Document:

Exhibit 4.9

 Exhibit 4.9 

DATED
20th JANUARY 2010 

ALLIED IRISH BANKS NORTH AMERICA INC. 

 ALLIED IRISH BANKS, p.l.c. 

THE MINISTER FOR FINANCE 

 
  

ELIGIBLE LIABILITIES GUARANTEE SCHEME AGREEMENT

  
  

 

 THIS ELIGIBLE LIABILITIES GUARANTEE SCHEME AGREEMENT is made by way of a Deed the 20th day of January
2010. 
 BETWEEN: 
  

	(1)	ALLIED IRISH BANKS NORTH AMERICA INC. of 1013 Centre Road, Wilmington, Delaware, 19805, U.S.A. (hereinafter referred to as the “Participating
Institution” which expression shall include its successors and permitted assigns); 

  

	(2)	ALLIED IRISH BANKS, p.l.c. (hereinafter referred to as the “Related Party” which expression shall include its successors and assigns); and

  

	(3)	THE MINISTER FOR FINANCE OF IRELAND (hereinafter called the “Minister” which expression shall include his successors and assigns).

 WHEREAS: 
  

	(A)	The Participating Institution and the Related Party have been specified by order under section 6(1) of the Act of 2008 as requiring financial support and fulfilling the
objectives of that Act. 

  

	(B)	The Participating Institution has applied to the Minister to join the Scheme. 

 

	(C)	The Participating Institution has consented to and has agreed with the Minister that it will comply with the terms of the Scheme and the Participating Institution has,
inter alia, agreed to indemnify the Minister against any payments the Minister makes under the Scheme in connection with the Participating Institution’s Guaranteed Liabilities. 

 

	(D)	The Related Party has, inter alia, agreed to procure that the Participating Institution complies with the terms of the Scheme and this Deed and has agreed to
indemnify the Minister against any payments the Minister is required to make under the Scheme in connection with the Participating Institution’s Guaranteed Liabilities. 

 

	(E)	The indemnities given by the Participating Institution and the Related Party herein relate only to payments made by the Minister under the Scheme in connection with
Guaranteed Liabilities of the Participating Institution and not in relation to any other guarantee given by the Minister or any other person. 

  

	(F)	The Minister has delegated the operation of the Scheme to the Scheme Operator pursuant to The National Treasury Management Agency Act 1990 (Credit Institutions
(Financial Support) Act 2008) Delegation of Functions Order 2009 (S.I. 505 of 2009) 

  

	(G)	In reliance on the performance by the Participating Institution and the Related Party of its obligations referred to in paragraphs (C) and (D) above, the
Minister has instructed the Scheme Operator to issue a Participating Institution Certificate to the Participating Institution. 

NOW BY THIS DEED the Participating Institution hereby irrevocably and unconditionally undertakes, covenants and agrees as follows: 

 

	 	1.1	Unless otherwise defined herein, terms defined in the Scheme and the Rules have the same meanings in this Deed. 

 

	 	1.2	In this Deed the following terms shall have the following meanings: 

“Act of 2008” means the Credit Institutions (Financial Support) Act 2008; 

 

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 “Central Bank” means The Central Bank and Financial Services Authority of
Ireland; 
 “CIFS Scheme” means the Credit Institutions (Financial Support) Scheme 2008 (S.I. No. 411 of
2008); 
 “Governor” has the meaning given to such term in the Act of 2008; 

“Group” means a group of companies being comprised of a parent undertaking and one or more subsidiary undertakings, as
further defined in the European Communities (Companies: Group Accounts) Regulations, 1992 as amended; 
 “Guaranteed
Liability” has the meaning given to such term in the Scheme; 
 “Guarantee Expiry Date” means the date
falling five (5) years after the end of the issuance period or such other date upon which the Scheme expires pursuant to its terms; 

“Insolvency Proceedings” means in respect of a company, the winding-up, liquidation, bankruptcy, dissolution or
examinership of such company or any equivalent or analogous proceedings under the law of the jurisdiction in which such company is incorporated or of any jurisdiction in which such company carries on business including the seeking of liquidation,
winding-up, reorganisation, dissolution, arrangement, adjustment, protection or relief of debtors; 
 “Official Bank
Rate” means the European Central Bank rate (main refinancing operations) published by the European Central Bank from time to time; 

“Participating Institution Certificate” means a certificate issued by the Scheme Operator to a Participating Institution
pursuant to Rule 3 of the Rules; 
 “Regulatory Authority” has the meaning given to such term in the Act of
2008; 
 “Rules” means the Credit Institutions (Eligible Liabilities Guarantee) Scheme Rules in the form set
out in the Schedule hereto (as amended from time to time); 
 “Scheme” means the Credit Institutions (Eligible
Liabilities Guarantee) Scheme 2009 made by the Minister for Finance pursuant to section 6(4) of the Act of 2008 which came into effect on 9 December 2009 (as amended from time to time); 

“Scheme Operator” means the National Treasury Management Agency; and 

“Subsidiary” has the meaning given to such term in Section 155 of the Companies Act 1963. 

 

	2.	This Deed is an “Eligible Liabilities Guarantee Scheme Agreement” and the Participating Institution will, on the issue of a Participating Institution
Certificate, be a “Participating Institution” in each case for the purposes of the Scheme. 

  

	3.	The Participating Institution hereby consents to all of the terms and conditions of the Scheme and the Rules as if such terms and conditions were set out in full herein
and as if such terms and conditions were terms and conditions of this Deed, and undertakes to the Minister that it shall, at its own cost, at all times until the Guarantee Expiry Date: 

 

	 	(a)	comply with all of the terms and conditions of the Scheme applicable to it, as if such terms and conditions were set out in full herein and as if such terms and
conditions were terms and conditions of this Deed; 

  

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	 	(b)	comply with all of the terms and conditions of the Rules applicable to it as if such terms and conditions were set out in full herein and as if such terms and
conditions were terms and conditions of this Deed; 

  

	 	(c)	comply with any directions given to it or requirements made by the Minister, the Regulatory Authority or the Governor under the Scheme; 

 

	 	(d)	comply with any directions, requests or orders given to it by the Scheme Operator under the Rules; and 

 

	 	(e)	co-operate with the Minister, the Scheme Operator, the Central Bank and the Regulatory Authority in all matters relating to, and acts done or envisaged by, the Scheme,
the objectives of the Scheme (as set out in paragraph 2 of the Scheme) and the Act of 2008. 

  

	4.	The Participating Institution agrees to comply with its obligations under the CIFS Scheme and the guarantee acceptance deed executed in connection therewith for the
full duration of the period that it is a Participating Institution or such shorter period as directed by the Minister, notwithstanding that the CIFS Scheme may have expired or if the Participating Institution is no longer a covered institution under
the CIFS Scheme, and the obligations and liabilities of the Participating Institution in its capacity as a covered institution under the CIFS Scheme and such guarantee acceptance deed shall be deemed to be incorporated into this Deed, mutatis
mutandis. 

  

	5.	A Fee will be payable under the Scheme in connection with each Guaranteed Liability, such Fee to be calculated and to be paid in accordance with Rule 8 of the Rules.
The Participating Institution agrees to take all practicable steps to ensure that the amount of the Fees paid by it is correct and to immediately notify the Scheme Operator if it becomes aware that this is not, or may not, be the case.

  

	6.	Each of the Participating Institution and the Related Party on a joint and several basis hereby irrevocably and unconditionally: 

 

	 	(a)	agree to keep the Minister indemnified to the extent hereinafter provided from and against all actions, proceedings, liabilities, claims, damages, fees, costs and
expenses (including value added tax) incurred by the Minister or his or her agents in relation to or arising out of or in connection with the Scheme and/or this Deed in respect of Guaranteed Liabilities incurred by the Participating Institution, and
to pay to the Minister on demand an amount equal to all payments, claims, losses, costs, charges, damages, taxes, duties and expenses (including value added tax) incurred by the Minister or his or her agents or delegates suffered or incurred by the
Minister in consequence thereof or arising in connection with therefrom, whether directly or indirectly; 

  

	 	(b)	agree to pay to the Minister upon demand interest on all amounts demanded by the Minister from the Participating Institution under this Deed calculated at the aggregate
of the Official Bank Rate (for the time being and from time to time) and two per cent. (2%) per annum during the period from (and including) the date of such demand to (but excluding) the date of payment by the Participating Institution to the
Minister of all such amounts; 

  

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	 	(c)	irrevocably authorises and directs the Minister to make any payments forthwith and comply with any demands which may be claimed or made under the Scheme without any
reference to or further authority, confirmation or verification from the Participating Institution, and agree that any payment which the Minister shall make pursuant to the Scheme shall be binding upon the Participating Institution and shall be
accepted by the Participating Institution as conclusive evidence that the Minister was liable to make such payment or comply with such demand notwithstanding any dispute that may exist between the Participating Institution and the relevant
beneficiary under the Scheme as to the validity of any such demand; 

  

	 	(d)	agree that without prejudice to any other provision of this Deed, any demand made upon the Minister for payment of any sum specified in the Scheme or the Rules shall,
for all purposes relating to this Deed, be deemed to be a valid and effective demand, and the Minister shall be entitled to treat it as such notwithstanding any actual lack of authority on the part of the person making the demand or otherwise if the
demand appears on its face to be in order; 

  

	 	(e)	agree that, without prejudice to any other provision of this Deed, that provided that any certificate or document delivered in accordance with the provisions of the
Scheme appears on its face to be in accordance with the terms of the Scheme or the Rules, such certificate or document shall for all purposes relating to this Deed be deemed to be genuine and in accordance with the terms of the Scheme or the Rules;

  

	 	(f)	agree that all payments under this Deed shall be made in the currency in which payments made or liabilities incurred by the Minister under the Scheme are denominated;

  

	 	(g)	agree that its liability hereunder shall also apply to any increase or decrease in the amount of or extension or renewal or variation of the Scheme and/or the Rules
from time to time (whether in the same terms or otherwise and whether arising with its agreement or by operation of law or otherwise) to the intent that all agreements, undertakings and authorities herein shall continue to be binding on the
Participating Institution in relation to the Scheme and the Rules as so increased, decreased, extended, renewed or varied; 

  

	 	(h)	agree that, without prejudice to any other rights, powers or remedies (whether provided by contract, law or otherwise) which the Minister may have, the Minister may set
off any moneys due and payable (but not paid) by the Participating Institution under this Deed against any obligation whatsoever owed by the Minister to the Participating Institution, regardless of the place of payment or currency of either
obligation, and, if the obligations are in different currencies, the Minister may convert either obligation at a market rate of exchange selected by the Minister for this purpose; and 

 

	 	(i)	 agree that if, under any applicable law and whether pursuant to a judgment being made or registered against the Participating Institution or for any
other reason, any payment under or in connection with this Deed is made or falls to be satisfied by the Participating Institution or on its behalf in a currency (the “other currency”) other than that in which the relevant payment is
expressed to be due (the “required currency”), then to the extent that the payment actually received by the Minister (when converted into the required currency at the market rate of exchange selected by the Minister for this purpose
on the date of payment or, if it is not practicable for the Minister to purchase the 

  

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required currency with the other currency on the date of payment, at the market rate of exchange selected by the Minister for this purpose as soon thereafter as it is practicable for the Minister
to do so) falls short of the amount due under the terms of this Deed, the Participating Institution shall, as a separate and independent obligation, on demand indemnify and hold the Minister harmless against the amount of such shortfall.

  

	7.	The Participating Institution’s and the Related Party’s obligations hereunder shall not be in any way discharged or impaired by reason of any time or other
indulgence granted to the Minister by a beneficiary or by any amendment or variation of the Scheme, the Rules or any related agreement, and shall exist irrespective of any present or future total or partial invalidity, illegality or unenforceability
of the Scheme and/or the Rules. 

  

	8.	The Related Party hereby covenants with the Minister that, without prejudice to Clause 6, it shall: 

 

	 	8.1	procure that the Participating Institution complies with the terms and conditions of the Scheme and the provisions of this Deed; 

 

	 	8.2	provide such information as the Minister may reasonably require as a result of or in relation to, the Scheme or in relation to the potential liability of the Minister
under the Scheme: and 

  

	 	8.3	provide such co-operation and assistance to the Minister, the Scheme Operator, the Regulatory Authority and the Central Bank as is reasonable in the context of the
Scheme and this Deed. 

  

	9.	Each of the Participating Institution and the Related Party shall not, and shall procure that no other guarantor or indemnitor of any Guaranteed Liability shall,
without the Minister’s prior written consent, enforce or seek to enforce in competition with the Minister, any right of contribution, subrogation or indemnity from or against any other person to which the Participating Institution or the
Related Party or such guarantor or indemnitor may be entitled by reason of the performance of its obligations hereunder or the guarantor’s or indemnitor’s performance of its obligations, in each case, in respect of the Guaranteed
Liability. 

  

	10.	 Forthwith upon the Minister notifying the Participating Institution that he or she has been called upon to make a payment under the Scheme in relation
to the Participating Institution’s Guaranteed Liabilities, the Participating Institution and the Related Party each agree, jointly and severally, to pay to the Minister for credit to a designated account of the Minister in the Central Bank (the
“Minister’s Account”) an amount required by the Minister which shall be no greater than the amount demanded under the Scheme (the “demanded amount”). The entitlement of the Participating Institution or the
Related Party to be repaid any amount so required by the Minister shall be limited in recourse to the amount standing to the credit of the Minister’s Account when the demanded amount has been discharged and amounts owing by the Participating
Institution under this Deed have been paid in full. The Minister shall be entitled to apply, from time to time, any balance standing to the credit of the Minister’s Account in payment of amounts demanded under the Scheme and amounts owing under
this Deed, and such payment shall discharge the obligations of the Participating Institution or the Related Party to indemnify the Minister or make payment under this Deed to the extent (but only to the extent) that the Guaranteed Liabilities or
other amounts owing by the Participating Institution or the Related Party under this Deed are discharged irrevocably and unconditionally by such payment. Once all amounts owing by the Participating Institution under this Deed have been paid in full
any credit balance remaining in the Minister’s Account after the Guarantee Expiry Date shall be paid by the Minister to the Participating Institution. In the event that the Minister does not immediately receive an amount required by him to be

  

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paid by the Participating Institution or the Related Party under this clause 10, the Minister shall be entitled to set up a demand loan account in the Participating Institution’s name or the
Related Party’ name in the Central Bank for the purpose of crediting the required amount to the Minister’s Account and interest will accrue on such demand loan account on the basis of a 360 day year at an interest rate per annum equivalent
to the Official Bank Rate plus 2%. 

  

	11.	The Minister shall be entitled to enter into such arrangements with any beneficiary under the Scheme in respect of payments made or to be made to such beneficiary
pursuant to the Scheme as the Minister and such beneficiary may from time to time agree. 

  

	12.	Without prejudice to clause 3. subject to the requirements of the Treaties governing the European Union (within the meaning of the European Union Act 2009 (No. 33 of
2009)) and the Statute of the European System of Central Banks and of the European Central Bank, and in accordance with applicable law, the Participating Institution and the Related Party consents to each of the Minister, the Scheme Operator, the
Governor and the Regulatory Authority disclosing to each other and/or the European Central Bank, and/or the European Commission any information which it receives (including information received prior to the date hereof) concerning it or its
Subsidiaries or any member of its Group and agrees that the Minister, the Scheme Operator, the Governor and the Regulatory Authority may use such information in connection with the performance of the Scheme or in the case of the Central Bank
(including the Regulatory Authority), the performance of its statutory functions. The Participating Institution and the Related Party shall provide such information as the Minister requires to perform his functions under the Act of 2008 and the
Scheme. All such information shall, subject to the foregoing, be treated as confidential. 

  

	13.	A certificate in writing from or on behalf of the Minister stating the amount at any particular time due and payable by the Participating Institution or the Related
Party to the Minister under this Deed shall (save in the case of manifest error) be conclusive evidence as against the Participating Institution or the Related Party. 

 

	14.	All sums payable by the Participating Institution or the Related Party hereunder shall be paid in full without any deductions, set off. counterclaim or withholding
whatsoever and without any deduction for or on account of any present or future taxes, levies, imposts, duties, deductions or withholding or other charges of whatever nature imposed, levied, collected, withheld or assessed unless the Participating
Institution or Related Party is compelled by law so to do. If the Participating Institution or Related Party shall be so compelled then the Participating Institution or Related Party shall forthwith pay to the Minister such additional amounts as may
be necessary in respect of its obligations hereunder in order that the net amount received by the Minister, after such taxes, levies, imposts, duties, deductions, withholdings or other charges shall equal the amount due hereunder.

  

	15.	Each of the Participating Institution and the Related Party on a joint and several basis shall pay to the Minister on demand all legal and other fees, costs, charges,
expenses (including value added tax) from time to time incurred by the Minister, the Scheme Operator and their agents and advisors in any way in connection with the making of the Scheme and the giving of the guarantee contained therein and the
preparation, negotiation, execution and enforcement of this Deed and the preservation of the Minister’s rights in connection with this Deed. 

  

	16.	

  

	 	16.1	 The Participating Institution hereby represents and warrants to the Minister that it is a credit institution (as defined in the Act of 2008) or a
Subsidiary of a credit institution and is duly incorporated under the laws of the State of Delaware, United States of America. The Related Party hereby represents and warrants to the Minister that it is a

  

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credit institution (as defined in the Act of 2008) duly incorporated under the laws of Ireland. Each of the Participating Institution and the Related Party hereby represents and warrants to the
Minister that it is solvent, it has the power to enter into this Deed and to exercise its rights and perform its obligations under this Deed and all corporate and other action required to authorise the execution of this Deed and its performance of
its obligations hereunder has been duly taken and the obligations expressed to be assumed by it in this Deed are legal and valid obligations binding on it and enforceable in accordance with the terms hereof and the execution of this Deed and the
exercise of its rights and performance of its obligations hereunder do not and will not conflict with its constitutive documents or rules and regulations or conflict with any law, regulation or official or judicial order applicable to the
Participating Institution or the Related Party. 

  

	 	16.2	Without prejudice to the rights of the Minister to pursue against the Participating Institution and the Related Party all rights and remedies available to it if any of
the representations and warranties in clause 16.1 are incorrect, the Participating Institution shall, as a condition precedent to the issue of a Participating Institution Certificate, deliver to the Minister a legal opinion, from the Participating
Institutions’ external legal advisors satisfactory to the Minister, in form and substance satisfactory to the Minister. 

  

	17.	This Deed and the obligations of the Participating Institution and the Related Party under it shall constitute and be a continuing instrument to the Minister for as
long as any liability (actual or contingent) in respect of the Participating Institution and the Related Party shall remain upon him or her under or in connection with the Scheme and will not be discharged or affected by any changes of any kind
whatsoever from time to time in the Guaranteed Liabilities, the Scheme, the Rules or any guarantee issued in connection with the Scheme or any circumstance of any kind whatsoever (including, without limitation, any act or omission to act of any kind
by the Minister or the beneficiaries which might constitute a legal or equitable discharge of the Participating Institution or the Related Party) which, save for the agreement and acknowledgement of the Participating Institution or the Related Party
in this clause 17, would discharge or affect this Deed or any of those obligations, it being the intention of the Participating Institution and the Related Party that this Deed shall be absolute and unconditional in any and all circumstances.

  

	18.	The Participating Institution and the Related Party agree that the Minister may. in his or her absolute discretion make variations to the Scheme and/or the Rules
(pursuant to the terms and conditions of the Scheme, the Rules, the Act of 2008 or otherwise) and/or to the Fee and agrees to be bound by any variations so made and acknowledges and agrees that its obligations under this Deed shall continue in
respect of the Scheme, the Rules and the Fee as varied. The Participating Institution and the Related Party undertake to the Minister that, in the event that the Minister makes any variations to the Scheme and the Rules or the Fee the Participating
Institution and the Related Party shall enter into such amendments or supplements to this Deed, or such other replacement or further deeds, as the Minister may require. To the extent that the Minister varies the Fee. the Participating Institution
shall pay the new Fee in accordance with the Scheme and the Rules. 

  

	19.	No failure or delay on the part of the Minister in exercising any power or right under this Deed shall operate as a waiver thereof nor shall any single or partial
exercise of any such right or power preclude any other or further exercise of any such right or power. 

  

	20.	This Deed shall remain in full force and effect until the Minister confirms to the Participating Institution and the Related Party that the Minister has been released
from liability (actual and contingent) under the Scheme and shall inure to the benefit of and be enforceable by the Minister’s successors and assigns. 

  

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	21.	If, at any time, any indemnity, covenant or other provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such indemnity, covenant or other provision under the law of any other jurisdiction shall in any way be affected or
impaired thereby. 

  

	22.	Any notice or demand by the Minister may be served by facsimile or by delivering the same to the Participating Institution and the Related Party or by ordinary post
addressed to the Participating Institution and the Related Party at its registered or principal office or at its address last known to the Minister for the attention of the chief executive officer and shall be deemed duly given upon despatch if made
by facsimile, upon delivery if made by hand or at the expiration of forty eight hours after it has been posted if sent by ordinary post. 

  

	23.	

  

	 	23.1	This Deed, and any non-contractual obligations arising out of or in connection therewith, shall be governed by and construed in accordance with the laws of Ireland.

  

	 	23.2	The Participating Institution and the Related Party hereby agree for the exclusive benefit of the Minister that any legal action or proceedings
(“Proceedings”) brought against it with respect to this Deed and any non-contractual obligations arising out of or in connection therewith, may be brought in the High Court in Ireland or such other competent court of Ireland as the
Minister may elect and the Participating Institution and the Related Party waives any objection to Proceedings in such courts whether on the grounds of venue or on the ground that Proceedings have been brought in any inconvenient forum. The
Participating Institution and the Related Party undertake to enter an unconditional appearance within 14 days after the completion of any service of process in any Proceedings. The Participating Institution and the Related Party hereby consent to
the service by post of any process issued in Ireland. Nothing herein shall affect the right to serve process in any other manner permitted by law. 

  

	 	23.3	Nothing in this clause 23 shall limit the right of the Minister to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in
any or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). The Participating Institution and the Related Party agree that any action against the Minister in connection with this Deed may
only be taken in the courts of Ireland. 

 IN WITNESS whereof this Deed has been executed and delivered the day first
herein set out. 
 EXECUTED and DELIVERED as a deed by  

ALLIED IRISH BANKS NORTH AMERICA INC. 
  

			
	 By:
	 	
 

	 President

		
	 By:
	 	
 

	 Secretary

 

 8 

 PRESENT when the common seal of  

ALLIED IRISH BANKS, p.l.c. 
 was affixed
hereto: 
  

	
	
 

	 Authorised Signatory

	
	
 

	 Authorised Signatory

 

 9 

 SCHEDULE 

RULES OF THE CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES 

GUARANTEE) SCHEME 2009 
  

	1.	General 

  

	 	1.1	On 9 December 2009, the Scheme came into effect pursuant to section 6(4) of the Act. 

 

	 	1.2	These are the rules specified by the Guarantor as applying to the Scheme and in force on 9 December 2009. 

 

	 	1.3	Each Participating Institution has agreed in its Eligible Liabilities Guarantee Scheme Agreement to observe and perform its obligations under these Rules and these
Rules therefore form an agreement between the Guarantor and each Participating Institution. 

  

	 	1.4	The Guarantor has delegated the operation of the Scheme to the Scheme Operator pursuant to paragraph 7 of the schedule to the Scheme. 

 

	2.	Definitions 

  

	 	2.1	In these Rules the following expressions have the following meanings save where otherwise indicated: 

 

			
	Act	 	means the Credit Institutions (Financial Support) Act 2008 (No. 18 of 2008);
		
	Applicant	 	means the Participating Institution making an Application for a Eligible Liability Guarantee Certificate to be issued in respect of one or more Eligible Liabilities and/or Eligible
Programmes;
		
	Application	 	means an application made under Rule 4.1 or Rule 4.7 for a Eligible Liability Guarantee Certificate to be issued in respect of one or more Eligible Liabilities and/or Eligible
Programmes;
		
	Business Day	 	means a day (excluding Saturday and Sunday) on which banks are generally open in Dublin for the transaction of banking business;
		
	CIFS Scheme	 	means the Credit Institutions (Financial Support) Scheme 2008 (S.I. No. 411 of 2008);
		
	Commencement Date	 	means the date specified by the Guarantor as being the commencement date of the Issuance Period;
		
	Counter-Indemnity	 	means each deed of counter-indemnity, substantially in the form set out in Annex 5, including where applicable a counter-indemnity requested by the Scheme Operator pursuant to Rule
7;

  

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	Covered Institution	 	has the meaning given to it in the CIFS Scheme;
		
	Currency Business Day	 	means:
			
		 	 (i)
	  	in the case of euro, a day on which TARGET 2 (the Trans-European Automated Real-Time Gross Settlement Express Transfer System) (or any successor thereto) is operating;
and
			
		 	 (ii)
	  	in the case of a currency other than euro, a day (excluding Saturday and Sunday) on which commercial banks and foreign exchange markets settle payments in the principal financial
centre for such currency;
		
	Eligibility Criteria	 	means, in respect of Eligible Liabilities, the criteria set out in paragraph 12 of the schedule to the Scheme;
		
	Eligible Institution	 	means a systemically important and solvent credit institution or a subsidiary of such a credit institution (including any Irish subsidiary of a credit institution
authorised in another Member State) which the Guarantor specifies or has already specified by order under section 6(1) of the Act in the exercise of his or her powers under that Act as requiring financial support and fulfilling the objectives of the
Act;
		
	Eligible Liabilities	 	means any of the following: (i) deposits (to the extent not covered by deposit protection schemes in the State (other than the CIFS Scheme) or any other jurisdiction);
(ii) senior unsecured certificates of deposit; (ii) senior unsecured commercial paper; (iii) other senior unsecured bonds and notes; and (iv) other forms of senior unsecured debt specified by the Guarantor, consistent with EU State aid rules and the
EU Commission’s Banking Communication (2008/C 270/02) and subject to prior consultation with the EU Commission, which satisfy the Eligibility Criteria;
		
	 Eligible Liabilities Guarantee Scheme

Agreement
	 	 means an agreement entered into by a Participating

Institution with the Guarantor, pursuant to which, inter alia, the Participating Institution agrees to be bound by the terms of the Scheme,
including these Rules;

  

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	 Eligible Liability

Guarantee Certificate
	 	means a certificate substantially in the form set out in Annex 4 issued or to be issued by the Scheme Operator in accordance with these Rules and the Scheme;
		
	Eligible Programme	 	means a Programme for the issuance of Eligible Liabilities;
		
	Fee	 	means a fee specified by the Guarantor and payable to the Scheme Operator on a Payment Date in accordance with Rule 8;
		
	 Final Application

Date
	 	means the last day of the Issuance Period;
		
	 Guaranteed

Deposit
	 	 means a deposit of a Participating Institution which is

guaranteed under the Scheme;

		
	Guaranteed CP/CD Programme	 	means a Guaranteed Programme for the issuance only of commercial paper and/or certificates of deposit and/or similar senior unsecured short-dated debt securities;
		
	Guarantee Expiry Date	 	means midnight on the date falling 5 years after the end of the Issuance Period or such other date upon which the Scheme expires pursuant to its terms;
		
	Guaranteed Liability	 	means (i) an Eligible Liability in the form of a deposit (to the extent not covered by deposit protection schemes in the State (other than the CIFS Scheme) or any other jurisdiction
and subject as provided for in paragraph 13 of the schedule to the Scheme); and (ii) any other Eligible Liability in respect of which the Scheme Operator has issued an Eligible Liability Guarantee Certificate or which is issued under a Guaranteed
Programme;
		
	Guaranteed Programme	 	means a Programme for the issuance of Eligible Liabilities in respect of which an Eligible Liability Guarantee Certificate has been issued;
		
	Guarantor	 	means the Minister for Finance;
		
	Issuance Period	 	means the period described in paragraph 12.1(b) of the schedule to the Scheme;

  

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	Participating Institution	 	means a credit institution or a subsidiary of a credit institution which has satisfied the criteria provided for in paragraph 3 of the schedule to the Scheme;
		
	 Participating

Institution

Certificate
	 	means a certificate substantially in the form set out in Annex 2 issued or to be issued in accordance with these Rules and the Scheme to an institution confirming that it is a
Participating Institution;
		
	Payment Date	 	means the 5th Business Day of each January, April, July and October;
		
	Programme	 	means any arrangement under which a Participating Institution issues or is capable of issuing more than one instrument (whether in physical, book entry, dematerialised or other
form);
		
	Rules	 	means these rules as amended and supplemented and in force from time to time and reference to a “Rule” shall be to the correspondingly numbered rule contained
herein;
		
	Scheme	 	means the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (S.I. 490 of 2009);
		
	Scheme Operator	 	means the National Treasury Management Agency; and
		
	Start Date	 	has the meaning given to such term in Rule 8.6.

  

	 	2.2	Unless otherwise defined in these Rules, words and expressions defined in the Scheme or the Act shall have the same meanings where used in these Rules.

  

	 	2.3	Headings in these Rules are for ease of reference only and shall not be used when interpreting or construing these Rules. 

 

	 	2.4	These Rules shall be interpreted and construed in accordance with the Act and the Scheme. 

 

	 	2.5	Save where otherwise indicated, a reference in these Rules to: 

  

	 	(i)	an “Annex” is to an annex to these Rules 

  

	 	(ii)	any statute (including the Act) or to the Scheme in these Rules shall be to the statute or to the Scheme as amended or replaced from time to time;

  

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

  

	 	(iv)	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); 

  

 13 

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

 

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

 

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

  

	 	(viii)	any document referred to in these Rules is a reference to that document as amended, varied, novated or supplemented at any time. 

 

	3.	Application to join the Scheme 

  

	 	3.1	An Eligible Institution may apply in writing to the Guarantor for a Participating Institution Certificate: 

 

	 	(a)	within sixty (60) days of the Commencement Date if it is a Covered Institution; or 

 

	 	(b)	at any time prior to or during the Issuance Period if it is not a Covered Institution. 

 

	 	3.2	An application for a Participating Institution Certificate shall include the following: 

 

	 	(a)	a duly completed application in the form set out in Annex 1; 

  

	 	(b)	two originals of an Eligible Liabilities Guarantee Scheme Agreement executed by the applicant Eligible Institution; 

 

	 	(c)	a legal opinion from external legal advisors in form and substance satisfactory to the Guarantor in respect of the execution of such Eligible Liabilities Guarantee
Scheme Agreement; and 

  

	 	(d)	evidence satisfactory to the Guarantor of the authority of the signatories of the application. 

 

	 	3.3	The Guarantor may request such further information as it considers necessary for the purpose of reviewing an application. 

 

	 	3.4	Upon the approval of an application by the Guarantor, the Guarantor shall instruct the Scheme Operator to issue a Participating Institution Certificate to the relevant
Eligible Institution substantially in the form of Annex 2 after which, subject to the terms of the Scheme, it will be a Participating Institution. 

  

 14 

	4.	Applications for Eligible Liability Guarantee Certificates 

  

	 	4.1	A Participating Institution may, at any time during the Issuance Period, apply for an Eligible Liability Guarantee Certificate in respect of one or more Eligible
Liabilities and/or Eligible Programmes. 

  

	 	4.2	An Application for an Eligible Liability Guarantee Certificate must be made in the form set out in Annex 3 or such other form as may be specified by the Scheme
Operator. 

  

	 	4.3	Unless otherwise agreed by the Scheme Operator, the signed Application must be delivered by hand to the Scheme Operator on a Business Day. 

 

	 	4.4	An Application for an Eligible Liability Guarantee Certificate in respect of an Eligible Liability or an Eligible Programme must be delivered to the Scheme Operator on
or before the last day of the Issuance Period together with: 

  

	 	(a)	all appropriate information and documentation relating to the Eligible Liabilities and Eligible Programmes for which the Application is being made (including, without
limitation, the terms and conditions, term sheet, offering memorandum and any other documents that may be considered by the Scheme Operator necessary to assess the nature of the Eligible Liabilities); 

 

	 	(b)	a copy of one or more legal opinions in form and substance satisfactory to the Scheme Operator in respect of the valid, binding and enforceable nature of the
obligations to be contained in the Eligible Liabilities and/or the Eligible Programmes, provided that where the Eligible Liability is to be issued under a Programme, the legal opinion may take the form of the most recent legal opinion issued to the
arranger(s) of the Programme in connection with the establishment or (as the case may be) update of the Programme; and 

  

	 	(c)	evidence, satisfactory to the Scheme Operator, of the authority of the signatories of the Application. 

The Scheme Operator shall be under no obligation to review all or any part of the information or documentation provided to it pursuant to
this paragraph 4.4 or any other part of these Rules and shall be entitled to rely without enquiry on the accuracy of any such information or documentation. 
  

	 	4.5	The Scheme Operator may: (i) in its absolute discretion, waive any of the requirements provided for in Rule 4.4; or (ii) request such further information as
it considers necessary for the purpose of reviewing the Application. 

  

	 	4.6	An Application which is, in the sole determination of the Scheme Operator, incomplete or incorrect, may be rejected and returned to the Applicant by the Scheme Operator
and shall not constitute a valid Application. 

  

	 	4.7	 Notwithstanding Rule 4.1 and Rule 4.4 but subject to Rule 5.7, after the end of the Issuance Period (but only if the Issuance Period ends prior to
29 September 2010), Participating Institutions may apply for an Eligible Liability 

  

 15 

	 	 
Guarantee Certificate for Eligible Liabilities issued to re-finance Guaranteed Liabilities maturing prior to 30 September 2010. In such circumstances, those Eligible Liabilities must
themselves mature prior to 30 September 2010. 

  

	 	4.8	Without prejudice to Rule 6.1, a Participating Institution must consult the Scheme Operator in advance on a timely basis prior to the submission of an Application to
the Scheme Operator with respect to: 

  

	 	(a)	otherwise than in the case of Eligible Programmes, the proposed terms and conditions of any Eligible Liabilities for which an application under this Rule 4 will be made
including as to the proposed pricing, appointment of managers and proposed timing of the promotion and marketing of such securities; 

  

	 	(b)	otherwise than in the case of Eligible Programmes, the proposed date of the launch and issue by the Participating Institution of any Eligible Liabilities for which an
Application under this Rule 4 will be made; and 

  

	 	(c)	in the case of Eligible Programmes, the proposed terms of any Eligible Programme, including the proposed arrangers, initial dealers, proposed date of launch, maximum
programme limit and the types of Eligible Liabilities which may be issued under such Eligible Programme. 

  

	 	4.9	During any consultation referred to in Rule 4.8, a Participating Institution and the Scheme Operator may agree a timeline for the issuance of an Eligible Liability
Guarantee Certificate and in advance of issue of the documents referred to in Rule 4.4 the Scheme Operator may agree in principle that an Eligible Liability Guarantee Certificate will be issued subject to conditions imposed by the Scheme Operator as
appropriate and without prejudice to the right of the Scheme Operator to refuse to issue an Eligible Liability Guarantee Certificate. 

  

	 	4.10	Rules 4.1 to 4.9 shall not apply in respect of deposits. 

  

	5.	Issue of Eligible Liability Guarantee Certificates and Issuance of Guaranteed Liabilities 

 

	 	5.1	The decision to issue an Eligible Liability Guarantee Certificate shall be at the sole discretion of the Scheme Operator, to be exercised in accordance with the
requirements of these Rules and the Scheme. 

  

	 	5.2	Notwithstanding Rule 5.1, the Scheme Operator shall, subject always to compliance with these Rules (including, without limitation, Rule 4.7), issue an Eligible
Liability Guarantee Certificate in respect of each Eligible Liability which is the subject of an Application made under and in accordance with Rule 4.7. 

  

	 	5.3	Eligible Liability Guarantee Certificates issued by the Scheme Operator shall be substantially in the form of Annex 4. 

 

 16 

	 	5.4	Prior to issuing any Eligible Liability Guarantee Certificate, the Scheme Operator (i) shall take account of the smooth and orderly operation and integrity of the
market for Eligible Liabilities and securities issued or guaranteed by the State and, in particular, shall take account of the issuances and any planned issuances of debt securities by all Participating Institutions, by the Scheme Operator and by
the State and the then current level of Guaranteed Liabilities of a particular Participating Institution and (ii) may, in its absolute discretion, apply a cap to the amount of Guaranteed Liabilities to be issued by any particular Participating
Institution. The Scheme Operator may arrange for regular meetings with the Participating Institutions in respect of any of the foregoing. 

  

	 	5.5	In exercising its discretion to issue an Eligible Liability Guarantee Certificate the Scheme Operator shall take into account, inter alia, the terms of the
relevant Eligible Liability and its nature and complexity, including whether it meets the Eligibility Criteria. 

  

	 	5.6	The Guarantor shall, as a condition to the issue of an Eligible Liability Guarantee Certificate, be entitled to require the making of any amendment or supplement to an
Eligible Liabilities Guarantee Scheme Agreement which has previously been delivered to it, and the delivery to it of a further legal opinion of the kind referred to in Rule 4.4(b) in respect thereof. 

 

	 	5.7	Without the prior consent of the Scheme Operator, Participating Institutions must not issue an Eligible Liability in respect of which an Eligible Liability Guarantee
Certificate has been issued which differs in any respect from the particulars of the Eligible Liability specified in the relevant Eligible Liability Guarantee Certificate or in any particulars provided pursuant to Rule 4.4(a) or Rule 4.5(ii).

  

	 	5.8	Notwithstanding paragraph 12.1(b) of the schedule to the Scheme and subject to Rule 5.9, Eligible Liabilities must be incurred by a relevant Participating Institution
on or after the Commencement Date and on or before: (i) the Final Application Date in the case of an Eligible Liability the subject of an Application made under Rule 4.1; and (ii) not later than 22 September 2010 in the case of an
Eligible Liability the subject of Application made under Rule 4.7. 

  

	 	5.9	The issue of an Eligible Liability or the first issuance under a Guaranteed Programme must occur within 30 days of the date of the relevant Eligible Liability Guarantee
Certificate, unless the Scheme Operator agrees otherwise. 

  

	 	5.10	Notwithstanding Rule 5.1, the Scheme Operator will not issue any Eligible Liability Guarantee Certificates in respect of any Eligible Liabilities or Eligible Programmes
of any particular Participating Institution if so instructed by the Guarantor. 

  

	 	5.11	Where the Scheme Operator approves or consents to changes to the terms and conditions of a Guaranteed Liability or a Guaranteed Programme in accordance with Rule 6 and
such changes require changes to the relevant Eligible Liability Guarantee Certificate, the Scheme Operator shall replace the existing Eligible Liability Guarantee Certificate with a new Eligible Liability Guarantee Certificate reflecting such
changes. 

  

 17 

	 	5.12	Rules 5.1 to 5.11 shall not apply in respect of deposits. 

  

	6.	Reporting, Consultation and Undertakings 

  

	 	6.1	Each Participating Institution must consult on a regular basis with, and/or at the request of, the Scheme Operator in relation to any proposal(s) by it or any member of
its corporate group to issue Eligible Liabilities. 

  

	 	6.2	A Participating Institution must, in respect of each Guaranteed Liability issued, (including any Guaranteed Liability issued under a Guaranteed Programme), by close of
business on the date it contracts to enter into such issue, notify the Scheme Operator in writing (including by email) of the following details in respect of such Guaranteed Liability as appropriate: 

 

	 	(a)	the ISIN (if any); 

  

	 	(b)	the currency(ies); 

  

	 	(c)	the principal amount; 

  

	 	(d)	the scheduled maturity date; 

  

	 	(e)	any investor put or early redemption dates; 

  

	 	(f)	the confirmed date of issue; 

  

	 	(g)	in the case of a fixed rate Guaranteed Liability, the interest rate and the default interest rate (if any); 

 

	 	(h)	in the case of a floating rate Guaranteed Liability, the margin, the default interest rate (if any) and the source of the reference rate; 

 

	 	(i)	in the case of a zero coupon Guaranteed Liability, the actual gross proceeds of issuance; 

 

	 	(j)	the interest payment dates (if any); 

  

	 	(k)	in the case of a Guaranteed Liability under a Guaranteed Programme, such details of the Guaranteed Programme as are sufficient to identify the Guaranteed Programme; and

  

	 	(1)	any other details which the Scheme Operator may reasonably request, including grace periods for payment. 

 

	 	6.3	The Scheme Operator may: (i) in its absolute discretion, waive any of the requirements provided for in Rule 6.2; or (ii) request such further information as
it considers necessary in the context of a particular Guaranteed Liability. 

  

 18 

	 	6.4	Without prejudice to Rule 6.2, each Participating Institution must, no later than 5.00 p.m. on each Business Day, notify the Scheme Operator of the principal amount
outstanding under any Guaranteed Programme, in writing. Notice to the Scheme Operator at its designated email address (see Rule 12.1(b)) shall constitute written notification for the purposes of this Rule 6.4. 

 

	 	6.5	Each Participating Institution must, no later than 5.00 p.m. on each Business Day, notify the Scheme Operator of the total amount of its Guaranteed Deposits, in
writing. Notice to the Scheme Operator at its designated email address (as set out in Rule 12.1(b)) shall constitute written notification for the purposes of this Rule 6.5. 

 

	 	6.6	Each Participating Institution must, without delay, notify the Scheme Operator of any material change or proposed material change in the structure of the corporate
group to which the Participating Institution belongs. 

  

	 	6.7	A Participating Institution shall not trigger or permit early redemption of a Guaranteed Liability, either in full or in part, ahead of the scheduled maturity date of
the Guaranteed Liability, without the prior approval of the Scheme Operator. The foregoing is without prejudice to any right of a holder of a Guaranteed Liability to require a Participating Institution to act pursuant to a put option or redemption
or buy-back of that Guaranteed Liability (where such right is confirmed within the terms of such Guaranteed Liability). In addition, the foregoing is without prejudice to any right of a holder of a Guaranteed Liability to require a Participating
Institution to redeem or buy-back that Guaranteed Liability (where such right is confirmed within the terms of such Guaranteed Liability). 

  

	 	6.8	A Participating Institution shall not increase the maximum principal amount of issuance under any Guaranteed Programme: (i) without the prior written consent of
the Scheme Operator; and (ii) before a new Eligible Liability Guarantee Certificate is issued by the Scheme Operator under Rule 5.11. 

  

	 	6.9	A Participating Institution shall not agree to any amendment to any of the terms and conditions of any Guaranteed Liability or the terms and conditions of any
Guaranteed Programme or to any waiver of any breach of such terms and conditions without the prior written consent of the Scheme Operator. A Participating Institution shall consult with the Scheme Operator on a timely basis in advance of any such
proposed amendment or waiver. 

  

	 	6.10	A Participating Institution shall immediately notify the Scheme Operator on the occurrence of any event of default (howsoever described) or any potential or likely
occurrence of an event of default or if it has reason to believe an event of default may occur in the future in respect of any Guaranteed Liability and shall consult with or take whatever steps required of it by the Scheme Operator to avoid the
occurrence of, or to cure as soon as possible, any such event of default. Without prejudice to the foregoing, a Participating Institution must notify the Scheme Operator at least five (5) days prior to any payment date in respect of a
Guaranteed Liability if such Participating Institution is of the view that it may not, or will not, be able to pay any amounts due on such payment date. 

 

 19 

	 	6.11	A Participating Institution shall immediately notify the Scheme Operator in respect of any event or potential event or any new information which may have a material
impact on any of its Guaranteed Liabilities. 

  

	 	6.12	A Participating Institution shall comply with issuance limits or other conditions (including limits as to the maximum principal amount of issuance of Eligible
Liabilities and restrictions as to permitted currencies) in relation to Guaranteed Programmes as notified to it by the Scheme Operator from time to time. A Participating Institution shall be responsible for monitoring compliance with such issuance
limits or other conditions. 

  

	 	6.13	Rules 6.1 to 6.4. Rules 6.7 to 6.9 and Rule 6.12 shall not apply in respect of deposits. 

 

	7.	Additional Counter - Indemnity 

A Participating Institution shall, if so requested by the Scheme Operator at its sole discretion, procure that any one or more members of
the corporate group of which the Participating Institution is a member becomes an additional counter-indemnitor(s) by executing a Counter-Indemnity and, if required by the Scheme Operator, an Eligible Liabilities Guarantee Scheme Agreement, and
submitting a legal opinion in a form and substance satisfactory to the Scheme Operator. In such cases, the liability of the Participating Institution and the additional counter-indemnitor(s) shall be expressed to be joint and several under the
Counter-Indemnity and the Eligible Liabilities Guarantee Scheme Agreement executed by the Participating Institution and the form of the Counter-Indemnity in Annex 5 and any existing Eligible Liabilities Guarantee Scheme Agreement shall be modified
accordingly, all as required by the Scheme Operator. 
  

	8.	Fees 

  

	 	8.1	Under the Scheme, the Guarantor shall charge a fee in respect of each Guaranteed Liability (each a “Fee” and together the “Fees”).

  

	 	8.2	Each Participating Institution shall pay the Fees applicable to it to the Scheme Operator (on behalf of the Guarantor). 

 

	 	8.3	Each Participating Institution is responsible for calculating the Fees payable by it and shall take all practicable steps to ensure that it calculates correctly the
amount of Fees payable by it and shall immediately notify the Scheme Operator if it becomes aware that this is not, or may not, be the case. The Fees shall be calculated and shall be due and payable in accordance with the Scheme and these Rules. The
level of Fees in effect on the date of commencement of the Scheme are set out in Annex 7. 

  

	 	8.4	An additional sum may be charged by the Guarantor, and shall be paid by each Participating Institution to the Scheme Operator on behalf of the Guarantor, in relation to
any non-euro denominated Guaranteed Liability. 

  

	 	8.5	The Fees shall be payable to the Scheme Operator in the currency in which the relevant Guaranteed Liability is denominated. 

 

 20 

	 	8.6	Save in respect of Guaranteed Liabilities issued under Guaranteed CP/CD Programmes and Guaranteed Deposits, each Fee shall accrue on an actual/actual basis over the
period commencing on (and including) the date of issue of the Guaranteed Liability (the “Start Date”) and ending on (but excluding) the next succeeding Payment Date and thereafter, from (and including) each Payment Date to (but
excluding) the next succeeding Payment Date or, if earlier, the maturity date of the Guaranteed Liability. 

  

	 	8.7	In relation to Guaranteed Liabilities issued under Guaranteed CP/CD Programmes and Guaranteed Deposits, each Fee shall accrue on an actual/actual basis over the period
commencing on (and including) the earlier of: (i) the date of the earliest Eligible Liability Guarantee Certificate issued to such Participating Institution in respect of a Guaranteed CP/CD Programme; and (ii) the date that the first
Guaranteed Deposit was taken by such Participating Institution and ending on (but excluding) the Guarantee Expiry Date. 

  

	 	8.8	All of the Fees accrued during the periods referred to in Rule 8.6 shall be due and payable in arrears on the Payment Date immediately succeeding the last day of the
relevant period. In the case of a Guaranteed CP/CD Programme and Guaranteed Deposits, the Fees accruing during the periods referred to in Rule 8.7 shall be payable in arrears on each Payment Date in respect of the average principal outstanding under
such Guaranteed CP/CD Programme or in respect of such Guaranteed Deposits during the relevant period. The Scheme Operator may agree with a Participating Institution an alternative date for payment of Fees incurred during any period, and may require
such Participating Institution to pay an appropriate rate of interest to the Scheme Operator for the period from the scheduled Payment Date to the date of actual payment of the Fees. 

 

	 	8.9	Fees shall be payable to an account nominated by the Scheme Operator on the Payment Dates. 

 

	 	8.10	In all cases, if a Guaranteed Liability is not denominated in euro and the Payment Date is not a Currency Business Day in respect of the currency of payment, the
payment shall be made on the next following Currency Business Day. 

  

	 	8.11	On each Payment Date, each Participating Institution shall provide to the Scheme Operator a statement, in a form acceptable to the Scheme Operator, detailing all Fees
paid or payable by it on such Payment Date. Such statement shall be certified by the relevant Participating Institution’s external auditors in a form specified by the Guarantor. On request, a Participating Institution will meet with the Scheme
Operator to discuss the statement and the level of Fees paid and any disputes as to the amount of such Fees. In respect of any disputes concerning the amount of Fees, the decision of the Guarantor shall (save in the case of manifest or proven error)
be final and binding and the Participating Institutions shall promptly pay to the Scheme Operator any additional amounts which the Scheme Operator decides are payable. 

 

 21 

	9.	Guarantee Statement and Website 

  

	 	9.1	The Scheme Operator will establish and maintain on its website a statement of outstanding issued Guaranteed Liabilities (excluding Guaranteed Deposits) from time to
time (including ISIN numbers or other applicable identification numbers for Guaranteed Liabilities or Guaranteed Programmes). The current website is at www.ntma.ie. 

 

	 	9.2	The information published under Rule 9.1 shall have no legal status, shall not affect the status or effect of any Eligible Liability Guarantee Certificate, and shall be
for information purposes only. 

  

	 	9.3	The Scheme Operator shall also publish on the website referred to in Rule 9.1, in addition to the information set out in Rule 9.1, the following information as
appropriate: 

  

	 	(a)	copies of the Participating Institution Certificates; 

  

	 	(b)	copies of the Eligible Liability Guarantee Certificates; 

  

	 	(c)	any extension or shortening of the Issuance Period; 

  

	 	(d)	a copy of the Rules and any change or supplement to the Rules; 

  

	 	(e)	the scope of the eligible liability guarantee applicable to a Participating Institution in respect of its Guaranteed Deposits, together with details of any public
notice given by the Guarantor pursuant to paragraph 13 of the schedule to the Scheme; 

  

	 	(f)	any instructions by the Scheme Operator to any Participating Institution that it is to cease issuing further securities under a Guaranteed Programme; and

  

	 	(g)	any other information which the Scheme Operator deems appropriate. 

  

	10.	Breach of the Rules 

Notwithstanding paragraph 25 of the schedule to the Scheme, if in the opinion of the Scheme Operator a Participating Institution is in
breach of its obligations under these Rules, the Scheme Operator may by notice in writing take such action as the Scheme Operator deems appropriate in the context of the breach and may recommend to the Guarantor that the Guarantor take any of the
actions detailed in paragraph 25 of the schedule to the Scheme. 
  

 22 

	11.	Public Descriptions of Guarantor and Scheme 

  

	 	11.1	The description of the Guarantor and the Scheme in any offering document (including, without limitation, any prospectus, offering circular, listing particulars and
information memorandum) or other document or announcement relating to a Guaranteed Liability or Guaranteed Programme issued by or on behalf of any Participating Institution shall be in the form required by the Guarantor or the Scheme Operator.

  

	 	11.2	No Participating Institution shall opt to draw up a prospectus under Article 1(3) of Directive 2003/71/EC (or any implementing legislation in any Member State) in
respect of any Guaranteed Liabilities. 

  

	 	11.3	Without prejudice to Rule 11.1, no Participating Institution (nor any other person or entity acting on its behalf) shall otherwise promote or market itself or any
proposed Guaranteed Liability to be issued or to be taken by the Participating Institution on the basis of the Scheme. The foregoing shall not prevent a Participating Institution informing potential investors in a planned issue of Eligible
Liabilities of its intention to apply for an Eligible Liability Guarantee Certificate or the existence of an Eligible Liability Guarantee Certificate or, in the case of a Guaranteed Deposit, confirming to the depositor that the relevant deposit is a
Guaranteed Deposit. 

  

	12.	Notices 

  

	 	12.1	Any notice or other communication under or in connection with these Rules or the Scheme (other than an Application made under Rule 4.1 or Rule 4.7) shall be delivered
by hand or by facsimile or by email: 

  

	 	(a)	in the case of the Guarantor, to the Scheme Operator on its behalf: 

The National Treasury Management Agency 

For the Minister for Finance as Guarantor 

The Treasury Building 

Grand Canal Street 

Dublin 2 

Ireland 

Attention: Anthony Linehan and Dymphna McHugh 

Fax number: +353 1 676 6582 

Email: elginfo@ntma.ie 
  

	 	(b)	in the case of the Scheme Operator, to: 

The National Treasury Management Agency 

The Treasury Building 

Grand Canal Street 

Dublin 2 

Ireland 

Attention: Anthony Linehan and Dymphna McHugh 

Fax number: +353 1 676 6582 

Email: elginfo@ntma.ie 
  

 23 

	 	(c)	in the case of a Participating Institution, to it at its registered office or such other address as the Scheme Operator may agree with the Participating Institution, or
to the facsimile number or email address provided by the Participating Institution to the Scheme Operator for the purposes of this Rule. 

  

	 	12.2	Any communication under or in connection with these Rules or the Scheme to be made by the Guarantor or the Scheme Operator to a beneficiary of the Scheme shall be made
in such manner as the Guarantor or the Scheme Operator, in its exclusive and absolute discretion, decides is the most appropriate manner in the circumstances at the time. 

 

	 	12.3	Communications under Rule 12.1 shall be deemed to take effect, if sent by facsimile, at the time of dispatch or, if delivered by hand, at the time of actual delivery or
if sent by email, on the date it is sent. 

  

	 	12.4	If agreed by the Scheme Operator at the time, documentation required to be delivered to the Scheme Operator pursuant to these Rules may be delivered by email in
portable document format (pdf) attached to such email, provided that the originals or, if permitted by the Scheme Operator, photocopies of such documents are delivered to the Scheme Operator no later than the next Business Day.

  

	13.	Changes to Rules 

  

	 	13.1	The Guarantor may amend or supplement these Rules at any time in its exclusive and absolute discretion. 

 

	 	13.2	The Guarantor shall cause the Scheme Operator to publish details of any such amendment or supplement in accordance with Rule 9.3. 

 

	14.	Operation of the Scheme 

The Scheme will be operated by the Scheme Operator on behalf of the Guarantor pursuant to Delegation Order No. S.I. 505 of 2009.

  

	15.	Demands 

 Any demand by an
investor in respect of a Guaranteed Liability in the form of a debt security must be in the form set out in Annex 6 or such other form as the Guarantor may specify for the purposes of paragraph 26 of the schedule to the Scheme and be made in
accordance with paragraph 26 of the schedule to the Scheme. 
  

	16.	Governing Law 

 These
Rules and any non-contractual obligations arising therefrom shall be governed by and construed in accordance with the laws of Ireland. 
  

 24 

	17.	Jurisdiction 

  

	 	17.1	Each Participating Institution agrees for the exclusive benefit of the Guarantor that any legal action or proceedings (“Proceedings”) brought against
it with respect to the Scheme or the Rules and any non-contractual obligations arising out of or in connection therewith, may be brought in the High Court in Ireland or such other competent court of Ireland as the Guarantor may elect and the
Participating Institution shall waive any objection to Proceedings in such courts whether on the grounds of venue or on the ground that proceedings have been brought in any inconvenient forum. Each Participating Institution undertakes to enter an
unconditional appearance within 14 days after the completion of any service of process in any Proceedings. Each Participating Institution shall consent to the service by post of any process issued in Ireland. Nothing herein shall affect the right to
serve process in any other manner permitted by law. 

  

	 	17.2	Nothing in this Rule 17 shall limit the right of the Guarantor to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in
any or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). Each Participating Institution agrees that any action against the Guarantor in connection with the Scheme and the Rules may only be
taken in the courts of Ireland. 

  

 25 

 ANNEX 1 

Form of Application 

CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES GUARANTEE) 

SCHEME 2009 

PARTICIPATING INSTITUTION CERTIFICATE APPLICATION 
  

	18.	Date of application. 

  

	19.	Name of applicant.1 

  

	20.	Contact Details.2 

  

	21.	We hereby enclose the following documents in accordance with Rule 3 of the Rules: 

 

	 	(a)	two originals of an Eligible Liabilities Guarantee Scheme Agreement executed by us; 

 

	 	(b)	a legal opinion in respect of the execution of such Eligible Liabilities Guarantee Scheme Agreement; and 

 

	 	(c)	evidence of the authority of the signatories to the application.3 

  

	22.	We warrant and represent to you that the information contained in, attached to and provided to you in connection with this application is accurate, complete and not
misleading (including by omission) in any respect. 

 Signed by 

 

	
	
	  
	Duly authorised
	
	  

	Duly authorised

  

 26 

 Notes 

 

	23.	Full legal name of Eligible Institution which is the applicant. 

  

	24.	Contact details for the applicant and for officer(s) of applicant responsible for this application. 

 

	25.	The application must be accompanied by evidence, satisfactory to the Guarantor, of the authority of the signatories of the application. 

 

 27 

 ANNEX 2 

Form of Participating Institution Certificate 

NATIONAL TREASURY MANAGEMENT AGENCY 

CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES GUARANTEE) 

SCHEME 2009 

PARTICIPATING INSTITUTION CERTIFICATE 

Certificate no. [ — ] Date: [ — ]

 As operator of the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the “Scheme”), the National Treasury
Management Agency hereby certifies that [insert name of institution] is a Participating Institution for the purposes of the Scheme. 
 Signed

 [to be signed by an official on behalf of the National Treasury Management Agency] 

	
	
	  
	
	  

 

 28 

 ANNEX
31 

CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES GUARANTEE) 

SCHEME 2009 

ELIGIBLE LIABILITY GUARANTEE CERTIFICATE APPLICATION 

 

			
	Date of 
Application	  	 
	 	 
	Name of
Applicant	  	[Insert full legal name of Participating Institution which is the
Applicant]
	 	 
	Contact details	  	[Contact details for the Applicant and for offlcer(s) of Applicant responsible for this
Application.]
	 	 
	
Whether the Application
 is made
under
 Rule 4.1 or Rule 4.7
	  	[Rule 4.1] [Rule 4.7]
	 	 
	 Details of
Eligible
 Liabilities
	  	[To be inserted in boxes below — see note 1 below]
	 	 
	Full legal name of the
issuer	  	 
	 	 
	 Full legal name(s) of
any
 guarantor(s) (other than the

Guarantor)
	  	 
	 	 
	
Principal amount in the
 currency of
issue
	  	 
	 	 
	 Indicative interest
rate or
 discount (as applicable) and

the source of the reference
 rate (if applicable)

	  	 
	 	 
	Tenor	  	 
	 	 
	 Proposed
scheduled
 maturity date
	  	 
	 	 
	
Proposed investor put/early
 redemption
date
	  	 
	 	 
	
Type of Eligible Liability
 (as defined in Rule
2.1)
	  	 

 

	1
	 NB: This Annex 3 does not apply in respect of deposits. 

 

 29 

			
	
Arranger, managers and the

Participating Institution’s

other financial advisors
	 	 
	 	 
	
Where known, whether or

not the person(s) to whom

the payment obligation

under the Eligible Liability

will be owed is represented

by a trustee, and, if so,

particulars (including

formal contact details) of

the trustee
	 	 
	 	 
	
Particulars (including

formal contact details) of

the paying agent (where multiple paying agents, the principal paying agent) or registrar (as applicable), and full details of its bank

account to be used for payments to be made in connection with the Eligible Liability
	 	 
	 	 
	Proposed issue date and (if applicable)
launch date.	 	 
	 	 
	List of documents submitted as part of application	 	 
	 	 
	
Details of Eligible

Programme
	 	[To be inserted in boxes below – see note 2 below]
	 	 
	Full legal name of the issuer	 	 
	 	 
	Full legal name(s) of any guarantor(s)
(other than the Guarantor)	 	 
	 	 
	Maximum principal amount of and the title of the programme	 	 
	 	 
	Permitted currencies	 	 
	 	 
	Date of establishment of the programme
and, if applicable, the date of its last update	 	 

  

 30 

			
	Where known, whether or not the person(s) to
whom the payment obligation under the Eligible Liability will be owed is represented by a trustee, and, if so, particulars (including formal contact details) of the trustee	  	 
	 	 
	Particulars (including formal contact details) of the paying agent (where
multiple paying agents, the principal paying agent) or registrar (as applicable), and full details of its bank account to be used for payments to be made in connection with the Eligible Liability.	  	 
	 	 
	List of documents submitted as part of
application	  	 

[Save as set out below, we] [We] confirm that there are no Eligible Liabilities proposed to be issued by ourselves, but not yet so issued, in respect of
which an Eligible Liability Guarantee Certificate has been issued. 
 [ — ] 

We warrant and represent to you that the information contained in, attached to and provided to you in connection with this Application (including the
particulars required by Rule 4.4) is accurate, complete and not misleading (including by omission) in any respect and, in particular, that the Eligible Liabilities the subject of this Application satisfy the Eligibility Criteria. 

We undertake to pay the Fee applicable to the [Eligible Liabilities/Eligible Programme] in accordance with the Scheme and the Rules. 

Signed by: 

	
	
	  
	Duly authorised
	
	  

	Duly authorised

  

 31 

 Notes 
  

	26.	Details of the Eligible Liabilities in respect of which the guarantee is applied for and the information and documents referred to in Rules 4.4 and 4.5(h) must be
provided. 

 In the case of Eligible Liabilities which are in the form of debt securities, the details must
demonstrate that the Eligible Liability satisfies the Eligibility Criteria and subject to note 2 below applying to this application, include the information listed in the table above under the heading “Details of Eligible Liabilities”.

  

	27.	A Participating Institution can apply to have all Eligible Liabilities from time to time in issue under an Eligible Programme guaranteed under the Scheme, in which case
it must provide details of the Eligible Programme in respect of which the guarantee is applied for and the information and documents referred to in Rules 4.4 and 4.5(h) must be provided, including the information listed in the table above under the
heading “Details of Eligible Programme”. The details provided must demonstrate that each Eligible Liability satisfies the Eligibility Criteria. 

  

	28.	A failure to provide information that is accurate, complete and not misleading (including by omission) in respect of this application will be breach of the Rules.

  

 32 

 ANNEX 4 

Eligible Liability Guarantee Certificate
2 

NATIONAL TREASURY MANAGEMENT AGENCY 

CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES GUARANTEE) 

SCHEME 2009 

ELIGIBLE LIABILITY GUARANTEE CERTIFICATE 

Certificate no. [—] Date: [—]

 As Scheme Operator of the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the “Scheme”), the National
Treasury Management Agency hereby certifies that the liabilities, the details of which are specified in the schedule to this Certificate, are, upon their issue, and provided [they have been issued] [the first issuance under the Guaranteed Programme
occurs] on or before [the date being 30 days after the date of this certificate],] Guaranteed Liabilities for the purposes of the Scheme. 

[The Guarantee Certificate replaces the certificate issued on [—] in respect of the
Guaranteed Programme referred to above].3 

Signed 
  

	
	  

	
	  

 The National Treasury
Management Agency 
 Schedule 
  

 

	2
	 NB: This Annex 4 does not apply in respect of deposits. 

 

	3
	 Include for Guaranteed Programmes where the maximum amount has been increased. 

 

 33 

 ANNEX 5 

Form of Deed of Counter-Indemnity 

To: The Minister for Finance 
 We refer to the
eligible liability guarantee contained in the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the “Guarantee”). Words and expressions defined in the Credit Institutions (Eligible Liabilities Guarantee) Scheme have
the same meanings where used in this Deed, save that references in this Deed to the “Guarantee” shall be construed as references to the Guarantee insofar (and only insofar) as it applies to our Guaranteed Liabilities to the intent and
effect that this Deed shall have no application to the Guarantee insofar as it applies to the Guaranteed Liabilities of other persons. 
 In
consideration of your agreeing at our request to issue one or more Eligible Liability Guarantee Certificates, we hereby:- 
  

	29.	agree to keep you indemnified to the extent hereinafter provided from and against all actions, proceedings, liabilities, claims, damages, costs and expenses in relation
to or arising out of the Guarantee and this Deed, and to pay to you on demand an amount equal to all payments, claims, losses, costs, charges, damages, taxes, duties and expenses suffered or incurred by you in consequence thereof or arising
therefrom, whether directly or indirectly; and 

  

	30.	agree to pay to you upon demand interest on all amounts demanded by you from us under this Deed calculated at the aggregate of the Official Bank Rate (for the time
being and from time to time) and two per cent. (2%) during the period from (and including) the date of such demand to (but excluding) the date of payment by us to you of all such amounts; and for this purpose “Official Bank Rate”
means the European Central Bank rate (main refinancing operations) published by the European Central Bank from time to time; and 

  

	31.	irrevocably authorise and direct you to make any payments forthwith and comply with any demands which may be claimed or made under the Guarantee without any reference
to or further authority, confirmation or verification from us, and agree that any payment which you shall make in accordance with the Guarantee shall be binding upon us and shall be accepted by us as conclusive evidence that you were liable to make
such payment or comply with such demand notwithstanding any dispute that may exist between us and the beneficiary as to the validity of any such demand; and 

 

	32.	without prejudice to any other provision of this Deed, agree that any demand made upon you for payment of sums specified in the Guarantee shall, for all purposes
relating to this Deed, be deemed to be a valid and effective demand, and you shall be entitled to treat it as such notwithstanding any actual lack of authority on the part of the person making the demand if the demand appears on its face to be in
order; and 

  

	33.	without prejudice to any other provision of this Deed, agree that provided that any certificate or document delivered in accordance with the provisions of the Guarantee
appears on its face to be in accordance with the terms of the Guarantee, such certificate or document shall for all purposes relating to this Deed be deemed to be genuine and in accordance with the terms of the Guarantee; and

  

 34 

	34.	agree that all sums payable hereunder shall be made free and clear of and without deduction for or on account of any set-off or counterclaim or any present or future
taxes of any nature. Should any such payment be subject to deduction in respect of any such matter, we shall pay to you such additional amount as may be necessary to enable you to receive a net amount equal to the full amount payable hereunder. As
used herein, the term “taxes” includes all levies, imposts, duties, charges, fee, deductions, withholdings, turnover tax, stamp duty, and any obligations or conditions resulting in a charge; and 

 

	35.	agree that all payments under this Deed shall be made in the currency in which payments made or liabilities incurred by you under the Guarantee are denominated: and

  

	36.	agree that our liability hereunder shall also apply to any increase or decrease in the amount of or extension or renewal of the Guarantee from time to time (whether in
the same terms or otherwise and whether arising with our agreement or by operation of law or otherwise) to the intent that all agreements, undertakings and authorities herein shall continue to be binding on us in relation to the Guarantee as so
increased, decreased, extended or renewed; and 

  

	37.	agree that, without prejudice to any other rights, powers or remedies (whether provided by contract, law or otherwise) which you may have, you may set off any moneys
due and payable (but not paid) by us under this Deed against any obligation whatsoever owed by you to us, regardless of the place of payment or currency of either obligation, and, if the obligations are in different currencies, you may convert
either obligation at a market rate of exchange selected by you for this purpose; and 

  

	38.	agree that, if, under any applicable law and whether pursuant to a judgment being made or registered against us or for any other reason, any payment under or in
connection with this Deed is made or falls to be satisfied by us or on our behalf in a currency (the “other currency”) other than that in which the relevant payment is expressed to be due (the “required currency”), then to the
extent that the payment actually received by you (when converted into the required currency at the market rate of exchange selected by you for this purpose on the date of payment or, if it is not practicable for you to purchase the required currency
with the other currency on the date of payment, at the market rate of exchange selected by you for this purpose as soon thereafter as it is practicable for you to do so) falls short of the amount due under the terms of this Deed, we shall, as a
separate and independent obligation, indemnify and hold you harmless against the amount of such shortfall; and 

  

	39.	agree to observe, and perform our obligations under, the Rules in force from time to time, and to comply with any undertaking given by us to the Guarantor in connection
with the issue of any Eligible Liability Guarantee Certificates. 

 We hereby warrant and represent that we have power to enter
into and have duly authorised the execution and delivery of this Deed and that our obligations hereunder constitute our legal, valid and binding obligations, enforceable in accordance with its terms. 

Our obligations hereunder shall not be in any way discharged or impaired by reason of any time or other indulgence granted to you by the beneficiary or
by any amendment or variation of the Guarantee or any related agreement, and shall exist irrespective of any present or future total or partial invalidity, illegality or unenforceability of the Guarantee. 

 

 35 

 We shall not, and we shall procure that no guarantor of any Guaranteed Liability shall, without your prior
written consent, enforce or seek to enforce in competition with you. any right of contribution, subrogation or indemnity from or against any other person to which we or such guarantor may be entitled by reason of the performance of our obligations
hereunder or the guarantor’s performance of its obligations, in each case, in respect of the Guaranteed Liability. 
 A certificate
submitted by you to us as to the amount due from us to you hereunder at the date of such certificate shall, save in the case of manifest error, be conclusive and binding on us for all purposes. 

We understand and agree that our liability hereunder will continue until you have notified us in writing that you have released us from it. 

This Deed and any non-contractual claim arising out of or in connection with it shall be governed by and construed in accordance with the laws of Ireland
and shall be additional to any other indemnity which you now or hereafter may hold. 
 We hereby agree for your exclusive benefit that any legal
action or proceedings (“Proceedings”) brought against us with respect to this Deed and any non-contractual obligations arising out of or in connection therewith, may be brought in the High Court in Ireland or such other competent
court of Ireland as you may elect and we waive any objection to Proceedings in such courts whether on the grounds of venue or on the ground that proceedings have been brought in any inconvenient forum. We undertake to enter an unconditional
appearance within 14 days after the completion of any service of process in any Proceedings. We hereby consent to the service by post of any process issued in Ireland. Nothing herein shall affect the right to serve process in any other manner
permitted by law. Nothing in this Deed shall limit your right to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any or more jurisdictions preclude the taking of Proceedings in any other
jurisdiction (whether concurrently or not). We agree that any action against you in connection with this Deed may only be taken in the courts of Ireland. 

DATE: [—] 

PRESENT WHEN 
 THE COMMON SEAL of 

[Participating Institution] 
 was hereto
affixed 
 in the presence of: 
  

 36 

 ANNEX 6 

Form of Demand 

[CREDIT INSTITUTIONS (ELIGIBLE LIABILITIES GUARANTEE) SCHEME 

2009] 

NOTICE OF
DEMAND4 

To: 
 The National Treasury Management Agency

 The Treasury Building, 
 Grand Canal
Street, 
 Dublin 2 
 As Scheme
Operator of the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the “ELG Scheme”) 
 [Title
and ISIN of Guaranteed Liability] 
  

	40.	We, [—], certify that [we are the [trustee for the holders of] [the holder of [amount] of] the above-mentioned
Guaranteed Liability. 

  

	41.	We refer to the guarantee applicable to the above-mentioned Guaranteed Liability dated — 20
— pursuant to the ELG Scheme. Words and expressions defined in the ELG Scheme have the same meanings where used in this notice. 

 

	[3.	We demand payment to us, in accordance with paragraph 26 of the schedule to the ELG Scheme and the Rules, of the sum of [—
] being [—] due and payable, but unpaid, to us [or holders that we represent] under or in respect of the Guaranteed Liability (the “Claimed Sum”).] 

 

	[4.	The due date, after the expiry of the applicable grace period (if any), for the payment of interest to us under or in respect of the Guaranteed Liability was
[—] and such payment has not been made to us.] 

  

	[5.	The redemption date of the Guaranteed Liability was [—] and the amount due and payable to us in respect of the
Guaranteed Liability on such date has not been paid to us.] 

  

	6.	We certify that we validly demanded payment of the Claimed Sum from the issuer of the Guaranteed Liability on [—] and
that the issuer has failed to pay the Claimed Sum to us in accordance with our valid demand. 

 Signed by: 

 
  

	4
	 This is the form of notice of demand for guaranteed liabilities other than deposits. 

 

 37 

	
	
	  

 Duly authorised

  

 38 

 Annex 7 

Fees in effect on commencement of the
Scheme5 

 

	42.	A Fee shall be payable to the Guarantor by each relevant Participating Institution in respect of each Guaranteed Liability, corresponding to the recommendations of the
Governing Council of the European Central Bank on government guarantees for bank debt dated 20 October 2008 and any Eurosystem guidelines. In particular: 

 

	 	42.1	The Fee payable to the Guarantor in relation to a Guaranteed Liability with a maturity greater than one year shall be based on a per annum rate of 0.50% of the
principal amount of the Guaranteed Liability plus either: 

  

	 	(a)	100% of the relevant Participating Institution’s median five-year credit default swap (“CDS”) spread during the period from 1 January 2007 to
31 August 2008; or 

  

	 	(b)	100% of the median five-year CDS spread during the period from 1 January 2007 to 31 August 2008 for euro area credit institutions in the same credit rating
category as the relevant Participating Institution (or the lowest rating category if such Participating Institution has no rating), 

whichever is the lower, as determined by the Scheme Operator. 

 

	 	42.2	The Fee payable to the Guarantor in relation to a Guaranteed Liability with a maturity of up to one year shall be based on a per annum rate of 0.50% of the principal
amount of the Guaranteed Liability. 

  

	 	42.3	The Fee shall be applied to the principal amount of an interest bearing Guaranteed Liability and in the case of a non-interest bearing Guaranteed Liability to the gross
proceeds of issue of the relevant Guaranteed Liability. 

  

	43.	The Guarantor may apply an alternative CDS spread if it determines in his or her discretion, that the data referred to at 1.1 above is not publicly available, based on
median five year CDS spreads for euro area credit institutions in the same credit rating category as the relevant Participating Institution (or the lowest rating category if such participating institution has no rating). 

 

	44.	Notwithstanding paragraph 1 above, for a three-month period from the commencement date, the Fee applicable to any Guaranteed Liabilities of a Participating Institution
with a maturity of one (1) month or less shall be based on an overall flat fee of 25 basis points per annum. 

  

 

	5
	 Subject to change in accordance with EU State aid requirements. 

 

 39Exhibit 4.10

 Exhibit 4.10 

McCann FitzGerald 

DATED 13 MAY 2009 

ALLIED IRISH BANKS, p.l.c. 

AND 

THE NATIONAL PENSIONS RESERVE FUND COMMISSION 

 
  

INSTRUMENT 

constituting warrants to subscribe for ordinary shares 

in ALLIED IRISH BANKS, p.l.c. 
  

 
 McCann
FitzGerald 
 Solicitors 

Riverside One 
 Sir
John Rogerson’s Quay 
 Dublin 2 

DJB\1927194 

 McCann FitzGerald 

 
 CONTENTS 

 

					
	CLAUSE	  	PAGE
			
	 1.
	  	Definitions and Interpretation	  	4
			
	 2.
	  	Instrument to be binding on AIB and the Warrantholders	  	5
			
	 3.
	  	Warrants	  	6
			
	 4.
	  	Certificates	  	6
			
	 5.
	  	Subscription Rights	  	6
			
	 6.
	  	Cancellation of Secondary Tranche Warrants	  	6
			
	 7.
	  	Ordinary Shares Available	  	7
			
	 8.
	  	Listing of Ordinary Shares issued upon Exercise	  	8
			
	 9.
	  	No transfer	  	8
			
	 10.
	  	Governing Law	  	8
			
	 11.
	  	Taxes	  	8
			
	 12.
	  	Assignment	  	9
			
	 13.
	  	Jurisdiction	  	9
			
	 14.
	  	Counterparts	  	9
		
	SCHEDULE 1, Part One	  	10
			
	 1.
	  	Introduction	  	10
			
	 2.
	  	Form	  	10
			
	 3.
	  	Register and Title	  	10
			
	 4.
	  	Transfers	  	11
			
	 5.
	  	Modification and Cancellation of Warrants	  	11
			
	 6.
	  	Exercise	  	11
			
	 7.
	  	Procedure for Exercise	  	12
			
	 8.
	  	Rights Arising on Exercise	  	13
			
	 9.
	  	Issue and Delivery of Warrant Shares	  	13
			
	 10.
	  	Corporate Reorganisation	  	14
			
	 11.
	  	Determined by an Expert	  	16

 McCann FitzGerald 

 

					
			
	12.	  	Replacement of Warrants	  	17
			
	13.	  	Notices	  	17
			
	14.	  	Governing Law and Jurisdiction	  	17
			
	15.	  	Interpretation	  	17
		
	SCHEDULE 1, Part Two	  	24
			
	1.	  	Capital Distributions	  	24
			
	2.	  	Bonus Issues	  	25
			
	3.	  	Alteration to Nominal Value	  	25
			
	4.	  	Ordinary Shares, Rights and Ordinary Share-Related Securities Issued to Shareholders	  	26
			
	5.	  	No Adjustments	  	27
			
	6.	  	Adjustments for Exercise near a Record Date	  	28
			
	7.	  	Aggregate Consideration and Consideration per Ordinary Share	  	29
			
	8.	  	Notice of Adjustment of the Gross Number of Ordinary Shares	  	31
		
	 SCHEDULE 2, FORM OF CORE TRANCHE WARRANT CERTIFICATE
	  	32
		
	 SCHEDULE 3, FORM OF SECONDARY TRANCHE WARRANT CERTIFICATE
	  	34

 McCann FitzGerald 

 
 THIS INSTRUMENT is entered into by way of Deed on 13 May 2009.

 BY 
  

	(1)	ALLIED IRISH BANKS, p.l.c., a company incorporated in Ireland (registered no. 24173), whose registered office is at Bankcentre, P.O. Box 452, Ballsbridge, Dublin
4, (“AIB”); and 

  

	(2)	THE NATIONAL PENSIONS RESERVE FUND COMMISSION (“NPRFC”) established by the National Pensions Reserve Fund Act 2000 to, inter alia, control,
manage and invest the assets of NPRF. References herein to NPRFC mean NPRFC acting in its capacity as controller and manager of the National Pensions Reserve Fund. 

RECITAL: 
  

	(A)	AIB, the Minister and NPRFC have entered into a Subscription Agreement dated 13 May 2009 pursuant to which NPRFC has agreed to subscribe for €3.5 billion of
preference shares in the capital of AIB. The Subscription Agreement requires AIB, subject to the satisfaction of certain conditions, to issue warrants to subscribe for ordinary shares in the capital of AIB. 

 

	(B)	The shareholders of AIB have, in accordance with the Companies Acts 1963 to 2006 and AIB’s Memorandum and Articles of Association, authorised the Board to issue
warrants to NPRFC to subscribe for ordinary shares in the capital of AIB in the amounts set out in this Instrument. 

  

	(C)	AIB has, by resolution of its Board, agreed to issue warrants to NPRFC to subscribe for ordinary shares in the capital of AIB on the terms set out in this Instrument.

  

	(D)	This Instrument has been executed by AIB and NPRFC as a deed and by AIB as a deed poll in favour of the Warrantholders (defined below). 

THIS INSTRUMENT WITNESSES and AIB and NPRFC AGREE AND DECLARE as follows: 

 

	1.	Definitions and Interpretation 

  

	1.1	In this Instrument: 

  

	 	(a)	“2009 Preferences Shares” has the meaning given to it in the Articles of AIB; 

 

	 	(b)	“Core Tier 1 Securities” has the meaning given to it in the Articles of AIB; 

 

	 	(c)	“Core Tranche Exercise Price” means the subscription price of €0.975 per Core Tranche Warrant; 

 

	 	(d)	“Core Tranche Warrant” means 155,780,375 warrants (subject to and with the benefit of the Terms and Conditions) to subscribe for Ordinary Shares at the
Core Tranche Exercise Price and represented by the Core Tranche Warrant Certificate; 

  

	 	(e)	“Core Tranche Warrant Certificate” means a warrant certificate substantially in the form set out in Schedule 2; 

 

	1
	 That is, such number as will represent 15% of the ordinary issued share capital of AIB on the date of issue of the 2009 Preference Shares calculated on
a post-dilution basis. 

 McCann FitzGerald 

 

	 	(f)	“Exercise Price” means the Core Tranche Exercise Price and the Secondary Tranche Exercise Price; 

 

	 	(g)	“Government Body” has the meaning given to it in the Articles of AIB; 

 

	 	(h)	“Government Concert Party” has the meaning given to it in the Articles of AIB and “member of the Government Concert Party” means any
one of them from time to time; 

  

	 	(i)	“Ordinary Shares” means the ordinary shares of €0.32 each in the capital of AIB; 

 

	 	(j)	“Secondary Tranche Warrants” means 138,471,444 warrants (subject to and with the benefit of the Terms and Conditions) to subscribe for Ordinary Shares
at the Secondary Tranche Exercise Price and represented by the Secondary Tranche Warrant Certificate; 

  

	 	(k)	“Secondary Tranche Exercise Price” means the subscription price of €0.375 per Secondary Tranche Warrant; 

 

	 	(1)	“Secondary Tranche Warrant Certificate” means a warrant certificate substantially in the form set out in Schedule 3; 

 

	 	(m)	“Terms and Conditions” the terms and conditions of the Warrants set out in Schedule 1 to this Instrument; 

 

	 	(n)	“Warrant Certificate” means a Core Tranche Warrant Certificate or a Secondary Tranche Warrant Certificate; 

 

	 	(o)	“Warrant Register” means the register required to be maintained by AIB in accordance with Condition 3 of Part 1 (Register and Title) of the
Terms and Conditions; 

  

	 	(p)	“Warrants” means the Core Tranche Warrants and the Secondary Tranche Warrants; 

 

	 	(q)	“Warrantholder” means, in relation to a Warrant, the person in whose name such Warrant is for the time being registered in the Warrant Register (or, in
the case of a joint holding, the first named thereof); and 

  

	 	(r)	“Warrant Shares” means the Ordinary Shares allotted and issued on the exercise of the Warrants, and shall also include all the shares and other
securities (if any) which shall as a result of a Corporate Event derive (whether directly or indirectly) from such Ordinary Shares. 

  

	1.2	In this Instrument, unless there is something in the subject matter or context inconsistent therewith, the expressions defined in Condition 15 of Part 1
(Interpretation) of the Terms and Conditions shall have the meanings given in that condition. 

  

	2.	Instrument to be binding on AIB and the Warrantholders 

AIB agrees with the Warrantholders and, in consideration of AIB issuing the Warrant Certificates, each Warrantholder agrees with AIB, that
the Articles of AIB and the terms of this Instrument shall be binding upon AIB and each Warrantholder and all persons claiming through either of them. 
  

 5 

 McCann FitzGerald 

 

	3.	Warrants 

 The Warrants
shall be issued by AIB to NPRFC on the date of this Instrument subject to and with the benefit of the Terms and Conditions. 
  

	4.	Certificates 

 NPRFC shall
be entitled to receive one certificate for the aggregate number of Core Tranche Warrants to be issued to it and one certificate for the aggregate number of Secondary Tranche Warrants to be issued to it. Each Warrant Certificate shall be in the form
set out in Schedule 2 or 3, as applicable, under the seal of AIB which shall be affixed in such manner as shall be permitted by the Articles of AIB. Every Warrant Certificate shall refer to, and the Warrants shall be held subject to, this Instrument
(including the Schedules to this Instrument) and shall be binding on AIB and NPRFC and all persons claiming through or under them respectively. 
  

	5.	Subscription Rights 

  

	5.1	The Warrantholder(s) shall have the right to subscribe in cash for Ordinary Shares on the terms and conditions set out in this Warrant Instrument and each Warrantholder
shall have the right to subscribe for that number of Ordinary Shares to which that Warrantholder is entitled (as recorded in the Warrant Certificate or the Warrant Register) as may be adjusted from time to time pursuant to Clause 6 of this Warrant
Instrument and Part 2 of Schedule 1 (Adjustment of Subscription Rights). 

  

	5.2	The number of Ordinary Shares to be, or capable of being, subscribed for may be adjusted from time to time pursuant to Clause 6 of this Warrant Instrument and Part 2 of
Schedule 1 (Adjustment of Subscription Rights). 

  

	6.	Cancellation of Secondary Tranche Warrants 

  

	6.1	If, on or before 31 December 2009, AIB redeems or purchases 2009 Preference Shares out of the proceeds of an issue by AIB of Core Tier 1 Securities in accordance
with the Articles of AIB (a “Qualifying Redemption”), a proportion, calculated in accordance with the following formula, of the Secondary Tranche Warrants in issue shall be cancelled and extinguished with effect from the Redemption
Date (as defined below). 

  

	6.2	The number of Secondary Tranche Warrants to be cancelled and extinguished (rounded up to the nearest integer) shall be: 

 

							
	A	 	x	 	B	  	
		 		 	C	  	

 Where: 
  

					
	A	 	    =    	  	the total number of Secondary Tranche Warrants in issue on the Warrant Issue Date;
			
	B	 	    =    	  	the aggregate subscription price paid in euro on issue of those 2009 Preference Shares which are redeemed or purchased in the Qualifying Redemption; and
			
	C	 	    =    	  	€1,500,000,000,

 and so that all of
the Secondary Tranche Warrants shall be cancelled and extinguished if AIB redeems such number of 2009 Preference Shares in a Qualifying Redemption as have in aggregate a subscription price paid on issue of €1.5 billion or more. 

 

 6 

 McCann FitzGerald 

 

 On a cancellation of Secondary Tranche Warrants in accordance with this Clause 6, that
proportion of the aggregate number of Secondary Tranche Warrants held by a Warrantholder shall be cancelled as the total number of Secondary Tranche Warrants to be cancelled bears to the total number of Secondary Tranche Warrants in issue.

  

	6.3	The Secondary Tranche Warrants are for the purposes of this Clause 6 correlated to the 2009 Preference Shares. On a Qualifying Redemption, the Company shall select
those Secondary Tranche Warrants to be cancelled by reference to their registered number as that corresponds to the registered number of the 2009 Preference Shares redeemed in the Qualifying Redemption in accordance with the following table:

  

			
	 Registered Number of 2009 Preference Shares
	  	 Registered number of Secondary Tranche Warrants

		
	1 to 150,000,000	  	1 to 13,847,145
		
	150,000,001 to 300,000,000	  	13,847,146 to 27,694,289
		
	300,000,001 to 450,000,000	  	27,694,290 to 41,451,434
		
	450,000,001 to 600,000,000	  	41,541,435 to 55,388,578
		
	600,000,001 to 750,000,000	  	55,388,579 to 69,235,722
		
	750,000,001 to 900,000,000	  	69,235,723 to 83,082,867
		
	900,000,001 to 1,050,000,000	  	83,082,868 to 96,930,011
		
	1,050,000,001 to 1,200,000,000	  	96,930,012 to 110,777,156
		
	1,200,000,001 to 1,350,000,000	  	110,777,157 to 124,624,300
		
	1,350,000,001 to 1,500,000,000	  	124,624,301 to 138,471,444

 and where a
number of 2009 Preference Shares other than a multiple of 150,000,000 is to be redeemed the Company shall select the corresponding number of Secondary Tranche Warrants to be cancelled accordingly. 

 

	6.4	Where any Secondary Tranche Warrants are cancelled and extinguished in accordance with this Clause 6, a Warrantholder shall not be not entitled to any damages or
compensation of any kind from AIB in respect of such cancellation and extinguishment of Secondary Tranche Warrants. 

  

	6.5	If Warrants are cancelled pursuant to this Clause 6, the Warrant Certificates held by the Warrantholder shall be returned by the Warrantholder to AIB for cancellation
on demand and AIB shall issue a fresh Warrant Certificate for any balance of a Warrantholders’ Subscription Rights (if any) not later than 7 days after the receipt of the Warrant Certificates. 

 

	6.6	In this Clause 6, “Redemption Date” means the date of redemption or purchase of the 2009 Preference Shares in a Qualifying Redemption.

  

	7.	Ordinary Shares Available 

For so long as any Warrants remain exercisable, AIB shall keep available for issue free from pre-emptive or other similar rights out of
its authorised but unissued share capital such number of Ordinary Shares as would enable AIB to issue all Ordinary Shares required to be issued pursuant to the exercise of such Warrants. 

 

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	8.	Listing of Ordinary Shares issued upon Exercise 

AIB shall use all reasonable endeavours to ensure that all Ordinary Shares issued on exercise of a Warrant will be admitted to listing and
trading on the Relevant Exchange in accordance with its rules and will be admitted to listing, trading and/or quotation by such other or further listing authorities, stock exchanges and/or quotation systems by which the Ordinary Shares are then
(following application by or on behalf of AIB) admitted to listing, trading and/or quotation in accordance with their respective rules. 
  

	9.	No transfer 

  

	9.1	This Instrument and the Warrants are personal to the Warrantholder and neither any of the Warrants nor the benefit of this Instrument (nor any legal beneficial or other
rights nor interests in either of them) shall be transferable or capable of disposal in any way in whole or in part by the Warrantholder save that this Instrument and the Warrants may be assigned or transferred by duly stamped (where applicable)
instrument of transfer:- 

  

	 	(a)	with the prior consent of AIB; or 

  

	 	(b)	without the prior consent of AIB to a Government Body, 

and except as provided above, no Warrantholder shall hold any of the Warrants or the benefit of this Instrument (nor any legal, beneficial
or other rights nor interests in either of them) on trust for any person. 
  

	9.2	Except as provided in Clause 9.1 of this Warrant Instrument, a purported transfer or disposal of, or trust in respect of, any of the Warrants or the benefit of this
Instrument (or any of the legal, beneficial or other rights or interests in either of them) shall be void and the Warrants or any benefit of this Instrument or relevant interests purported to be transferred shall be incapable of exercise by or on
behalf of the purported transferee. 

  

	9.3	The Warrantholder shall not enter into any agreement or arrangement (whether legally binding or otherwise) relating to the manner in which any of the Warrants or any
benefit of this Instrument are to be exercised or restricted, save for any agreement or arrangement with another member of the Government Concert Party. 

  

	9.4	Any purported exercise of the Warrants or Subscription Rights pursuant to an agreement or arrangement in breach of this Clause 9 shall be void.

  

	9.5	Where a transfer of Warrants or the benefit of this Instrument is permitted under this Clause 9, the provisions of the Articles of AIB relating to the registration,
transfer and transmission of shares in AIB shall apply mutatis mutandis to the Warrants. 

  

	10.	Governing Law 

 This
Instrument and the Warrants shall be governed by and construed in accordance with the laws of Ireland. 
  

	11.	Taxes 

  

	11.1	The Warrantholder shall pay all taxes, duties and charges, if any, payable in connection with the issue, holding and/or exercise of the Warrants and the subscription
for Ordinary Shares as a result of such exercise. 

  

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	11.2	AIB is not liable or otherwise obliged to pay any tax, duty or charge which may arise as a result of the issue, ownership, transfer or exercise or enforcement of any
Warrant. 

  

	12.	Assignment 

 Neither AIB
nor the Warrantholder shall assign all or any part of the benefit of, or its rights or benefits under, this Warrant Instrument. This Clause shall not limit a Warrantholder’s ability to transfer Warrants in those circumstances specifically
permitted by Clause 9. 
  

	13.	Jurisdiction 

  

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

  

	13.2	Each of the parties to this Warrant Instrument irrevocably waives any objection to Proceedings in the courts referred to in this Clause 13.1 on the grounds of venue or
on the grounds of forum non conveniens. 

  

	14.	Counterparts 

 This
Warrant Instrument 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
Warrant Instrument, but all the counterparts shall together constitute but one and the same instrument. 
  

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 SCHEDULE 1 

TERMS AND CONDITIONS OF THE WARRANTS 

PART 1 
  

	1.	Introduction 

 In these
Terms and Conditions, the expression the “Warrants” refers to warrants to subscribe for Ordinary Shares in the capital of Allied Irish Banks, p.l.c. (“AIB”) with the terms and conditions set out herein. The Warrants
will be created by the resolution of the Board referred to in Recital C of the Warrant Instrument and will be constituted by the Warrant Instrument. Warrantholders are entitled to the benefits of, and be bound by and be deemed to have notice of, all
the provisions of the Warrant Instrument. 
  

	2.	Form 

 The Warrants are in
registered form. The Secondary Tranche Warrants will be numbered so that they can be distinguished from each other at any time. 
  

	3.	Register and Title 

Warrant Register 
  

	3.1	AIB will maintain a register (the “Warrant Register”) in respect of each of the Core Tranche Warrants and the Secondary Tranche Warrants on which shall
be entered the names and addresses of the Warrantholders and the particulars of the Warrants (including in the case of the Secondary Tranche Warrants their identifying numbers) held by them and of all cancellations and transfers (in accordance with
Clauses 6 and 9 of the Warrant Instrument) and exercises of Warrants. 

 Certificates 

 

	3.2	A Warrantholder will be entitled to receive a certificate (the “Warrant Certificate”) in respect of its aggregate registered holding of Core Tranche
Warrants or, as the case may be, in respect of its aggregate registered holding of Secondary Tranche Warrants. Each Warrantholder shall be entitled to receive only one Warrant Certificate in respect of its entire holding of Core Tranche Warrants and
only one Warrant Certificate in respect of its entire holding of Secondary Tranche Warrants. Warrant Certificates shall be issued by AIB in the form set out in Schedules 2 and 3 to this Instrument, as applicable. Each certificate shall be under the
seal of AIB which shall be affixed in such manner as shall be permitted by the Articles of AIB. Every certificate shall refer, and the Warrants shall be held subject, to the Warrant Instrument and these Terms and Conditions.

 Following registration in the Warrant Register of the transfer or exercise of Warrants or (in the case of the
Secondary Tranche Warrants) cancellation (in accordance with Clause 6 of the Warrant Instrument) and subject in each case to the receipt by AIB of the relevant Warrant Certificate, a Warrantholder will be entitled to receive a Warrant Certificate in
respect of its revised aggregate registered holding of Core Tranche Warrants (if any) or, as the case may be, in respect of its revised aggregate registered holding of Secondary Tranche Warrants (if any). 

Title 
  

	3.3	 The Holder of a Warrant shall (except as otherwise required by law) be treated as the absolute owner of such Warrant for all purposes (whether or not
it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing on 

 

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the related Warrant Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous loss or theft of the related Warrant Certificate) and no person shall be
liable for so treating such Holder. 

  

	4.	Transfers 

 Subject to
Clause 9.1(b) of the Warrant Instrument (No transfer), the Warrants may not be assigned or transferred without the prior written consent of AIB. 
  

	5.	Modification and Cancellation of Warrants 

Variation of Rights 
  

	5.1	All or any of the rights for the time being attached to the Core Tranche Warrants and/or the Secondary Tranche Warrants (including the Exercise Rights) may from time to
time (whether or not AIB is being wound up) be altered or abrogated by AIB with the sanction of a Consent and shall be effected by an instrument by way of deed poll executed by AIB and the Warrantholders (the benefit of such deed poll not to be
transferable save in accordance with Clause 9 of the Warrant Instrument (No transfer)) and expressed to be supplemental to the Warrant Instrument. A memorandum of every such supplemental deed as is referred to in this Condition shall be
endorsed on the Warrant Certificates and notice of such alteration or abrogation or modification shall be given by AIB to the Warrantholders within five Business Days of it occurring. 

Cancellation 
  

	5.2	Once exercised in full, the Warrants shall be cancelled and may not be reissued or resold. 

Application of Conditions 
  

	5.3	For the avoidance of doubt, the terms and conditions set out in these Terms and Conditions (including, but not limited to, the Adjustment Provisions) shall apply from
the Warrant Issue Date. 

  

	6.	Exercise 

 Exercise
Right 
  

	6.1	Except as provided in Condition 9 of this Part 1, a Warrantholder shall have at any time during the Exercise Period the right on one or more occasion to exercise a
number of Warrants at least equal to: 

  

	 	(a)	the number of Warrants equal to ten per cent, of the total number of Warrants issued pursuant to this Warrant Instrument as that number may be reduced pursuant to
Clause 6 of the Warrant Instrument (Cancellation of Secondary Tranche Warrants); or 

  

	 	(b)	the total number of Warrants remaining unexercised immediately before the issue of the Exercise Notice 

each such Warrant to be exercised in whole (but not in part only) into the Gross Number of Ordinary Shares upon the payment of the
Exercise Price. 
  

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 Exercise Period 

 

	6.2	The “Exercise Period” in respect of the Warrants shall be the period beginning on and including the fifth anniversary of the Warrant Issue Date and
ending on and including 6.00 pm (in Dublin, Ireland) on the tenth anniversary of the Warrant Issue Date, provided, however, that if the last day of the Exercise Period would otherwise be a day which is not a Business Day, the last day of the
Exercise Period shall be the immediately following Business Day. 

 Gross Number of Ordinary Shares

  

	6.3	The Gross Number of Ordinary Shares in respect of which one Warrant may be exercised shall be: 

 

	 	(a)	on the Warrant Issue Date, one; or 

  

	 	(b)	on any subsequent date (whether before or during the Exercise Period), one, as may have been adjusted in accordance with the Adjustment Provisions.

 No Ordinary Shares set aside 

 

	6.4	The Warrants are not exercisable in respect of any specific Ordinary Shares and no Ordinary Shares have been or will be charged, placed in custody or otherwise set
aside to secure or satisfy the obligations of AIB in respect of the issue and delivery of Ordinary Shares pursuant to any exercise of Warrants. 

Fractions of an Ordinary Share 
  

	6.5	Fractions of an Ordinary Share will not be issued on exercise of the Warrants. However, if more than one Warrant is to be exercised at any one time by the same
Warrantholder such that the Ordinary Shares to be issued upon exercise thereof are to be registered in the same name, the number of Ordinary Shares which shall be issued upon the exercise thereof shall be calculated on the basis of the aggregate
number of Warrants to be exercised by the Warrantholder and a cash equivalent amount shall be payable by AIB to that Warrantholder in respect of any balance of such Ordinary Shares that represents a fraction of an Ordinary Share not issued (such
cash equivalent amount to be calculated by reference to the Current Market Price of an Ordinary Share on the Business Day immediately preceding the Exercise Date). 

 

	7.	Procedure for Exercise 

Deposit of Warrant 
  

	7.1	To exercise the Exercise Right attaching to a Warrant, the Warrantholder must: 

 

	 	(a)	complete, execute and deposit an Exercise Notice at such Warrantholder’s own expense during normal business hours on any Business Day during the Exercise Period at
the registered office of AIB marked for the attention of the Group Law Agent; 

  

	 	(b)	at the same time as it delivers an Exercise Notice in accordance with (a) above, deposit the relevant Warrant Certificate at the registered office of AIB marked
for the attention of the Group Law Agent; 

  

	 	(c)	pay in cash in full to AIB by electronic funds transfer to such account as AIB may have nominated to the Warrantholders for this purpose the aggregate Exercise Price
payable in respect of the exercise of such Warrants or (where no such account is nominated) to an account maintained by AIB with the Central Bank; and 

 

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	 	(d)	provide evidence to AIB’s reasonable satisfaction that all applicable regulatory consents are in place to enable the Warrantholder to become the holder of the
Ordinary Shares which are the subject of the Exercise Right. 

 An Exercise Notice once deposited may not be
withdrawn without the consent in writing of AIB. 
 Exercise Date 

 

	7.2	The date on which a Warrant is exercised (the “Exercise Date”) shall be the Business Day on which the conditions specified in Condition 7.1
(Procedure for Exercise - Deposit of Warrant) of Part 1 of the Terms and Conditions are satisfied. 

  

	8.	Rights Arising on Exercise 

Rights in respect of Ordinary Shares issued upon exercise 

 

	8.1	Ordinary Shares issued on exercise of a Warrant will be fully paid, free from any liens, charges, encumbrances, pre-emptive rights or other third-party rights and,
subject as provided in Conditions 8.2 (Rights Arising on Exercise - Dividends and other distributions in respect of Ordinary Shares) and 8.3 (Rights Arising on Exercise - Voting rights in respect of Ordinary Shares) of Part 1 of the
Terms and Conditions, such Ordinary Shares will rank pari passu in all respects with all other Ordinary Shares in issue on the Exercise Date. 

Dividends and other distributions in respect of Ordinary Shares 

 

	8.2	Ordinary Shares issued on exercise of a Warrant shall, upon issue, rank pari passu in all respects with the fully paid Ordinary Shares then in issue but shall
only entitle the holder thereof to any dividends and other distributions declared, paid or made on the Ordinary Shares by reference to a Record Date after the date of issue of such Ordinary Shares. 

Voting rights in respect of Ordinary Shares 
  

	8.3	Subject to Article 83 of the Articles of AIB, Ordinary Shares issued on exercise will rank pari passu in respect of voting rights with all other Ordinary Shares in
issue on the Exercise Date, except that they will not rank for any voting rights where the entitlement to voting rights accrues to Shareholders by reference to a Record Date which precedes the Exercise Date. 

 

	9.	Issue and Delivery of Warrant Shares 

Issue of Warrant Shares 
  

	9.1	 If an adjustment to the Gross Number of Ordinary Shares in respect of a Warrant pursuant to the Adjustment Provisions would reduce the subscription
price payable per Ordinary Share on exercise of a Warrant to an amount below the nominal value of an Ordinary Share, AIB shall on exercise of a Warrant in accordance with these Terms and Conditions allot the Gross Number of Ordinary Shares against
payment of the Exercise Price with the difference between the Exercise Price and the nominal value of the Gross Number of Ordinary Shares being paid up by the capitalisation of AIB’s reserves in accordance with Article 135 of the Articles of
AIB. The amount (if any) in euro which is equal to the amount by which the nominal value of all Ordinary Shares capable of 

 

 13 

 McCann FitzGerald 

 

	 	 
issue upon exercise of all Warrants then outstanding exceeds the aggregate Exercise Price payable on exercise of all such Warrants is hereinafter referred to as the “Aggregate
Difference”. For so long as any Warrant remains outstanding, AIB may not reduce its share premium account and any capital reserve fund (excluding any property revaluation reserves) to an aggregate amount in euro below the Aggregate Difference
without Consent, except that nothing in this Condition 9.1 shall restrict or prevent AIB from utilising or applying its share premium account and/or capital reserve fund for any of the purposes described in sub-paragraphs (A) and (B) of
Article 135 of the articles of association of AIB to be adopted at the Extraordinary General Meeting of AIB to be held on or around 13 May 2009. Subject to the foregoing, nothing contained in the Instrument or these Terms and Conditions shall
oblige AIB, nor shall AIB be permitted, to issue Ordinary Shares at a discount to the nominal value of the Ordinary Shares expressed in euro. 

Delivery of Ordinary Shares 
  

	9.2	Ordinary Shares to be issued on exercise of a Warrant, including any additional Ordinary Shares to be issued pursuant to Condition 6 of Part 2 of these Terms and
Conditions (Adjustments for Exercise near a Record Date), will be issued in certificated registered form. No later than five Business Days after the Exercise Date, AIB shall allot and issue to the relevant Warrantholder the number of Ordinary
Shares to which it is entitled and enter or procure the entry of its name in the register of members of AIB as the holder thereof. Unless the Warrantholder elects to collect the certificate in respect thereof, such certificate will be dispatched by
mail free of charge (but uninsured and at the risk of the person entitled thereto) to the relevant Warrantholder or as it may direct in the relevant Exercise Notice, within five Business Days following the relevant Exercise Date or, if Condition 6
of Part 2 of these Terms and Conditions (Adjustments for Exercise Near Record Date) is applicable, the date the relevant retroactive adjustment takes effect. 

COVENANTS RELATING TO THE EXERCISE RIGHT 
  

	10.	Corporate Reorganisation 

Takeover/winding-up 
  

	10.1	Subject to Conditions 10.2 (Conditional Exercise) and 10.3 (Corporate Event) of Part 1 of these Terms and Conditions, if, during the period commencing on
the Warrant Issue Date and ending on the last day of the Exercise Period, any person (or a group of persons acting in concert) other than the NPRFC, a Government Body or a Government Concert Party: 

 

	 	(a)	obtains Control of AIB as a result of making a general offer to acquire shares in AIB, or having obtained such Control makes such an offer; or 

 

	 	(b)	becomes bound or entitled to acquire shares in AIB under Regulations 23 or 24 of the Takeover Bids Regulations; or 

 

	 	(c)	obtains Control of AIB, or substantially all of AIB’s business and assets, in pursuance of:- 

 

	 	(i)	a compromise or scheme of arrangement sanctioned by the court under section 201 of the Irish Companies Act 1963; or 

 

	 	(ii)	 a merger or division of AIB pursuant to the European Communities (Mergers And Divisions Of Companies) Regulations, 1987 (Statutory

  

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Instrument 137 of 1987) or a merger of AIB pursuant to the European Communities (Cross-Border Mergers) Regulations 2008 (Statutory Instrument 157 of 2008) (a “European Merger”);
or 

  

	 	(iii)	any arrangement analogous to (i) or (ii); or 

  

	 	(d)	the shareholders of AIB pass a resolution approving any agreement or transaction whereby, or in consequence of which, substantially all of AIB’s business and
assets, is or may be acquired by any person or persons (excluding any Government Body or any member of the Government Concert Party) acting in concert, 

(each of the items described at (a) to (d) being an “Acceleration Event”) 

the Board shall notify the Warrantholders thereof by notice in accordance with the provisions of Condition 13 (Notices) of Part 1
of these Terms and Conditions and, subject to earlier lapse of the Warrant, a Warrant may be exercised within one month (or such other period as the Board may determine not being less than 14 days) from such notification, and to the extent that it
is not exercised within that period the Warrant shall (notwithstanding any other provision of this Instrument) lapse on the expiration thereof. 

Conditional exercise 
  

	10.2	Subject to Condition 10.3 (Corporate Event), the Board shall, on becoming aware of any proposed Acceleration Event, the completion of which is uncertain,
determine (upon and subject to any further conditions or limitations as the Board may determine) that: 

  

	 	(a)	the Warrants are to be or may be exercisable conditionally upon the Acceleration Event becoming effective; and/or 

 

	 	(b)	if exercised conditionally upon the Acceleration Event becoming effective, the exercise of the Warrants shall take effect on or immediately prior to the Acceleration
Event becoming effective (as the Board may determine); and/or 

  

	 	(c)	the Warrants are to be exercisable within such period as the Board may determine (not being less than 14 days from notification to the Warrantholders of such
determination), and to the extent that the Warrants are not exercised within that period the Warrants shall (notwithstanding any other provision of these Terms and Conditions) lapse on completion of the Acceleration Event. 

The Board shall notify the Warrantholders of any such determination by notice in accordance with the provisions of Condition 13
(Notices) of this Part 1 of these Terms and Conditions. If the Board notifies the Warrantholders of any such determination the provisions of Condition 10.1 of Part 1 of these Terms and Conditions shall not apply. 

Corporate Event 
  

	10.3	If any of the following corporate events (each, a “Corporate Event”) is about to occur: 

 

	 	(a)	 (i) a European Merger or a scheme of arrangement or analogous arrangement is to be effected as a result of which AIB will be merged into another
company (“NewCo”); or (ii) the assets and liabilities of AIB are to be acquired by another company (“NewCo”); or (iii) a scheme of arrangement or analogous arrangement is to be effected as a result of
which another company (“NewCo”) will be interposed between Shareholders immediately prior to such arrangement 

 

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becoming effective (“Existing Shareholders”) and AIB (a “NewCo Scheme”), in each case provided that on such arrangement ((i), (ii) or (iii)) becoming
effective the only holders of ordinary shares in NewCo will be the Existing Shareholders or will be all of the Existing Shareholders who voted in favour of the NewCo Scheme or other arrangement and that all Subsidiaries of AIB immediately prior to
that arrangement becoming effective (other than NewCo, if NewCo is then a Subsidiary of AIB) will be Subsidiaries of AIB (or of NewCo) immediately after the arrangement becoming effective; 

 

	 	(b)	an offer made to all (or as near as practicable all) Shareholders will become unconditional in all respects, the result of which offer will be the exchange of all of
the issued Ordinary Shares for shares of the offeror and/or any associates of the offeror (as defined in the Irish Takeover Rules); or 

  

	 	(c)	an event the effect of which is substantially similar to any of the above and which event requires the approval of Shareholders, 

then AIB shall promptly notify the Warrantholders of such Corporate Event and (so far as legally possible) use all reasonable endeavours
to cause NewCo (in the case of paragraph (a)) or the offeror or the new holding company, as the case may be, (in the case of paragraphs (b) or (c)) to execute a deed poll (a “substitution deed poll”) (the benefit of such deed
not to be transferable save in accordance with terms equivalent to Clause 9 of the Warrant Instrument) which on the occurrence of the Corporate Event shall have the effect of granting warrants to subscribe for such amount of the securities and other
property receivable upon such Corporate Event by a holder of Ordinary Shares as shall be Determined by the Expert (such warrants to be exercisable during such periods and at such exercise price as may be Determined by the Expert as equivalent to
those applicable under this Warrant Instrument and such warrants to be otherwise subject to terms and conditions equivalent to the Terms and Conditions and other provisions of this Warrant Instrument with such modifications (if any) as shall be
Determined by the Expert). If a substitution deed poll is entered into in accordance with the terms of this Condition 10.3, then a Warrant shall not become exercisable in accordance with the provisions of Conditions 10.1 and 10.2 of this Part 1 as a
result of the Corporate Event. If such a substitution deed poll is not entered into in accordance with these terms, all Warrants shall be deemed to have become exercisable in accordance with the provisions of Conditions 10.1 and 10.2 of this Part 1
immediately prior to the occurrence of such Corporate Event with the benefit of any adjustment provided for in the Adjustment Provisions. 

Other adjustments 
  

	10.4	Any deed poll referred to in Condition 10.3 of this Part 1 of these Terms and Conditions shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in accordance with the Adjustment Provisions. 

 MISCELLANEOUS
PROVISIONS 
  

	11.	Determined by an Expert 

In relation to any matter required by these Terms and Conditions to be Determined by an Expert, AIB shall promptly appoint an Expert with
Consent. If Consent is not forthcoming, AIB or the Warrantholders holding a majority of the then outstanding Warrants shall be entitled (but not obliged) to call upon the President for the time being of the Institute of Chartered Accountants of
Ireland to make such appointment. In either case, the costs of such Expert shall be for the account of AIB. Any determination made by an Expert shall, in the absence of manifest error, be conclusive and binding on all concerned. 

 

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	12.	Replacement of Warrants 

If a Warrant Certificate is lost, stolen, mutilated, defaced or destroyed, it may be replaced, subject to all applicable laws and stock
exchange requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as AIB may reasonably require. If a Warrant Certificate becomes
mutilated or defaced, it must be surrendered before replacements will be issued. 
  

	13.	Notices 

 Notices to the
Warrantholders will be sent to them by, at the option of AIB, (a) facsimile to the relevant facsimile number set out in the Warrant Register (if any), (b) by post to the relevant address in Ireland set out in the Warrant Register, or
(c) (if posted to an address outside Ireland) by airmail at the relevant address set out in the Warrant Register. Any such notice by facsimile, mail or airmail shall be deemed to have been given, respectively, when received, on the second day
after the date of mailing and the seventh day after the date of air mailing. 
  

	14.	Governing Law and Jurisdiction 

The Warrants shall be governed by and construed in accordance with the laws of Ireland and the courts of Ireland shall have exclusive
jurisdiction to settle any dispute arising from or connected with this Instrument or the Warrants. 
  

	15.	Interpretation 

Definitions 
  

	15.1	In these Terms and Conditions: 

“2009 Bonus Shares” has the meaning given to it in the Articles of AIB; 

“2009 Preferences Shares” has the meaning given to it in the Articles of AIB; 

“acting in concert” means persons who co-operate on the basis of an agreement, either express or tacit, whether oral or
written, aimed at acquiring control of AIB or at frustrating the successful outcome of a bid for AIB; 
 “Adjustment
Provisions” means the adjustment provisions set out in Part 2 of these Terms and Conditions; 
 “Aggregate
Consideration” has the meaning given in Condition 7 of Part 2 of these Terms and Conditions (Aggregate Consideration and Consideration per Ordinary Share); 

“Articles of AIB” means the articles of association of AIB in force from time to time; 

“Board” means the board of Directors of AIB; 

“Bonus Issue” means any issue of Ordinary Shares credited as fully or partly paid to the Shareholders by way of
capitalisation of profits or reserves (including any share premium account or capital redemption reserve) but excluding an Ordinary Scrip Dividend (except an Ordinary Scrip Dividend which is considered to be a Bonus Issue in accordance with the
definition of “Ordinary Scrip Dividend”); 
  

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 “Business Day” means a day other than a Saturday or Sunday, on which
commercial banks and foreign exchange markets settle payments in Dublin; 
 “Capital Distribution” means any
Dividend which is not a Cash Dividend and shall include (a) a Spin-Off and (b) a purchase, redemption or buy back by AIB of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares; 

“Cash Dividend” means any Dividend or distribution which is to be paid in cash (in whatever currency), out of
distributable profits, retained earnings or any other distributable reserve in the balance sheet of AIB. A Cash Dividend shall (i) include an Ordinary Scrip Dividend (other than an Ordinary Scrip Dividend which is considered to be a Bonus Issue
in accordance with the definition of “Ordinary Scrip Dividend”) but shall not include (ii) a distribution falling within paragraph (b) of the definition of “Spin-Off or (iii) a purchase, redemption or buy back by AIB of
Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares; 
 “Consent”
means the consent in writing of Warrantholders holding not less than 75 per cent. of, as the case may be, the Core Tranche Warrants or the Secondary Tranche Warrants; 

“Consideration per Ordinary Share” has the meaning given in Condition 7 of Part 2 of these Terms and Conditions
(Aggregate Consideration and Consideration per Ordinary Share); 
 “Control” means control within the
definition given by section 432 of the Taxes Consolidation Act 1997; 
 “Core Tier 1 Securities” has the meaning
given to it in the Articles of AIB; 
 “Core Tranche Warrants” means the 155,780,375 warrants (subject to and
with the benefit of these Terms and Conditions) to subscribe for Ordinary Shares at a subscription price of €0.975 per Warrant; 

“Corporate Event” has the meaning given in Condition 10.3 (Corporate Reorganisation – Corporate Event) of
Part 1 of these Terms and Conditions; 
 “Current Market Price” means, in respect of an Ordinary Share at a
particular date, the average of the Relevant Prices of an Ordinary Share for each of the five consecutive Exchange Business Days ending on the Exchange Business Day immediately preceding such date (the “Relevant Period”), provided
that: 
  

	 	(a)	if on any Exchange Business Day in the Relevant Period the Relevant Price shall have been based on a price ex-Dividend (or ex-any other entitlement) and during some
other part of that period the Relevant Price shall have been based on a price cum-Dividend (or cum-any other entitlement), then: 

  

	 	(i)	if the Ordinary Shares to be delivered on exercise of the Warrants will not rank for the Dividend (or entitlement) in question, the Relevant Price on the dates on which
the Relevant Price shall have been based on a price cum-Dividend (or cum-any other entitlement) shall for the purpose of this definition be deemed to be reduced by an amount equal to the Fair Market Value of that Dividend (or entitlement) per
Ordinary Share as at the first date on which the Ordinary Shares are traded ex-Dividend (excluding any associated tax credit and less the tax (if any) falling to be deducted on payment thereof to a resident of Ireland); or 

 

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	 	(ii)	if the Ordinary Shares to be delivered on exercise of the Warrants will rank for the Dividend (or entitlement) in question, the Relevant Price on the dates on which the
Relevant Price shall have been based on a price ex-Dividend (or ex-any other entitlement) shall for the purpose of this definition be deemed to have been increased by an amount equal to the Fair Market Value of that Dividend (or entitlement) as at
the first date on which the Ordinary Shares are traded ex-Dividend (excluding any associated tax credit and less the tax (if any) falling to be deducted on payment thereof to a resident of the Ireland); 

 

	 	(b)	if on each of the five Exchange Business Days during the Relevant Period the Relevant Price shall have been based on a price cum-Dividend (or cum-any other entitlement)
in respect of a Dividend (or other entitlement) which has been declared or announced but the Ordinary Shares to be delivered on exercise of the Warrants will not rank for that Dividend (or other entitlement) the Relevant Price on each of such dates
shall for the purposes of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of that Dividend (or other entitlement) per Ordinary Share (excluding any associated tax credit and less the tax (if
any) falling to be deducted on payment thereof to a resident of Ireland); 

 “Determined by an
Expert” means determined in good faith by an Expert acting as an expert in accordance with Condition 11 of Part 1 of these Terms and Conditions; 

“Dividend” means any dividend or distribution (including a Spin-Off) whether of cash, assets or other property and
however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or payment to holders upon or in connection with a reduction of capital
(and for these purposes a distribution of assets includes without limitation an issue of Ordinary Shares or other securities credited as fully or partly paid up by way of capitalisation of profits or reserves) provided that any issue of Ordinary
Shares which constitutes a Bonus Issue shall not constitute a Dividend; 
 “Effective Date” has, for the
purposes of any Condition in which such expression is used, the meaning given in the relevant Condition; 
 “Exchange
Business Day” means any day that is a trading day on the Relevant Exchange and on which the Ordinary Shares, Ordinary Share-Related Securities or Spin-Off Securities, as the case may be, may be dealt in other than a day on which the
Relevant Exchange is scheduled to or does close prior to its regular weekday closing time; 
 “Exchange Rate”
means, on any day, and, in respect of the translation or conversion of one currency into another currency, the rate of exchange between such currencies such as published by the Central Bank; 

“Exercise Date” has the meaning given in Condition 7.2 of Part 1 of these Terms and Conditions (Procedure for Exercise
– Exercise Date); 
 “Exercise Notice” means a notice of exercise in the form set out in the First
Schedule to the Warrant Certificate contained at Schedules 2 or 3, as applicable; 
  

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 “Exercise Period” has the meaning given in Condition 6.2 of Part 1 of
these Terms and Conditions (Exercise - Exercise Period); 
 “Exercise Right” means, in respect of a
Warrant, the right of the Warrantholder in respect of such Warrant to exercise such Warrant into Ordinary Shares in accordance with these Terms and Conditions; 

“Expert” means, in relation to any matter to be Determined by an Expert, an independent investment bank, corporate
finance firm and/or a firm of accountants which is, in either case, of international repute, appointed to act as an expert for the purposes of such matter in accordance with these Terms and Conditions; 

“Fair Market Value” means: 
  

	 	(a)	with respect to a cash amount, the amount of such cash in euro; and 

  

	 	(b)	with respect to any other property on any date, the fair market value of that property as of that date as Determined by an Expert on the basis of a commonly accepted
market valuation method, 

 provided, however, that in any such case: 

 

	 	(a)	where Ordinary Share-Related Securities, Spin-Off Securities, options, warrants or other rights are publicly traded in a market which is Determined by an Expert to have
adequate liquidity, the fair market value of such Ordinary Share-Related Securities, Spin-Off Securities, options, warrants or other rights shall equal the arithmetic mean of the daily closing prices of such Ordinary Share-Related Securities,
Spin-Off Securities, options, warrants or other rights during the period of five trading days on the relevant market prior to such date (or, if later, the first such trading day such Ordinary Share-Related Securities, Spin-Off Securities, options,
warrants or other rights are publicly traded) or such shorter period as such Ordinary Share-Related Securities, Spin-Off Securities, options, warrants or other rights are publicly traded; 

 

	 	(b)	any cash amount declared or paid in a currency other than euro shall be converted into euro at the rate of exchange used to determine the amount payable to Shareholders
who were paid or are to be paid the cash amount in euro; and 

  

	 	(c)	any other amount or value in a currency other than euro shall be translated into euro at the Exchange Rate on that date; 

“Financial Year” means, in respect of AIB, any accounting period in respect of which audited financial statements of AIB
have been published or are expected to be published; 
 “Financial Regulator” means the Irish Financial Services
Regulatory Authority as part of the Central Bank and Financial Services Authority of Ireland or any successor of it; 

“Gross Number of Ordinary Shares” has the meaning given to it in Condition 6.3 of Part 1 of these Terms and Conditions
(Exercise - Gross Number of Ordinary Shares); 
 “Holder” means, in relation to a Warrant, the person in
whose name such Warrant is for the time being registered in the Warrant Register (or, in the case of a joint holding, the first named thereof); 
  

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 “Irish Takeover Rules” means the Irish Takeover Panel Act 1997,
Takeover Rules 2007 (as amended); 
 “NewCo” has the meaning given in Condition 10.3 of Part 1 of these Terms
and Conditions (Corporate Reorganisation - Corporate Event); 
 “NewCo Scheme” has the meaning given in
Condition 10.3 of Part 1 of these Terms and Conditions (Corporate Reorganisation - Corporate Event); 
 “Ordinary
Scrip Dividend” means an issue of Ordinary Shares credited as fully or partly paid up by way of capitalisation of profits or reserves to a Shareholder who has elected to receive such allotment of Ordinary Shares in lieu of a Cash Dividend
payable to all Shareholders of such class of share, provided however that such an issue of Ordinary Shares shall be deemed to be Bonus Issue where 90 per cent, or more of the Shareholders of such class of shares elect to receive such dividend
in the form of an issue of Ordinary Shares; 
 “Ordinary Shares” means ordinary shares of AIB having, on the
Warrant Issue Date, a par value of €0.32 each; 
 “Ordinary Share-Related Securities” means any securities
(excluding the Warrants) which by their terms of issue: 
  

	 	(a)	carry a right to subscribe for, purchase or otherwise acquire Ordinary Shares or any securities which by their terms of issue might be redesignated as Ordinary Shares;
or 

  

	 	(b)	might be redesignated as Ordinary Shares or be redesignated so as to carry a right to subscribe for, purchase or otherwise acquire Ordinary Shares,

 including, for the avoidance of doubt, depositary or other receipts or certificates representing Ordinary
Shares; 
 “Person” means any individual, company, corporation, firm, partnership, joint venture, association,
organisation, unincorporated association, limited liability company, state or agency of a state or other entity, whether or not having separate legal personality; 

“Preferred Securities” has the meaning given to it in the Articles of AIB; 

“Record Date” means, in respect of any entitlement to receive any dividend or other distribution declared, paid or made,
or any rights (including voting rights) granted, the record date or other due date for the establishment of the relevant entitlement; 

“Relevant Exchange” means the Official List of the Irish Stock Exchange Limited or, if the Ordinary Shares are no longer
listed and traded on the Official List of the Irish Stock Exchange Limited, the principal stock exchange or securities market on which the Ordinary Shares are then listed and traded; 

“Relevant Price” means, in respect of any Exchange Business Day, the closing quotation price of an Ordinary Share for
that trading day as published in the Irish Stock Exchange Daily Official List (or any successor publication thereto); 

“Rights” means, in respect of any securities or assets, any options, warrants or other rights (other than Ordinary
Share-Related Securities) which by their terms of issue carry a right to subscribe for, purchase or otherwise acquire such securities or assets; 
  

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 “Shareholder” means the person in whose name a share is for the time
being registered in the register of holders of Ordinary Shares maintained by or on behalf of AIB; 
 “Spin-Off”
means: 
  

	 	(a)	a distribution of Spin-Off Securities or Rights in respect of Spin-Off Securities by AIB to Shareholders as a class; or 

 

	 	(b)	any issue, transfer or delivery of any property or assets (including cash or shares or securities of or in or issued or allotted by any entity) by any entity to
Shareholders as a class or, in the case of or in connection with a NewCo Scheme, Existing Shareholders as a class (but excluding the issue and allotment of ordinary shares by NewCo to Existing Shareholders as a class), pursuant in each case to any
arrangements with AIB or any of its Subsidiaries; 

 “Spin-Off Securities” means equity share
capital of an entity other than AIB or options, warrants or other rights to subscribe for or purchase equity share capital of an entity other than AIB; 

“Subscription Rights” means the right of the Warrantholder(s) to subscribe in cash for Ordinary Shares on the terms and
conditions set out in this Instrument; 
 “Subsidiary” has the meaning assigned to that term by Section 155
of the Companies Act 1963 and “Subsidiaries” shall be construed accordingly; 
 “Takeover Bids
Regulations” means the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006; 
 “Terms
and Conditions” means the terms and conditions set out in Parts 1 and 2 of Schedule 1 of this Instrument. 

“Warrant Instrument” or “Instrument” means this warrant instrument; 

“Warrant Issue Date” means the date of the Warrant Instrument. 

Construction of certain references 
  

	15.2	In these Terms and Conditions, unless otherwise specified or unless the context otherwise requires: 

 

	 	(a)	references to “exercise” of the Warrants shall be construed to mean the exercise of the Warrants into such number of Ordinary Shares in accordance with
these Terms and Conditions and the issuance by AIB of Ordinary Shares in accordance with these Terms and Conditions and the Articles of AIB; 

  

	 	(b)	references to any issue or offer or grant to Shareholders “as a class” or “by way of rights” shall be construed so as to include an
issue or offer or grant to all or substantially all Shareholders other than Shareholders to whom, by reason of the laws of any jurisdiction or requirements of any recognised regulatory body or any stock exchange in any jurisdiction or in connection
with fractional entitlements, it is determined not to make such issue or offer or grant; 

  

	1
	 A Newco Scheme could involve a spin-off by AIB in which case it would be a Capital Distribution and not a Cash Dividend. 

 

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	 	(c)	“equity share capital” means, in relation to a company, its issued share capital excluding any part of that capital which, neither as respects
dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution; 

  

	 	(d)	references to the “issue” of Ordinary Shares shall include the transfer and/or delivery of Ordinary Shares by AIB or any of its Subsidiaries, whether
newly issued and allotted or previously existing, but shall exclude the transfer and/or delivery of Ordinary Shares by AIB or any of its Subsidiaries where such Ordinary Shares are held by AIB or any of its Subsidiaries on behalf of customers,
clients, policyholders or third parties; 

  

	 	(e)	Ordinary Shares held by AIB shall not be considered as or treated as being “in issue”, provided that shares of any class in the capital of AIB held by
AIB or its subsidiaries on behalf of customers, clients, policyholders or third parties shall be considered as being “in issue”; 

  

	 	(f)	a reference to a Clause shall, unless the context requires otherwise, mean reference to a Clause in the Warrant Instrument and a reference to a Condition shall, unless
the context requires otherwise, means reference to a Condition in these Terms and Conditions; 

  

	 	(g)	a reference to a person (including a party to this Instrument) includes a reference to that person’s legal personal representatives, successors and permitted
assigns; and 

  

	 	(h)	headings and sub-headings are for ease of reference only and shall not affect the construction of these Terms and Conditions. 

 

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 PART 2 

ADJUSTMENTS TO SUBSCRIPTION RIGHTS 
  

	1.	Capital Distributions 

Adjustment Event 
  

	1.1	If and whenever (whether before or during the Exercise Period) AIB shall pay or make any Capital Distributions to Shareholders, the Gross Number of Ordinary Shares
shall be subject to adjustment in accordance with this Condition 1 of Part 2 of these Terms and Conditions. 

Effective Date 
  

	1.2	For the purposes of this Condition 1 of Part 2 of these Terms and Conditions, the “Effective Date” means the first date on which the Ordinary Shares are
traded ex-the relevant Capital Distribution on the Relevant Exchange or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares, the date on which such
purchase, redemption or buy back is made or, in the case of a Spin-Off, the first date on which the Ordinary Shares are traded ex-the relevant Spin-Off on the Relevant Exchange. 

Adjustment to the Gross Number of Ordinary Shares 
  

	1.3	If and whenever (whether before or during the Exercise Period) AIB shall pay or make any Capital Distribution to Shareholders, in relation to a Warrant for which the
Exercise Date has not occurred prior to the Effective Date, the Gross Number of Ordinary Shares shall be adjusted by multiplying the Gross Number of Ordinary Shares in effect immediately prior to the Effective Date by the following fraction:

  

							
	A	  	
	A	 	-	 	B	  	

 where 
  

					
	A	 	    =    	  	the Current Market Price of one Ordinary Share (expressed in euro) on the Effective Date; and
			
	B	 	    =    	  	the Fair Market Value on the Effective Date of the portion of the Capital Distribution attributable to one Ordinary Share, with such portion being determined by dividing the Fair
Market Value of the aggregate Capital Distribution by the number of Ordinary Shares entitled to receive the relevant Capital Distribution (or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts
or certificates representing Ordinary Shares by or on behalf of AIB or any Subsidiary of AIB, by the number of Ordinary Shares in issue immediately following such purchase, redemption or buy back, and treating as not being in issue any Ordinary
Shares, or any Ordinary Shares represented by depositary or other receipts or certificates, purchased, redeemed or bought back by AIB).

Effect of adjustment 
  

	1.4	The Gross Number of Ordinary Shares as adjusted pursuant to this Condition 1 of Part 2 of these Terms and Conditions shall apply, with effect from the Effective Date,
to a Warrant for which the Exercise Date has not occurred prior to the Effective Date. Any such adjustment shall be subject to any subsequent adjustment pursuant to these Terms and Conditions. 

 

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	2.	Bonus Issues 

Adjustment event 
  

	2.1	If and whenever (whether before or during the Exercise Period) AIB shall make any Bonus Issue, the Gross Number of Ordinary Shares shall be subject to adjustment in
accordance with this Condition 2 of Part 2 of these Terms and Conditions. 

 Effective Date 

 

	2.2	For the purposes of this Condition 2 of Part 2 of these Terms and Conditions, the “Effective Date” means the date of issue of the relevant Ordinary
Shares pursuant to the Bonus Issue. 

 Adjustment to the Gross Number of Ordinary Shares 

 

	2.3	In relation to a Warrant for which the Exercise Date has not occurred prior to the Effective Date, the Gross Number of Ordinary Shares shall be adjusted by multiplying
the Gross Number of Ordinary Shares in effect immediately prior to the Effective Date by the following fraction: 

  

							
	B	 		 		  	
	A	 		 		  	

 where: 
  

					
	A	 	    =    	  	the aggregate number of Ordinary Shares in issue immediately before the Bonus Issue; and
			
	B	 	    =    	  	the aggregate number of Ordinary Shares in issue immediately after the Bonus Issue.

Effect of adjustment 
  

	2.4	The Gross Number of Ordinary Shares as adjusted pursuant to this Condition 2 of Part 2 of these Terms and Conditions shall apply, with effect from and including the
Effective Date, to a Warrant for which the Exercise Date has not occurred prior to the Effective Date. Any such adjustment shall be subject to any subsequent adjustment pursuant to these Terms and Conditions. 

 

	3.	Alteration to Nominal Value 

Adjustment event 
  

	3.1	If and whenever there shall be an alteration to the nominal value of the Ordinary Shares as a result of consolidation or subdivision (whether before or during the
Exercise Period), the Gross Number of Ordinary Shares shall be subject to adjustment in accordance with this Condition 3 of Part 2 of these Terms and Conditions. 

Effective Date 
  

	3.2	For the purposes of this Condition 3 of Part 2 of these Terms and Conditions, the “Effective Date” means the date on which such alteration becomes
effective. 

  

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 Adjustment to the Gross Number of Ordinary Shares 

 

	3.3	In relation to a Warrant for which the Exercise Date has not occurred prior to the Effective Date, the Gross Number of Ordinary Shares shall be adjusted by multiplying
the Gross Number of Ordinary Shares in effect immediately prior to the Effective Date by the following fraction: 

  

							
	B	 		 		  	
	A	 		 		  	

 where: 
  

					
	A	 	    =    	  	the aggregate number of Ordinary Shares in issue immediately before such alteration; and
			
	B	 	    =    	  	the aggregate number of Ordinary Shares in issue immediately after such alteration.

Effect of adjustment 
  

	3.4	The Gross Number of Ordinary Shares as adjusted pursuant to this Condition 3 of Part 2 of these Terms and Conditions shall apply, with effect from and including the
Effective Date, to a Warrant for which the Exercise Date has not occurred prior to the Effective Date. Any such adjustment shall be subject to any subsequent adjustment pursuant to these Terms and Conditions. 

 

	4.	Ordinary Shares, Rights and Ordinary Share-Related Securities Issued to Shareholders 

Adjustment event 
  

	4.1	If and whenever (whether before or during the Exercise Period) AIB shall issue, grant or offer Ordinary Shares, Ordinary Share-Related Securities, Rights in respect of
Ordinary Shares or Rights in respect of Ordinary Share-Related Securities to all or substantially all of the Shareholders as a class by way of rights as a result of which, in each case, Shareholders have the right to acquire Ordinary Shares at a
Consideration per Ordinary Share which is less than 90 per cent, of the Current Market Price per Ordinary Share on the first date on which the terms of such issue, grant or offer (including the price per Ordinary Share) are publicly announced
(the “Announcement Date”), the Gross Number of Ordinary Shares shall be subject to adjustment in accordance with this Condition 4 of Part 2 of these Terms and Conditions. 

Effective Date 
  

	4.2	For the purposes of this Condition 4 of Part 2 of these Terms and Conditions, the “Effective Date” means the first date on which the Ordinary Shares
are traded ex-rights, ex-warrants or ex-options on the Relevant Exchange. 

 Adjustment to the Gross Number of
Ordinary Shares 
  

	4.3	In relation to a Warrant for which the Exercise Date has not occurred prior to the Effective Date, the Gross Number of Ordinary Shares shall be adjusted by multiplying
the Gross Number of Ordinary Shares in effect immediately prior to the Effective Date by the following fraction: 

  

							
	A + C	  	
	A + B	  	

  

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 where: 
  

					
	A	 	    =    	  	the aggregate number of Ordinary Shares in issue immediately before the Announcement Date;
			
	B	 	    =    	  	the aggregate number of Ordinary Shares which the Aggregate Consideration (if any) would purchase at the Current Market Price per Ordinary Share on the Announcement Date; and

			
	C	 	    =    	  	(1) in the case of an issue, grant or offer of Ordinary Shares, the aggregate number of Ordinary Shares comprised in the issue, grant or offer; or
			
		 		  	(2) in the case of an issue, grant or offer of Ordinary Share-Related Securities or Rights in respect of Ordinary Shares or Rights in respect of Ordinary Share-Related
Securities, the maximum aggregate number of Ordinary Shares which could be issued upon exercise in full of the rights to subscribe for, purchase or otherwise acquire Ordinary Shares pursuant to the terms of such Ordinary Share-Related Securities or
Rights in respect of Ordinary Shares or Rights in respect of Ordinary Share-Related Securities, calculated as at the date of issue of such Ordinary Share-Related Securities or Rights in respect of Ordinary Shares or Rights in respect of Ordinary
Share-Related Securities.

 Formula 

 

	4.4	If on the date (the “Specified Date”) of issue, grant or offer of the relevant Ordinary Share-Related Securities, Rights in respect of Ordinary Shares
or Rights in respect of Share Related Securities the maximum aggregate number of Ordinary Shares which could be issued upon exercise in full of the rights to subscribe for, purchase or otherwise acquire Ordinary Shares pursuant to the terms of such
Ordinary Share Related Securities or Rights is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time then, for the purposes of this Condition 4 of Part 2 of
these Terms and Conditions, “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Specified Date and as if such subscription, purchase or acquisition had
taken place on the Specified Date. 

 Effect of adjustment 

 

	4.5	The Gross Number of Ordinary Shares as adjusted pursuant to this Condition 4 of Part 2 of these Terms and Conditions shall apply, with effect from and including the
Effective Date, to a Warrant for which the Exercise Date has not occurred prior to the Effective Date. Any such adjustment shall be subject to any subsequent adjustment pursuant to these Terms and Conditions. 

 

	5.	No Adjustments 

Specified adjustment events 
  

	5.1	No adjustment shall be made to the Gross Number of Ordinary Shares other than pursuant to the provisions of Condition 1 to Condition 4 of Part 2 of these Terms and
Conditions. 

  

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 Adjustments of less than 0.01 per cent, and rounding 

 

	5.2	No adjustment shall be made to the Gross Number of Ordinary Shares where such adjustment would represent less than 0.01 per cent, of the aggregate Gross Number of
Ordinary Shares in respect of which the aggregate Warrants may be exercised. Any adjustment which is by the preceding sentence of this Condition 5.2 of Part 2 of these Terms and Conditions not required to be made shall be carried forward and
included in any subsequent adjustment if the combined effect of the implementation of such adjustments would represent 0.01 per cent, or more of the aggregate Gross Number of Ordinary Shares in respect of which the aggregate Warrants may be
exercised. For the avoidance of doubt, where any adjustment to the Gross Number of Ordinary Shares results in something other than an integral number, such number shall not be rounded upwards or downwards for the purposes of these Terms and
Conditions and shall be carried forward and included in any subsequent adjustment. 

 Corporate Events 

  

	5.3	Except as provided in Condition 10.3 of Part 1 of these Terms and Conditions, no adjustment shall be made to the Gross Number of Ordinary Shares where Ordinary Shares
or other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted in relation to any Corporate Event becoming effective. 

No double adjustment 
  

	5.4	If one event which gives rise to an adjustment to the Gross Number of Ordinary Shares under Conditions 1 (Capital Distributions) to 4 (Ordinary Shares, Rights
and Ordinary Share-Related Securities Issued to Shareholders) of Part 2 of these Terms and Conditions is such as would be capable of falling within more than one of those Conditions, it shall fall within the first of the applicable Conditions to
the exclusion of the remaining Conditions, unless expressly stated to the contrary therein. 

 Preferred
Securities and 2009 Preference Shares 
  

	5.5	Notwithstanding the Adjustment Provisions, the Gross Number of Ordinary Shares shall not be adjusted in connection with any of the following: 

 

	 	(a)	the issue, purchase or redemption of the Preferred Securities or the 2009 Preference Shares; or 

 

	 	(b)	the allotment or issue of 2009 Bonus Shares; 

  

	 	(c)	the issue of Ordinary Shares pursuant to the exercise of the Warrants or otherwise pursuant to the terms of this Warrant or 

 

	 	(d)	any Cash Dividends on any class of capital share of AIB; or 

  

	 	(e)	the issue by AIB on or before 31 December 2009 of Core Tier 1 Securities for the purpose of funding a redemption or purchase of 2009 Preference Shares.

  

	6.	Adjustments for Exercise near a Record Date 

Adjustment Event 
  

	6.1	 If and whenever the Gross Number of Ordinary Shares is to be adjusted pursuant to any of Condition 1 (Capital Distributions) to Condition 4
(Ordinary Shares, Rights and Ordinary Share-Related Securities issued to Shareholders) of Part 2 of these Terms and Conditions and the Exercise Date in relation to a Warrant is after the Record Date for any such issue, distribution, grant or
offer as is mentioned in the relevant Condition but 

  

 28 

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before the relevant adjustment becomes effective under the relevant Condition, the following provisions of this Condition 6 of Part 2 of these Terms and Conditions shall apply.

 Effect of Adjustment 

 

	6.2	Upon the relevant adjustment becoming effective under the relevant Condition, AIB shall procure that there shall be issued to the exercising Warrantholder or to another
person in accordance with the instructions contained in the relevant Exercise Notice, (subject to any applicable exchange control or other laws or other regulations) such additional number of Ordinary Shares as, together with the Ordinary Shares
issued or to be issued on exercise of the relevant Warrants, is equal to the number of Ordinary Shares which would have been required to be issued on exercise of the relevant Warrants if the relevant adjustment to the Gross Number of Ordinary Shares
had in fact been made and become effective immediately before the relevant Exercise Date. 

 Delivery of
Ordinary Shares 
  

	6.3	The relevant additional Ordinary Shares will be issued as provided in Condition 9 of Part 1 of these Terms and Conditions (Settlement – Issue and Delivery of
Ordinary Shares). 

  

	7.	Aggregate Consideration and Consideration per Ordinary Share 

Applicability of this Condition 
  

	7.1	For the purpose of calculating any adjustment to the Gross Number of Ordinary Shares pursuant to these Terms and Conditions, in the case of any issue, grant or offer of
Ordinary Shares, Ordinary Share-Related Securities, Rights in respect of Ordinary Shares or Rights in respect of Ordinary Share-Related Securities, the “Aggregate Consideration” and the “Number of Ordinary Shares”
shall be calculated or determined (if necessary) in accordance with the following provisions of this Condition 7 of Part 2 of these Terms and Conditions and the “Consideration per Ordinary Share” shall, in each case, be the relevant
Aggregate Consideration divided by the relevant Number of Ordinary Shares. 

 Ordinary Shares for cash 

  

	7.2	In the case of an issue, grant or offer of Ordinary Shares for cash: 

  

	 	(a)	the Aggregate Consideration shall be the amount of such cash (or Cash Dividend foregone in the case of an Ordinary Share Scrip Dividend), provided that in no such case
shall any deduction be made for any commissions or any expenses paid or incurred by AIB for any underwriting of the issue or otherwise in connection therewith; and 

 

	 	(b)	the Number of Ordinary Shares shall be the number of Ordinary Shares so issued, granted or offered. 

Ordinary Shares not for cash 
  

	7.3	In the case of the issue, grant or offer of Ordinary Shares for a consideration in whole (or part) other than in cash: 

 

	 	(a)	 the Aggregate Consideration shall be the amount of such cash (if any) plus the consideration other than cash, which shall be deemed to be the Fair
Market Value thereof or, if pursuant to applicable law such determination is to be made 

  

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 McCann FitzGerald 

 

	 	 
by application to a court of competent jurisdiction, the value thereof as determined by such court or an appraiser appointed by such court, irrespective of the accounting treatment thereof; and

  

	 	(b)	the Number of Ordinary Shares shall be the number of Ordinary Shares so issued, granted or offered. 

Issue of Ordinary Share-Related Securities 
  

	7.4	In the case of the issue, grant or offer of Ordinary Share-Related Securities or Rights in respect of Ordinary Share-Related Securities: 

 

	 	(a)	the Aggregate Consideration shall be: 

  

	 	(i)	the consideration (if any) received by AIB or any Subsidiary of AIB for such Ordinary Share-Related Securities and (if applicable) Rights or, as the case may be, such
grant; plus 

  

	 	(ii)	the additional consideration (if any) to be received by AIB or any Subsidiary of AIB upon (and assuming) the exercise in full of the rights to subscribe for, purchase
or otherwise acquire Ordinary Shares pursuant to the terms of such Ordinary Share-Related Securities at the initial price or rate and (if applicable) the exercise in full of the rights to subscribe for, purchase or otherwise acquire Ordinary
Share-Related Securities pursuant to the terms of such Rights at the initial price or rate, 

 the consideration
in each case to be determined in the same manner as provided in Conditions 7.2 and 7.4 of Part 2 of these Terms and Conditions; and 
  

	 	(b)	the Number of Ordinary Shares shall be the number of Ordinary Shares to be issued upon (and assuming) such exercise in full of the rights to subscribe for, purchase or
otherwise acquire Ordinary Shares pursuant to the terms of such Ordinary Share-Related Securities at the initial price or rate and (if applicable) the exercise in full of the rights to subscribe for, purchase or otherwise acquire Ordinary
Share-Related Securities pursuant to the terms of such Rights at the initial price or rate. 

  

	7.5	In the case of the issue, grant or offer of Rights in respect of Ordinary Shares: 

 

	 	(a)	the Aggregate Consideration shall be: 

  

	 	(i)	the consideration (if any) received by AIB for any such Rights; plus 

  

	 	(ii)	the additional consideration to be received by AIB upon (and assuming) the exercise in full of the rights to subscribe for, purchase or otherwise acquire Ordinary
Shares pursuant to the terms of such Rights at the initial price or rate or determined in the same manner as provided in Conditions 7.2 and 7.4 of Part 2 of these Terms and Conditions; and 

 

	 	(b)	the Number of Ordinary Shares shall be the number of Ordinary Shares to be issued upon (and assuming) the exercise in full of the rights to subscribe for, purchase or
otherwise acquire Ordinary Shares pursuant to the terms of such Rights at the initial price or rate. 

  

 30 

 McCann FitzGerald 

 

 Currency translation 

 

	7.6	If any of the consideration referred to in any of the preceding paragraphs of this Condition 7 of Part 2 of these Terms and Conditions is receivable in a currency other
than euro, such consideration shall be translated into euro for the purposes of this Condition 7 of Part 2 of these Terms and Conditions at the Exchange Rate on the date as of which the said consideration is required to be calculated.

  

	8.	Notice of Adjustment of the Gross Number of Ordinary Shares 

AIB shall give notice to the Warrantholders in accordance with Condition 13 (Notices) of Part 1 of these Terms and Conditions of
any adjustment of the Gross Number of Ordinary Shares (whether before or during the Exercise Period) as soon as reasonably practicable following the determination thereof and, following the receipt of such notice, any Warrantholder may surrender its
Warrant Certificate at the registered office of AIB, together with such evidence as AIB may reasonably require to prove the title to the relevant Warrants of the relevant Warrantholder and, upon such surrender, AIB shall deliver to such
Warrantholder a new Warrant Certificate endorsed with the adjusted Gross Number of Ordinary Shares. For the avoidance of doubt, failure of a Warrantholder to deliver the applicable Warrant Certificate to the Warrant Registrar for replacement in
accordance with this Condition 8 of Part 2 of these Terms and Conditions will not prejudice the rights of such Warrantholder to receive the adjusted Gross Number of Ordinary Shares on the exercise of the relevant Warrants. 

 

 31 

 McCann FitzGerald 

 

 SCHEDULE 2 

FORM OF CORE TRANCHE WARRANT CERTIFICATE 

ALLIED IRISH BANKS, p.l.c. 

(the “Company”) 

CORE TRANCHE WARRANT CERTIFICATE 
  

							
	Certificate No:	  	  
	  		  	

							
				
	Date of Issue:	  	  
	  		  	

					
			
	Name and Address of Warrantholder:	  		  	

			
	  
	 	

			
		
	Number of Core Tranche Warrants:	  	  

			
		
	Exercise Price per Warrant:	  	  

THIS IS TO CERTIFY that the Warrantholder named above is the registered holder of [ — ] Core Tranche
Warrants each of which entitles the holder to subscribe for the Gross Number of Ordinary Shares (being, on the Warrant Issue Date, one) in the capital of the Company specified above, in accordance with and subject to the provisions of the Instrument
entered into by way of deed constituting warrants to subscribe for ordinary shares in the capital of the Company dated 13 May 2009 (the “Warrant Instrument”). Terms defined in the Warrant Instrument have the same meaning when
used in this Certificate. 
 The Warrantholder is entitled to the benefit of, is bound by, and is deemed to have knowledge of, all of the
provisions of the Warrant Instrument and the Terms and Conditions. 
 PRESENT when the common seal 

of ALLIED IRISH BANKS, p.l.c. 
 was
affixed hereto: 
  

	
	  

	Director
	
	  

	Director/Secretary

  

 32 

 McCann FitzGerald 

 

 FIRST SCHEDULE TO THE WARRANT CERTIFICATE 

Notice of Exercise 
  

			
	To:	  	 The Directors
 Allied Irish
Banks, p.l.c.
 (the “Company”)

Bankcentre
 P.O. Box 452

Ballsbridge
 Dublin
4

 We hereby exercise the Exercise Rights over
                     Core Tranche Warrants represented by the enclosed Warrant Certificate and attach [a bank draft] [other method of payment
provided for in the Warrant Instrument / agreed by the Company] for €[ — ] being the aggregate Exercise Price payable for each Warrant in respect of the Exercise Rights we are exercising.

 We direct the Company to allot and issue Ordinary Shares in the following numbers and to the following proposed allottees: 

 

					
	 No. of Warrant Shares
	  	 Name of Proposed Allottee
	  	 Address of Proposed

Allottee

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 We request that the share certificate(s) for the Ordinary Shares to be issued by the Company following receipt of
this Notice [to be made available for collection on ]\[be sent by registered post to us at the first address shown above, marked for the attention of [ — ]]. We agree that the Ordinary Shares are
issued subject to the Memorandum and Articles of Association of the Company. 
  

					
	 Signed by
	 	)	  	
	
[                        
                        ]
	 	)	  	
	 for and on behalf of
	 	)	  	
	
[                        
                        ]
	 	)	  	

  

 33 

 McCann FitzGerald 

 

 SCHEDULE 3 

FORM OF SECONDARY TRANCHE WARRANT CERTIFICATE 

ALLIED IRISH BANKS, p.l.c. 

(the “Company”) 

SECONDARY TRANCHE WARRANT CERTIFICATE 
  

							
	Certificate No:	  	  
	  		  	
				
	Date of Issue:	  	  
	  		  	

					
			
	Name and Address of Warrantholder:	  		  	

			
	  
	 	

					
			
	Number of Secondary Tranche Warrants:	  		  	

			
	  
	 	

																	
									
	Warrants numbered:	  	  
	 	to	  	  
	  		  		  		  		  	

			
		
	Exercise Price per Warrant:	  	  

THIS IS TO CERTIFY that the Warrantholder named above is the registered holder of [ — ] Secondary
Tranche Warrants, each of which entitles the holder to subscribe for the Gross Number of Ordinary Shares (being, on the Warrant Issue Date, one) in the capital of the Company specified above, in accordance with and subject to the provisions of the
Instrument entered into by way of deed constituting warrants to subscribe for ordinary shares in the capital of the Company dated 13 May 2009 (the “Warrant Instrument”). Terms defined in the Warrant Instrument have the same
meaning when used in this Certificate. 
 The Warrantholder is entitled to the benefit of, is bound by, and is deemed to have knowledge of, all
of the provisions of the Warrant Instrument and the Terms and Conditions. 
 PRESENT when the common seal 

of ALLIED IRISH BANKS, p.l.c. 
 was
affixed hereto: 
  

	
	  

	Director
	
	  

	Director/Secretary

  

 34 

 McCann FitzGerald 

 

 FIRST SCHEDULE TO THE WARRANT CERTIFICATE 

Notice of Exercise 
  

			
	To:	  	 The Directors
 Allied Irish
Banks, p.l.c.
 (the “Company”)

Bankcentre
 P.O. Box 452

Ballsbridge
 Dublin
4

 We hereby exercise the Exercise Rights over
                     Secondary Tranche Warrants numbered              to
                 represented by the enclosed Warrant Certificate and attach [a bank draft] [other method of payment provided for in the Warrant Instrument / agreed by
the Company] for €[ — ] being the aggregate Exercise Price payable for the Warrant in respect of the Exercise Rights we are exercising. 

We direct the Company to allot and issue Ordinary Shares in the following numbers and to the following proposed allottees: 

 

					
	 No. of Warrant Shares
	  	 Name of Proposed Allottee
	  	 Address of Proposed

Allottee

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 We request that the share certificate(s) for the Ordinary Shares to be issued by the Company following receipt of
this Notice [to be made available for collection on ]\[be sent by registered post to us at the first address shown above, marked for the attention of [ — ]]. We agree that the Ordinary Shares are
issued subject to the Memorandum and Articles of Association of the Company. 
  

					
	 Signed by
	 	)	  	
	
[                        
                        ]
	 	)	  	
	 for and on behalf of
	 	)	  	
	
[                        
                        ]
	 	)	  	

  

 35 

 McCann FitzGerald 

 

 IN WITNESS WHEREOF this Instrument has been executed by AIB and NPRFC as a deed and is intended
to be and is hereby delivered on the date first above written. 
  

									
	

	  	PRESENT when the common seal of
	  	ALLIED IRISH BANKS, p.l.c.
	  	  

 

	  		  	
	  	Director
	  	  

 

	  		  	
	  	Secretary	  		  		  	
	  	Witness:	  	  
	  		  	
	  	 Address:
	  	  
	  		  	
	  	 Occupation:
	  	  
	  		  	
			
		  	The Seal of	  	
		  	 NATIONAL PENSIONS RESERVE

FUND COMMISSION
	  	
		  	was affixed in the presence of:	  	
					
		  		  		  	
 

	  	
		  		  		  	Chairman	  	
				
		  	
 

	  		  	
		  	 Commissioner
	  		  	

  

 36

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