZ WBK on the intended sale of BZ WBK AIB Asset Management Shares under the Share Purchase Agreement and BZ WBK declared it would not exercise its
pre-emption right with regard to the BZ WBK AIB Asset Management Shares. Further the Seller and BZ WBK acting as the shareholders of BZ WBK AIB Asset Management agreed in writing that the BZ WBK AIB Asset Management Shares may be transferred without
following the procedure under § 19 of the Articles of Association of BZ WBK AIB Asset Management. 

  

	(C)	The Seller and the Purchaser wish to transfer the BZ WBK AIB Asset Management Shares based on this Agreement. 

It is agreed as follows: 
  

	1	Definitions 

 Unless
otherwise stipulated in this Agreement, all capitalised terms shall have the meaning ascribed to them in the Share Purchase Agreement. 
  

	2	Sale and Purchase of the Shares 

  

	 	2.1	Subject to the terms and conditions of this Agreement, the Seller hereby sells the BZ WBK AIB Asset Management Shares to the Purchaser and the Purchaser hereby
purchases from the Seller the BZ WBK AIB Asset Management Shares. 

  

	 	2.2	The BZ WBK AIB Asset Management Shares shall be sold and transferred together with all rights and benefits attached thereto, including the right to all dividends
which might be allocated to the BZ WBK AIB Asset Management Shares. 

  

	 	2.3	The Purchaser hereby confirms the receipt of the originals of the share certificates of BZ WBK AIB Asset Management Shares. 

 

	 	2.4	On the date of this Agreement or as soon as practicable thereafter, the Purchaser shall notify BZ WBK AIB Asset Management about the transfer of the BZ WBK AIB
Asset Management Shares in order for the transfer to be recorded in the share register and in the Polish National Court Register. 

  

 57 

	 	2.5	Within two weeks from the date of this Agreement, the Purchaser will notify BZ WBK AIB Asset Management of the existing relationship of dominance, pursuant to
article 6 of the Polish Commercial Companies Code. 

  

	 	2.6	Within two weeks from the date of this Agreement, the Seller will notify BZ WBK AIB Asset Management of the transfer of BZ WBK AIB Asset Management Shares.

  

	3	Purchase Price 

 The
Purchase Price for the BZ WBK AIB Asset Management Shares amounts to [] EUR. 
  

	4	Counterparts 

 This
Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. The Seller and the Purchaser may enter into this Agreement by signing any such counterpart. 

 

	5	Governing Law and Submission to Jurisdiction 

  

	 	5.1	This Agreement and the documents to be entered into pursuant to it, save as expressly referred to therein, and any non-contractual obligations arising out of or
in connection with the Agreement and such documents, shall be governed by and construed in accordance with Polish law. 

  

	 	5.2	Each of the Seller and the Purchaser irrevocably agrees that the courts of England are to have exclusive jurisdiction to settle any dispute which may arise out
of or in connection with this Agreement and the documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Agreement and the documents to be entered into pursuant to it shall be brought
in such courts. Each of the Seller and the Purchaser irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an
inconvenient forum. 

  

	6	Other provisions 

  

	 	6.1	In case of discrepancies between the provisions of this Agreement and the Share Purchase Agreement the provisions of the Share Purchase Agreement shall prevail.

  

	 	6.2	The provisions of Clauses 15.9 to 15.15 of the Share Purchase Agreement shall apply to this Agreement. 

 
 In witness whereof this Agreement has been delivered on the date first
stated above. 
  
  

	
	 SIGNED by
 on behalf of AIB
Capital Markets p.l.c.:

	
	 
	 SIGNED by

on behalf of [•]:

 

 58 

 Schedule 7 

Transitional Services Agreement 
  

 
  
  

 
  

 59 

 Schedule 8 

Contracts and Third Party Consents (Schedule 2, Paragraph 2.3) 

 

	1	Obligation to obtain Third Party Consents 

In relation to any Contract or Split Contract which is not assignable without a Third Party Consent and in relation to the TSA Third Party
Consents, EIL shall use reasonable endeavours both before and after Closing to obtain all necessary Third Party Consents as soon as is reasonably practicable and shall keep the Purchaser and BZ WBK informed of progress in obtaining such Third Party
Consents. EIL shall deliver to the Purchaser, on Closing or, if later, as soon as possible after receipt, any Third Party Consent and a transfer duly executed by the appropriate parties. AIB undertakes, for the period until the actual entry into
force of the Transitional Services Agreement, to perform its obligations in accordance with and subject to the terms of clauses 3.1 and 3.2 of the Transitional Services Agreement in respect of the TSA Third Party Consents as if the Transitional
Services Agreement were in force from the date of this Agreement. 
  

	2	Obligations until Third Party Consents are obtained/where Third Party Consents are refused 

 

	2.1	Subject to paragraph 2.2, the Purchaser shall procure, from Closing, that BZ WBK assumes, carries out, performs and discharges AIB’s obligations under the
Contracts and, to the extent such obligations relate to BZ WBK or any Group Company, the Split Contracts and the Purchaser shall indemnify and keep indemnified AIB against any Liability incurred by it arising from the failure by BZ WBK to assume,
carry out, perform or discharge such obligations and against any Losses which AIB may suffer by reason of it taking any reasonable action to avoid, resist or defend any Liability referred to in this paragraph. 

 

	2.2	In respect of any Contract and/or Split Contract, from Closing until the relevant Third Party Consent has been obtained as contemplated by paragraph 1 or where
the Third Party Consent has been refused: 

  

	 	2.2.1	AIB shall hold the benefit of the Contract and/or the relevant parts of the Split Contracts on trust for BZ WBK to the extent it is lawfully or contractually
able to do so or where it is not lawfully able to do so or not permitted under the applicable contractual provisions, AIB and the Purchaser shall make such other arrangements between themselves as the Purchaser may reasonably require to provide the
benefits of the Contract and/or the relevant parts of the Split Contracts for BZ WBK, including the enforcement at the cost and for the account of the Purchaser of all rights of AIB against any other party thereto; 

 

	 	2.2.2	to the extent that BZ WBK is lawfully able to do so, the Purchaser shall procure that BZ WBK performs AIB’s obligations under the Contract and, in respect
of the Split Contracts, such AIB’s obligations as relate to BZ WBK’s benefit under such Split Contracts, as agent or sub-contractor and the Purchaser shall indemnify AIB’s in respect thereof. To the extent that BZ WBK is not lawfully
able to do so, AIB shall, (subject to being indemnified by the Purchaser for any Losses AIB may incur in connection therewith) do all such things as the Purchaser may reasonably require to enable due performance of the Contract and the Split
Contracts and the Purchaser shall indemnify AIB in respect thereof. 

  

 60 

	3	Failure to Obtain Third Party Consents 

  

	3.1	If BZ WBK is not lawfully able to perform or procure the performance of any Contract and/or any Split Contract in accordance with paragraph 2.1 or to receive the
benefit of any Contract and/or any Split Contract in accordance with paragraph 2.1 within 12 months of Closing: 

  

	 	3.1.1	AIB shall be entitled to procure the termination of the Contract and/or the relevant portion of the Split Contract and the obligations of the parties under this
Agreement in relation to such Contract and/or the relevant portion of the Split Contract shall cease forthwith; and 

  

	 	3.1.2	references in this Agreement to the Contracts and Split Contracts (other than in this paragraph 3) shall be construed as excluding such Contract and/or Split
Contract. 

  

 61 

 Schedule 9 

Deed of Guarantee 

This Deed of Guarantee is made as a deed on         September 2010 between: 

 

	(1)	Allied Irish Banks, p.l.c. a company incorporated in Ireland whose registered office is at Bankcentre, Ballsbridge, Dublin 4, Ireland (“AIB”);
and 

  

	(2)	Banco Santander S.A. a company incorporated in Spain whose registered office is at Paseo de Pereda, 9-12, Santander, Spain (the “Purchaser”).

 (each a “Party” and together the “Parties”) 

 

	1	Definitions 

 All the
capitalised terms used in this Deed of Guarantee shall have the meanings ascribed to such terms in the agreement (the “Agreement”) dated 10 September 2010 between AIB European Investments Limited, AIB Capital Markets p.l.c, AIB
and the Purchaser, in which AIB Capital Markets p.l.c and AIB European Investments Limited agreed to sell the BZ BWK Shares and the BZ WBK AIB Asset Management Shares (as defined in the Agreement) to the Purchaser. 

 

	2	AIB guarantee 

  

	2.1	AIB hereby irrevocably and unconditionally guarantees to the Purchaser the due and punctual performance and observance by AIB Capital Markets and AIB European
Investments Limited of all their obligations and undertakings under the Agreement (the “Guaranteed Obligations”) and agrees to indemnify the Purchaser against all losses, liabilities, reasonable costs (including without limitation
reasonable legal costs), charges, expenses, actions, proceedings, claims and demands which the Purchaser may suffer through or arising from any breach by AIB Capital Markets or AIB European Investments Limited of the Guaranteed Obligations to the
extent of any limit on the liability of AIB Capital Markets in the Agreement and AIB European Investment Limited. 

  

	2.2	If AIB Capital Markets or AIB European Investments Limited defaults for any reason whatsoever in the performance of any of the Guaranteed Obligations AIB shall
upon the first demand immediately and unconditionally perform (or procure performance of) and satisfy (or procure the satisfaction of) the Guaranteed Obligations in regard to which such default has been made in the manner prescribed by the
Agreement. 

 This Deed of Guarantee has been executed as a deed on the date stated at the beginning. 

 

					
	 SIGNED as a deed by ____________________________

on behalf of Allied Irish Banks, p.l.c.:
	 	
        

            
	 	 _______________________

	  
  

SIGNED as a deed by ____________________________

on behalf of Banco Santander S.A.:
	 	 	  
  

_______________________

  

 62 

 Schedule 10 

Form of Offer Document 
  

 
  
  

 

 63

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