Document:

exv4w6

Exhibit 4.6

Execution Version

26 April 2010

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

and

THE SPONSORS

and

THE JOINT BOOKRUNNERS

and

THE PLACING AGENTS

and

THE UNDERWRITERS

 

PLACING AND RIGHTS ISSUE

UNDERWRITING AND SPONSORS’

AGREEMENT

 

Herbert Smith LLP

1

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	Clause	 Headings	 	Page	 
	1.	 	INTERPRETATION AND DEFINITIONS
	 	 	2	 
	2.	 	APPLICATIONS FOR ADMISSION AND APPOINTMENTS
	 	 	14	 
	3.	 	APPROVAL, RELEASE AND DELIVERY OF DOCUMENTS AND FINALISATION OF RIGHTS ISSUE TERMS
	 	 	15	 
	4.	 	ALLOTMENT OF THE PLACING STOCK AND RIGHTS ISSUE STOCK
	 	 	18	 
	5.	 	PLACING OF THE PLACING STOCK
	 	 	19	 
	6.	 	PLACING OF FRACTIONAL ENTITLEMENTS
	 	 	20	 
	7.	 	UNDERWRITTEN STOCK NOT TAKEN UP
	 	 	21	 
	8.	 	UNDERWRITING
	 	 	23	 
	9.	 	CONDITIONS
	 	 	27	 
	10.	 	UNDERTAKINGS
	 	 	29	 
	11.	 	COMMISSIONS, COSTS AND EXPENSES
	 	 	29	 
	12.	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	 	 	32	 
	13.	 	INDEMNITY, WAIVER OF CLAIMS AND CONTRIBUTION
	 	 	34	 
	14.	 	TERMINATION
	 	 	41	 
	15.	 	WITHHOLDING AND GROSS UP
	 	 	43	 
	16.	 	RECEIVING AGENT
	 	 	44	 
	17.	 	NOTICES
	 	 	44	 
	18.	 	GENERAL
	 	 	45	 
	19.	 	GOVERNING LAW AND JURISDICTION
	 	 	50	 
	SCHEDULE 1	 	Sponsors, Joint Bookrunners, Placing Agents and Underwriters
	 	 	51	 
	SCHEDULE 2	 	Rights Issue Stock Taken Up
	 	 	53	 
	SCHEDULE 3	 	Underwriting Commitments
	 	 	56	 
	SCHEDULE 4	 	Representations, Warranties and Undertakings by BoI
	 	 	57	 
	SCHEDULE 5	 	Documents in the Agreed Form
	 	 	74	 
	SCHEDULE 6	 	Documents to be Delivered
	 	 	77	 
	SCHEDULE 7	 	Undertakings of BoI
	 	 	88	 
	SCHEDULE 8	 	Certificate from BoI
	 	 	92	 
	SCHEDULE 9	 	Selling Restrictions
	 	 	93	 
	SCHEDULE 10	 	Pricing Memorandum
	 	 	96	 

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THIS AGREEMENT is made on            April 2010

BETWEEN:

	(1)	 	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND, a chartered corporation registered in
Ireland with registered number no. C-1, whose registered office is at Head Office, Lower
Baggot Street, Dublin 2, Ireland (“BoI”);
	 
	(2)	 	THE PERSONS whose names are set out in Part A of Schedule 1 (the “Sponsors”);
	 
	(3)	 	THE PERSONS whose names are set out in Part B of Schedule 1 (the “Joint Bookrunners”);
	 
	(4)	 	THE PERSONS whose names are set out in Part B of Schedule 1 (the “Placing Agents”); and
	 
	(5)	 	THE PERSONS whose names are set out in Part B of Schedule 1 (the “Underwriters”).

WHEREAS:

	(A)	 	BoI proposes, subject, amongst other things, to the passing of the Resolutions to carry out
the Renominalisation, Placing, Rights Issue, Debt for Equity Offers and the Government
Transaction, as described in the Press Announcement, Prospectus and Debt for Equity Offer
Documents, to increase Equity Tier 1 Capital by not less than €2.8 billion (after expenses
and the Warrant Cancellation) in order to meet its current and long term capital requirements
(the “Proposals”).
	 
	(B)	 	BoI will offer Debt for Equity Holders the right to exchange their Debt for Equity Securities
(the “Debt for Equity Offers”) on the terms of, the Debt for Equity Offer Documents.
	 
	(C)	 	Under the Placing, the Placing Stock will be issued to Placees at the Placing Price.
Subscribers under the Placing will be permitted to participate in the Rights Issue in respect
of the Placing Stock.
	 
	(D)	 	Under the Rights Issue, Rights Issue Stock will be issued to Qualifying Stockholders at the
Rights Issue Price. The Rights Issue Price and the number of units of Rights Issue Stock to
be issued will be determined on the Pricing Statement Announcement Date.
	 
	(E)	 	Under the Government Transaction, amongst other things NPRFC will convert 1,036 million units
of the 2009 Preference Stock for units of Ordinary Stock at their subscription price of
€1.00 per unit of Ordinary Stock, the detachable warrants issued by BoI to NPRFC will be
cancelled in return for the payment of €491 million in cash by BoI to NPRFC (the “Warrant
Cancellation”) and NPRFC has agreed in principle, subject to certain terms and conditions, to
fully take up its entitlement under the Rights Issue in respect of its holding of NPRFC Coupon
Ordinary Stock and its holding of units of Ordinary Stock as a result of the NPRFC Placing.
	 
	(F)	 	BoI proposes, subject, amongst other things, to the passing of the Resolutions: (i) to
renominalise its Ordinary Stock by subdividing each existing unit of Ordinary Stock in issue
at the close of business on the EGC Date into one unit of ordinary stock of €0.10 each and
one unit of deferred stock of €0.54 each in the capital of BoI; (ii) to issue and allot the
Placing Stock on the terms and conditions set out in this Agreement and the Placing Letters;
and (iii) to issue and allot the Rights Issue Stock and offer the Rights Issue Stock by way of
rights to each Qualifying Stockholder on the basis set out in the Pricing Memorandum, on the
terms and conditions to be set out in the Prospectus and, in respect of Qualifying Non-CREST
Stockholders, to be set out in the Provisional Allotment Letters.
	 
	(G)	 	Upon the Resolutions becoming effective, BoI will have sufficient authorised but unissued
stock capital and the Directors will have the authority and will be empowered under the
Companies Acts and the Bye-Laws to allot the New Stock.

1

 

	(H)	 	BoI is seeking approval from the Financial Regulator for the Prospectus and from the ISE and
the UKLA for the Circular and is applying to the ISE and to the UKLA for the admission of the
New Ordinary Stock to the Official Lists and to the ISE and the LSE for the admission of the
New Ordinary Stock to trading on the main markets for listed securities of the ISE and the
LSE. Furthermore, BoI has requested that the Financial Regulator provide the UKLA, the
competent authority for the purpose of the relevant implementing measures of the Prospectus
Directive in the United Kingdom, with a certificate of approval attesting that the Prospectus
has been drawn up in accordance with the Prospectus Rules, together with a copy of the
Prospectus.
	 
	(I)	 	Davy has agreed to act as sponsor in relation to the admission of the New Ordinary Stock to
the Official List of the ISE on the terms and subject to the conditions referred to in this
Agreement. UBS and Davy have agreed to act as sponsors in relation to the admission of the New
Ordinary Stock to the Official List of the UKLA on the terms and subject to the conditions
referred to in this Agreement.
	 
	(J)	 	The Placing Agents have agreed to act as placing agents in relation to the Placing.
	 
	(K)	 	The Joint Bookrunners have agreed to act as managers and joint bookrunners in relation to the
Rights Issue on the terms and subject to the conditions referred to in this Agreement.
	 
	(L)	 	The Placing Underwriters have agreed, severally and in proportion to their Placing
Commitments and otherwise on the terms and subject to the conditions referred to in this
Agreement, to underwrite the Placing at the Placing Price. The Rights Issue Underwriters have
agreed, severally and in their Agreed Proportions and otherwise on the terms and subject to
the conditions referred to in this Agreement, to underwrite the Rights Issue at the Rights
Issue Price and may (but are not obliged to) seek sub-underwriters on the basis of the Draft
Prospectus or the Prospectus.
	 
	(M)	 	Each of the Placing and the Rights Issue is to be made (i) outside the United States and in
accordance with the provisions of Rule 903 or Rule 904 within the meaning of and pursuant to
Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the
“Securities Act”) and (ii) within the United States only to persons reasonably believed to be
“qualified institutional buyers” within the meaning of Rule 144A under the Securities Act
(“Rule 144A”), in each case pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act.
	 
	(N)	 	The Executive Directors intend to take up in full their rights under the Rights Issue. The
Non-Executive Directors intend either to take up in full their rights under the Rights Issue
or to subscribe for not less than the number of units of Rights Issue Stock as can be funded
by the sale of certain of their Nil Paid Rights.
	 
	(O)	 	Updated details of the Rights Issue Price, the aggregate number of units of Rights Issue
Stock to be issued and the basis on which units of Rights Issue Stock are to be issued
according to the number of units of Ordinary Stock held by Qualifying Stockholders will be set
out in the Pricing Memorandum, to be entered into on the Pricing Memorandum Date and published
in the Pricing Statement on the Pricing Statement Announcement Date in accordance with the
terms of this Agreement.

WHEREBY IT IS AGREED as follows:

	1.	 	INTERPRETATION AND DEFINITIONS
	 
	 	 	In this Agreement (including the Recitals and Schedules to it), unless the context otherwise
requires:
	 
	1.1	 	Definitions
	 
	 	 	“1992 Preference Stock” has the meaning given to such term in Part XIX of the Prospectus;

2

 

	 	 	“2009 Preference Stock” means the units of (currently) 8% non-cumulative preference stock of
€0.01 each in the capital of BoI issued to the NPRFC;
	 
	 	 	“Acceptance Account” means the account in the name of the Receiving Agent to be opened by
the Receiving Agent in relation to the subject matter of the Offer Documents;
	 
	 	 	“Acceptance Date” means the last date for acceptance and payment under the terms of the
Rights Issue as set out in Part IX of the Prospectus or such later date as BoI and the Joint
Bookrunners may agree in writing;
	 
	 	 	“Accounts” means the audited consolidated accounts of the Group as of and for the nine month
period ended 31 December 2009 and the three years ended 31 March 2009, 31 March 2008 and 31
March 2007 (including the related directors’ and auditors’ reports, the consolidated income
statements, the consolidated balance sheets, the consolidated cash flow statements, the
consolidated statements of recognised income and expense and all related notes) and the
unaudited consolidated accounts of the Group as of and for the nine month period ended 31
December 2008;
	 
	 	 	“Accounts Date” means 31 December 2009;
	 
	 	 	“Admission” means the admission of the units of Rights Issue Stock in nil paid form to the
Official Lists becoming effective in accordance with the Listing Rules and the admission of
such stock to trading on the ISE’s and LSE’s markets for listed securities becoming
effective in accordance with the Listing Rules of the ISE and Admission to Trading Rules and
the Admission and Disclosure Standards respectively;
	 
	 	 	“Admission and Disclosure Standards” means the requirements contained in the publication of
the LSE “Admission and Disclosure Standards” (as amended from time to time) containing,
amongst other things, the admission requirements to be observed by companies seeking
admission to trading on the LSE’s main market for listed securities;
	 
	 	 	“Admission to Trading Rules” means the requirements contained in the publication “ISE
Admission to Trading Rules” dated 1 November 2007 containing, amongst other things, the
admission requirements to be met by companies seeking admission to trading, or already
admitted to trading on the ISE market for listed securities other than the Irish Enterprise
Exchange, as amended from time to time;
	 
	 	 	“affiliate” has the meaning set out in Rule 501(b) of Regulation D or Rule 405 under the
Securities Act, as applicable;
	 
	 	 	“Agreed Proportion” means in respect of each Rights Issue Underwriter, the percentage set
out against the name of each such Rights Issue Underwriter in column 2 of Part A of Schedule
3;
	 
	 	 	“Allotment Instruments” means the allotment instruments of BoI to be offered to Debt for
Equity Holders, which shall convert into units of Ordinary Stock on 10 September 2010 in
accordance with their terms;
	 
	 	 	“Announcements” means the Press Announcement and the Pricing Statement Announcement and all
other announcements made by or on behalf of BoI or any Group Member to the public or the
press in connection with the Proposals on or after the date of this Agreement;
	 
	 	 	“Annual Report” means the annual report and accounts of BoI for the nine month period ended
31 December 2009;
	 
	 	 	“Authorisation” has the meaning given to it in paragraph 53 of Schedule 4 of this Agreement;
	 
	 	 	“BoI’s Solicitors” means Arthur Cox, Allen & Overy LLP and Sullivan & Cromwell LLP;
	 
	 	 	“Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which banks
are generally open for business in the City of London and Dublin;
	 
	 	 	“Bye-Laws” means the bye-laws of BoI, as amended from time to time;

3

 

	 	 	“Capital Requirement” means, the regulatory capital requirements applied by the Financial
Regulator, and, solely to the extent applicable to the Group, the capital resources
requirements as defined in the FSA Handbook;
	 
	 	 	“Circular” means the circular, including the EGC Notice, in the agreed form, to be sent to
Stockholders convening the EGC;
	 
	 	 	“Citi” means Citigroup Global Markets U.K. Equity Limited of Citibank Group Centre, 33
Canada Square, London E14 5LB;
	 
	 	 	“CJA” means the United Kingdom Criminal Justice Act 1993;
	 
	 	 	“Claims” has the meaning set out in clause 13.1;
	 
	 	 	“Closing Price” means the closing middle-market quotation of a unit of Ordinary Stock as
derived from the Daily Official List;
	 
	 	 	“Companies Acts” means the Companies Acts, 1963 to 2009 (as amended) of Ireland and insofar
as they apply to BoI having regard to the Ninth Schedule to the Companies Act 1963;
	 
	 	 	“Completion” has the meaning set out in clause 12.4.1;
	 
	 	 	“Conditions” means the conditions set out in clause 9.1;
	 
	 	 	“Court” or “Court of Directors” means the Court of Directors of BoI or a duly constituted
and authorised committee thereof;
	 
	 	 	“CREST” means the relevant system (as defined in the CREST Regulations) in respect of which
Euroclear is the operator (as defined in the CREST Regulations);
	 
	 	 	“CREST Regulations” means the Companies Act 1990 (Uncertified Securities) Regulations 1996
(SI No. 68/1996) of Ireland (as amended in 2003) and the United Kingdom Uncertified
Securities Regulations 2001 (SI 2001/3755);
	 
	 	 	“CS” means Credit Suisse Securities (Europe) Limited of One Cabot Square, London E14 4QJ;
	 
	 	 	“Daily Official List” means the daily record setting out the prices of all trades in shares
and other securities conducted on the ISE;
	 
	 	 	“Davy” means J&E Davy of Davy House, 49 Dawson Street, Dublin 2, Ireland;
	 
	 	 	“Dealer Managers” means Citigroup Global Markets Limited, CS, Deutsche Bank Securities Inc
and UBS Securities LLC in relation to the Debt for Equity Offer in relation to the US Debt
for Equity Offers and Citigroup Global Markets Limited, CS, Deutsche and UBS in relation to
the Non-US Debt for Equity Offers;
	 
	 	 	“Dealing Day” means a day on which dealings in domestic equity market securities may take
place on the ISE and the LSE;
	 
	 	 	“Debt for Equity Dealer Manager Agreements” means the agreements entered into between BoI
and certain of the Dealer Managers on the date hereof in relation to the Debt for Equity
Offers;
	 
	 	 	“Debt for Equity Holders” means existing holders of Debt for Equity Securities;
	 
	 	 	“Debt for Equity Offer Documents” means the exchange offer memoranda to be published as at
the date hereof in connection with the Debt for Equity Offers;
	 
	 	 	“Debt for Equity Offers” has the meaning set out in Recital (B);
	 
	 	 	“Debt for Equity Securities” means those of BoI’s Tier 1 and Upper Tier 2 securities which
are the subject of the Debt for Equity Offers;

4

 

	 	 	“Debt for Equity Stock” means the units of Ordinary Stock to be issued by BoI on or around
10 September 2010 upon conversion of the Allotment Instruments to be allotted and issued by
BoI pursuant to the Debt for Equity Offers;
	 
	 	 	“Deutsche” means Deutsche Bank AG, London Branch of 1 Great Winchester Street, London EC2N
2DB;
	 
	 	 	“Directors” means the Executive Directors and Non-Executive Directors of BoI;
	 
	 	 	“Directors’ Responsibility Statements” means the letters completed by each of the Directors
and addressed to BoI, the Sponsors, NPRFC, the Joint Bookrunners and the Underwriters, in
the agreed form, amongst other things, accepting responsibility for the information
contained in the Circular, the Prospectus and any Supplementary Prospectus, duly signed by
or on behalf of each Director on or prior to the date of this Agreement;
	 
	 	 	“Disclosure and Transparency Rules” means The Disclosure and Transparency Rules made by the
FSA under section 73A(3) of the FSMA;
	 
	 	 	“Draft Prospectus” means the draft version of the Prospectus provided to potential
investors, placees and sub-underwriters, in the agreed form, during the period commencing on
21 April 2010 and ending on the date hereof;
	 
	 	 	“EGC” means the extraordinary general court of BoI to be held on the EGC Date at which,
amongst other things, the Resolutions will be proposed;
	 
	 	 	“EGC Date” means 19 May 2010, or such later date if the EGC is postponed;
	 
	 	 	“EGC Notice” means the notice of the EGC forming part of the Circular;
	 
	 	 	“Eligible Bank Assets” those classes of assets prescribed as eligible bank assets by the
Minister for Finance of Ireland, in accordance with section 69 of the National Asset
Management Agency Act 2009;
	 
	 	 	“encumbrance” means any pledge, lien, security interest, claim, equity, mortgage, charge,
encumbrance or third party right or interest of any nature whatsoever and including for the
avoidance of doubt any pre-emptive or similar right;
	 
	 	 	“Engagement Letters” means the engagement letters between BoI and some or all of the
Managers in connection with, amongst other things, the Placing, the Rights Issue and the
Debt for Equity Offers;
	 
	 	 	“Environmental Laws” has the meaning set out in paragraph 75 of Schedule 4;
	 
	 	 	“Euroclear” means Euroclear UK & Ireland Limited, the operator of CREST;
	 
	 	 	“European Economic Area” means the European Union, Iceland, Norway and Liechtenstein;
	 
	 	 	“Excess Stock” has the meaning set out in clause 8.9;
	 
	 	 	“Exchange Act” means the United States Securities Exchange Act of 1934 as amended;
	 
	 	 	“Excluded Territories Stockholder” means holders of Ordinary Stock with registered addresses
in United States, Japan, Canada, South Africa, Switzerland, New Zealand or Australia;
	 
	 	 	“Executive Directors” means the executive directors of BoI, whose names appear in Part XVII
of the Prospectus;
	 
	 	 	“FCPA” has the meaning set out in paragraph 85 of Schedule 4;
	 
	 	 	“Financial Adequacy Rules” means the overall financial adequacy rules as defined in the FSA
Handbook and the corresponding requirements as to financial adequacy applied by the
Financial Regulator;
	 
	 	 	“Financial Regulator” means The Irish Financial Services Regulatory Authority;

5

 

	 	 	“Form of Proxy” means the form of proxy, in the agreed form, relating to the EGC;
	 
	 	 	“FSA” means the Financial Services Authority of the United Kingdom;
	 
	 	 	“FSA Handbook” means the Financial Services Authority Handbook of Rules and Guidance;
	 
	 	 	“FSMA” means the United Kingdom Financial Services and Markets Act 2000, as amended
including any regulations made pursuant thereto;
	 
	 	 	“Fully Paid Rights” means rights which are provisionally allotted to Qualifying Stockholders
pursuant to the Rights Issue and which are recorded in the register of BoI as having been
paid at the Rights Issue Price;
	 
	 	 	“Government Agreement” means the agreement between BoI, the Minister of Finance for Ireland
and The National Pensions Reserve Fund Commission in connection with the Government
Transaction entered into on or around the date of this Agreement;
	 
	 	 	“Government Transaction” has the meaning given to such term in Part XIX of the Prospectus;
	 
	 	 	“Government Transaction Stock” means the units of Ordinary Stock to be issued to the NPRFC
upon conversion of units of the 2009 Preference Stock pursuant to the Government
Transaction;
	 
	 	 	“Government Undertaking Stock” means the units of Ordinary Stock to be issued to the NPRFC
under the NPRFC Rights Issue Undertaking;
	 
	 	 	“Governmental Agency” has the meaning set out in paragraph 53 of Schedule 4;
	 
	 	 	“Group” means, from time to time, BoI and its subsidiaries, subsidiary undertakings and
affiliates and any other entity in respect of which financial information is included in the
Accounts and “Group Member” means any one of them;
	 
	 	 	“Hazardous Materials” has the meaning set out in paragraph 75 of Schedule 4;
	 
	 	 	“IFRS” means International Financial Reporting Standards as adopted for use in the European
Union;
	 
	 	 	“Indemnified Person” has the meaning set out in clause 13.21;
	 
	 	 	“Intellectual Property” has the meaning set out in paragraph 76 of Schedule 4;
	 
	 	 	“Irish Central Bank Acts” means the Central Bank Acts 1942 to 2001 (as amended by the
Central Bank and Financial Services Authority of Ireland Act, 2003 and 2004 of Ireland (as
amended from time to time));
	 
	 	 	“Irish Listing Rules” means the Listing Rules of the ISE;
	 
	 	 	“Irish Prospectus Regulations” means the Prospectus (Directive 2003/71/EC) Regulations 2005
(SI No. 324 of 2005) of Ireland;
	 
	 	 	“Irish Sponsor” means the person set out in Part A (i) of Schedule 1;
	 
	 	 	“ISE” means the Irish Stock Exchange Limited;
	 
	 	 	“IT Assets” has the meaning set out in paragraph 79 of Schedule 4;
	 
	 	 	“Listing Rules” means the Irish Listing Rules and/or where appropriate the UK Listing Rules;
	 
	 	 	“Losses” has the meaning set out in clause 13.1;
	 
	 	 	“LSE” means London Stock Exchange plc;
	 
	 	 	“Managers” means each of Citi, CS, Davy, Deutsche and UBS (and excludes the Dealer Managers)
and “Manager” means any one of them;

6

 

	 	 	“Market Abuse Regulations” means the Market Abuse (Directive 2003/6/EC) Regulations 2005 (SI
342 of 2005) of Ireland;
	 
	 	 	“Market Abuse Rules” means the market abuse rules published in September 2008 by the
Financial Regulator under section 34 of the Investment Funds, Companies and Miscellaneous
Provisions Act, 2005 of Ireland, as amended from time to time;
	 
	 	 	“Material Adverse Change” means any material adverse change, or any development reasonably
likely to involve a prospective material adverse change, in the condition (financial,
operational, legal or otherwise) or in the earnings, management, business affairs, financial
affairs, solvency, operations or prospects of BoI and its Group taken as a whole, whether or
not arising in the ordinary course of business;
	 
	 	 	“Money Laundering Laws” has the meaning set out in paragraph 84 of Schedule 4;
	 
	 	 	“MTM Instruction” has the meaning set out in paragraph 1 of Schedule 2;
	 
	 	 	“NAMA” means the National Asset Management Agency and, where the context permits, other
members of NAMA’s group including subsidiaries and associated companies;
	 
	 	 	“New Ordinary Stock” means the Rights Issue Stock, the Placing Stock, the Debt for Equity
Stock, the Government Transaction Stock and the Government Undertaking Stock;
	 
	 	 	“New Stock” means the New Ordinary Stock and Allotment Instruments;
	 
	 	 	“Nil Paid Rights” means the rights to acquire Rights Issue Stock, nil paid;
	 
	 	 	“No Significant Change Letter” means the comfort letter relating to there having been no
significant change in the financial or trading position of the Group since the Accounts Date
and to certain financial information, from the Reporting Accountants addressed to the
Directors and the Managers and NPRFC, in the agreed form, and to be dated the date of the
Prospectus;
	 
	 	 	“Non-Executive Directors” means the non-executive directors of BoI, whose names appear in
Part XVII of the Prospectus;
	 
	 	 	“Non-US Debt for Equity Offers” has the meaning given to such term in Part XIX of the
Prospectus;
	 
	 	 	“Non-US Placing Letter” means the letters between the Placing Agents and the Placees located
outside the United States in respect of the Placing Stock;
	 
	 	 	“NPRFC” means the National Pensions Reserve Fund Commission;
	 
	 	 	“NPRFC Coupon Ordinary Stock” has the meaning given to such term in Part XIX of the
Prospectus;
	 
	 	 	“NPRFC Placing” has the meaning given to such term in Part XIX of the Prospectus;
	 
	 	 	“NPRFC Rights Issue Undertaking” has the meaning set out in the Prospectus;
	 
	 	 	“NPRFC Subscription Agreement” means the subscription agreement dated 31 March 2009 made
between BoI, the Minister for Finance of Ireland and the NPRFC;
	 
	 	 	“OECD Convention” has the meaning set out in paragraph 85 of Schedule 4;
	 
	 	 	“OFAC” has the meaning set out in paragraph 86 of Schedule 4;
	 
	 	 	“Offer Documents” means the Draft Prospectus, the Circular, the Prospectus, any
Supplementary Prospectus, the Provisional Allotment Letters, the Announcements, the
Presentation Materials, Shareholder Guides, Form of Proxy, the Debt for Equity Offer
Documents, the US Wrap and any supplements or amendments to any of the foregoing and any
other document published or issued after the date hereof by or on behalf of BoI in
connection with the Renominalisation, the Rights Issue, the Placing, the Debt for Equity
Offers, Admission or Placing
Admission and any website pages on which any such documents are made available by or on
behalf of BoI;

7

 

	 	 	“Official Lists” means the official list of the ISE and/or, as appropriate, the official
list maintained by the UKLA pursuant to Part VI of FSMA;
	 
	 	 	“Ordinary Stock” or “units of Ordinary Stock” means units of ordinary stock of €0.64 each
prior to the Renominalisation, and of €0.10 each following the Renominalisation
(including, if the context requires, the units of New Ordinary Stock);
	 
	 	 	“Ordinary Stockholders” means the holders of Ordinary Stock;
	 
	 	 	“other economic sanctions” has the meaning set out in paragraph 86 of Schedule 4;
	 
	 	 	“Overseas Stockholders” means Stockholders with registered addresses outside Ireland or the
United Kingdom;
	 
	 	 	“payee” has the meaning set out in clause 11.7.2;
	 
	 	 	“payer” has the meaning set out in clause 11.7.2 or clause 15.2 (as the case may be);
	 
	 	 	“PFIC” has the meaning set out in paragraph 94 of Schedule 4;
	 
	 	 	“Placees” means persons with whom Placing Stock is to be placed under the Placing;
	 
	 	 	“Placing” means the placing of the Placing Stock pursuant to the provisions of this
Agreement and the Placing Letters and as described in the Draft Prospectus and the
Prospectus;
	 
	 	 	“Placing Admission” means the admission of the Placing Stock to listing on the Official
Lists becoming effective in accordance with the Listing Rules and the admission of such
stock to trading on the ISE’s and the LSE’s main market for listed securities becoming
effective in accordance with the Listing Rules of the ISE and Admission to Trading Rules and
the Admission and Disclosure Standards respectively;
	 
	 	 	“Placing Commitment” means in respect of each Placing Underwriter, the percentage set out
against the name of each such Placing Underwriter in column 2 of Part B of Schedule 3;
	 
	 	 	“Placing Letter” means the Non-US Placing Letters and the US Placing Letters, in the agreed
form;
	 
	 	 	“Placing Price” means €1.53 per unit of Placing Stock;
	 
	 	 	“Placing Stock” means the 326,797,386 units of new Ordinary Stock to be issued by BoI
pursuant to the Placing;
	 
	 	 	“Placing Underwriters” means the persons set out in Part D (i) of Schedule 1;
	 
	 	 	“Posting Date” means the date of the Circular;
	 
	 	 	“Presentation Materials” means the investor presentation materials prepared by BoI, in the
agreed form, and used by it in meetings with or otherwise made available to potential
investors, placees and sub-underwriters and research analysts connected to the Managers in
connection with the Placing the Rights Issue or the Debt for Equity Offers prior to, on or
after the date of the Agreement;
	 
	 	 	“Press Announcement” means the final press announcement, in the agreed form, to be dated the
date of this Agreement giving details of, amongst other things, the Placing, the Rights
Issue, the Debt for Equity Offers and the Government Transaction;
	 
	 	 	“Previous Announcements” means all documents issued and announcements made by or on behalf
of BoI or any Group Member to the public or the press through a Regulatory Information
Service since the Accounts Date and before the date of this Agreement;

8

 

	 	 	“Pricing Memorandum” means the pricing memorandum in the form set out in Schedule 10 to be
entered into on and dated the Pricing Memorandum Date;
	 
	 	 	“Pricing Memorandum Date” means 14 May 2010;
	 
	 	 	“Pricing Notification” has the meaning set out in clause 3.12;
	 
	 	 	“Pricing Statement” means a pricing statement published by BoI on the Pricing Statement
Announcement Date in relation to, among other things, the Rights Issue Price;
	 
	 	 	“Pricing Statement Announcement” means the press announcement, in the agreed form, to be
issued in connection with the publication of the Pricing Statement on the Pricing Statement
Announcement Date;
	 
	 	 	“Pricing Statement Announcement Date” means the Dealing Day immediately following the
Pricing Memorandum Date;
	 
	 	 	“Proposals” has the meaning set out in Recital (A);
	 
	 	 	“Prospectus” means the prospectus to be published by BoI in connection with the Placing,
Rights Issue, Placing Admission, Admission and the Government Transaction, in the agreed
form, together with the documents and information incorporated by reference therein;
	 
	 	 	“Prospectus Directive” means Directive 2003/71/EC of the European Parliament and of the
Council of 9 November 2003;
	 
	 	 	“Prospectus Rules” means the prospectus rules published in August 2008 by the Financial
Regulator under section 51 of the Investment Funds, Companies and Miscellaneous Provisions
Act 2005, as amended from time to time;
	 
	 	 	“Provisional Allotment Letters” means the renounceable provisional allotment letters in
relation to the Rights Issue Stock, in the agreed form, to be issued or made available by
BoI, subject to clause 3.11, to Qualifying Non-CREST Stockholders pursuant to the
Rights Issue;
	 
	 	 	“Publication Date” means the date on which the Prospectus is published being the date of
this Agreement;
	 
	 	 	“QIB Letter” means the letter, to be delivered by QIBs in the United States who participate
in the Rights Issue, the Placing, or the placing of Underwritten Stock not taken up pursuant
to clause 7 of this Agreement, substantially in the form as attached to the US Placing
Letter or the US Wrap;
	 
	 	 	“QIBs” means “qualified institutional buyers” as defined in Rule 144A under the Securities
Act;
	 
	 	 	“Qualifying CREST Stockholders” means Qualifying Stockholders who hold Ordinary Stock in
uncertificated form in CREST;
	 
	 	 	“Qualifying Non-CREST Stockholders” means Qualifying Stockholders who hold Ordinary Stock in
certificated form;
	 
	 	 	“Qualifying Stockholders” means holders of Ordinary Stock on the register of members of BoI
at the Record Date and Placees (excluding the NPRFC in respect of the NPRFC Coupon Ordinary
Stock);
	 
	 	 	“Receiving Agent Agreement” means the agreement between the Receiving Agent and BoI in
connection with, amongst other things, the Renominalisation, the Placing and the Rights
Issue;
	 
	 	 	“Record Date” means 5.00 p.m. on 17 May 2010;
	 
	 	 	“Renominalisation” means the reduction of the nominal value of units of Ordinary Stock from
€0.64 each to €0.10 each and the creation of a new class of deferred stock of €0.54
each pursuant to resolution no. 1 proposed for the EGC;

9

 

	 	 	“Registrar” or “Receiving Agent” means Computershare Investor Services (Ireland) Limited or
such other registrar or receiving agent as BoI may appoint from time to time;
	 
	 	 	“Regulation D” means Regulation D under the Securities Act;
	 
	 	 	“Regulation S” has the meaning set out in the Recitals;
	 
	 	 	“Regulatory Analysis” has the meaning set out in clause 8.8;
	 
	 	 	“Regulatory Information Service” means one of the regulatory information services authorised
by the ISE and/or UKLA, as applicable, to receive, process and disseminate regulatory
information in respect of listed companies;
	 
	 	 	“Relevant Member State” has the meaning set out in paragraph 8 of Schedule 9;
	 
	 	 	“Relevant Sum” has the meaning set out in clause 11.7.3;
	 
	 	 	“Relevant Time” means the earliest of (i) the third Dealing Day following the Acceptance
Date; (ii) the date following the Acceptance Date on which the Joint Bookrunners determine
that it is reasonably likely that it will not be possible to procure subscribers in respect
of Rights Issue Stock not taken up under the Rights Issue; (iii) provided that subscribers
are procured pursuant to clause 7.4 in respect of all Rights Issue Stock not taken up under
the Rights Issue, such time as is notified to BoI by the Joint Bookrunners as the Time of
Sale; and (iv) the day following the Acceptance Date if all the Rights Issue Shares have
been taken up or deemed to be taken up as referred to in clause 7.1;
	 
	 	 	“Relevant Underwriter” has the meaning set out in clause 8.9;
	 
	 	 	“Reports” has the meaning set out in paragraph 33 of Schedule 4;
	 
	 	 	“Reporting Accountants” means PricewaterhouseCoopers of One Spencer Dock, North Wall Quay,
Dublin 1, Ireland;
	 
	 	 	“Resolutions” means the resolutions to be proposed at the EGC, as set out in the EGC Notice
as resolutions 1 to 7 (inclusive);
	 
	 	 	“Restricted Period” means the period from and including the date of this Agreement to the
date which is the earlier of (i) 10 September 2010 and (ii) the date which is 60 days from
the date on which the Underwriters’ obligations under this Agreement cease in accordance
with clauses 9.4 or 14;
	 
	 	 	“Rights Issue” means the offer by way of rights to Qualifying Stockholders to acquire Rights
Issue Stock on the terms and subject to the conditions contained or referred to in the
Prospectus and also, where relevant, the Provisional Allotment Letters;
	 
	 	 	“Rights Issue Price” means the price per unit of Rights Issue Stock, being €0.10, unless
a price per Rights Issue Share in excess of €0.10 is determined in accordance with clause
3.12 in which case it shall mean the price set out in the Pricing Memorandum;
	 
	 	 	“Rights Issue Stock” means the number of units of new Ordinary Stock to be allotted and
issued by BoI pursuant to the Rights Issue;
	 
	 	 	“Rights Issue Underwriters” means the persons set out in Part D (ii) of Schedule 1;
	 
	 	 	“Rule 144A” has the meaning set out in the Recitals;
	 
	 	 	“Secretary” means the secretary of BoI from time to time;
	 
	 	 	“Securities” means the Nil Paid Rights, the Fully Paid Rights, the New Stock and/or the
Provisional Allotment Letters;
	 
	 	 	“Securities Act” has the meaning set out in the Recital (M);

10

 

	 	 	“Senior Executives” means the senior executives of BoI whose names appear in Part XVII of
the Prospectus;
	 
	 	 	“Selling Restrictions” means the selling restrictions set out in Schedule 9;
	 
	 	 	“Shareholder Guides” means the documents to be sent to Qualifying Stockholders containing
information relating to action to be taken by Qualifying Stockholders in relation to the
Rights Issue, in the agreed form;
	 
	 	 	“Sponsor” means a UK Sponsor or the Irish Sponsor, as the context requires;
	 
	 	 	“Supplementary Prospectus” means any prospectus supplementary to the Prospectus published by
BoI in accordance with Regulation 51 of the Irish Prospectus Regulations;
	 
	 	 	“taken up” has the meaning set out in Schedule 2;
	 
	 	 	“Taxation” or “tax” means all taxes, levies, imposts, duties, charges or withholdings of any
nature whatsoever imposed by a tax authority of the United Kingdom, Ireland or any other
jurisdiction, together with all penalties, charges and interest relating to any of the
foregoing and regardless of whether or not such taxes, levies, imposts, duties, charges,
withholdings, penalties and interest are attributable directly or primarily to any Group
Member, BoI, any Manager or any other person concerned, including corporation tax, advance
corporation tax, income tax, capital gains tax, VAT, duties of customs and excise, national
insurance contributions, capital duty, stamp duty, stamp duty reserve tax, stamp duty land
tax and any other transfer tax or duty, all taxes, duties or charges replaced by or
replacing any of them, and all other taxes on gross or net income, profits or gains,
distributions, receipts, importations, sales, use, occupation, franchise, value added, and
personal property;
	 
	 	 	“Time of Sale” means the earlier of (i) 7.00 a.m. on the fourth Dealing Day following the
Acceptance Date or (ii) such time, falling within the period commencing on the first Dealing
Day following the Acceptance Date and ending on the third Dealing Day following the
Acceptance Date, as is notified to BoI by the Joint Bookrunners as the time of sale with
respect to their endeavours to procure subscribers for the units of Underwritten Stock not
taken up;
	 
	 	 	“TERP” means the theoretical ex-rights price (ex-dividend if relevant) of one unit of
Ordinary Stock calculated by reference to the Closing Price on the Pricing Memorandum Date;
	 
	 	 	“Tranche 1 NAMA Assets” the first tranche of assets of the Group that were designated as
Eligible Bank Assets comprising approximately €0.9 billion of land and development loans
and approximately €1.0 billion of associated loans;
	 
	 	 	“Transfer Taxes” means stamp duty, stamp duty reserve tax, capital duty or any similar
issuance or transfer tax or duty and any related costs, fines, penalties or interest (if
any) whether of the United Kingdom, Ireland or elsewhere;
	 
	 	 	“Transparency Regulations” means the Transparency (Directive 2004/109/EC) Regulations 2007
(SI 277 of 2007) of Ireland;
	 
	 	 	“Transparency Rules” means the transparency rules published in September 2009 by the
Financial Regulator under section 22 of the Investment Funds, Companies and Miscellaneous
Provisions Act 2006 of Ireland, as amended from time to time;
	 
	 	 	“UBS” means UBS Limited of 1 Finsbury Avenue, London EC2M 2PP;
	 
	 	 	“UK Listing Rules” means the United Kingdom listing rules made under section 73A of FSMA;
	 
	 	 	“UK Market Abuse Rules” means section 397 and Part VIII of FSMA and the “Code of Market
Code” issued by the FSA in accordance with section 119 of FSMA, as amended from time to
time;
	 
	 	 	“UK Sponsors” means the persons set out in Part A (ii) of Schedule 1;

11

 

	 	 	“UKLA” means the FSA acting in its capacity as the competent authority in the United Kingdom
for the purposes of Part VI of FSMA and in the exercise of its functions in respect of the
admission to the Official List otherwise than in accordance with Part VI of FSMA;
	 
	 	 	“Underwriters” means the Placing Underwriters and the Rights Issue Underwriters;
	 
	 	 	“Underwriters’ Solicitors” means A&L Goodbody and Herbert Smith LLP;
	 
	 	 	“Underwritten Stock” means the Rights Issue Stock other than the Government Undertaking
Stock and the Government Transaction Stock;
	 
	 	 	“United States” means the United States of America, its territories and possessions, any
state of the United States and the District of Columbia;
	 
	 	 	“US Debt for Equity Offers” has the meaning given to such term in Part XIX of the
Prospectus;
	 
	 	 	“US Placing Letter” means the letter between the Placing Agents and the Placees located in
the United States in respect of the Placing Stock;
	 
	 	 	“US Wrap” means the offering memorandum to be issued by BoI in connection with the Rights
Issue which, together with the Prospectus, is to be used in the United States in connection
with any offer or sale of Securities to existing Ordinary Stockholders by way of rights
thereto, to QIBs;
	 
	 	 	“VAT” means value added tax chargeable under or pursuant to the Value Added Tax Act 1994,
the Irish Value Added Tax Act 1972 (as amended) or the EC Council Directive 2006/112/EC on
the common system of value added tax and any other sales, purchase or turnover tax of a
similar nature, whether imposed in the United Kingdom, Ireland or elsewhere;
	 
	 	 	“Verification Notes” means the questions prepared by BoI’s Solicitors and answered by BoI in
order to verify material statements and information contained in the Press Announcement,
Presentation Materials, Circular and Prospectus;
	 
	 	 	“Warranties” means a representation, warranty or undertaking given pursuant to
clause 12 and/or set out in Schedule 4; and
	 
	 	 	“Working Capital Report” means the working capital report on the Group’s working capital
prepared by the Reporting Accountants and addressed to the Directors and the Managers and
those Dealer Managers acting in relation to the Debt for Equity Offer being carried out
outside of the United States, in the agreed form, dated the date of the Prospectus.

12

 

	1.2	 	Agreed form documents
	 
	 	 	Any reference to a document being “in the agreed form” means in the form of the draft or
proof thereof signed or initialled for the purpose of identification by the Underwriters’
Solicitors (on behalf of the Managers) and BoI’s Solicitors (on behalf of BoI), or as
otherwise evidenced as being in the agreed form by communications between the Underwriters’
Solicitors and BoI’s Solicitors, with such alterations (if any) as may subsequently be
agreed by or on behalf of the Managers and BoI. A complete list of documents in the agreed
form as at the date of this Agreement is set out in Schedule 5 (other than those documents
marked with an asterisk).
	 
	1.3	 	Statutory provisions
	 
	 	 	References to a statutory provision include (i) any subordinate legislation made from time
to time under that provision and (ii) that provision as from time to time modified or
re-enacted so far as such modification or re-enactment applies or is capable of applying to
any transactions entered into in accordance with this Agreement.
	 
	1.4	 	Companies Acts
	 
	 	 	The expressions “company”, “holding company”, “subsidiary undertaking” and “subsidiary”
shall have the same meanings in this Agreement as in the Companies Acts.
	 
	1.5	 	CREST Regulations
	 
	 	 	Expressions defined or used in the CREST Regulations shall have the same meanings in this
Agreement (except where the context otherwise requires).
	 
	1.6	 	Interpretation Act 1978
	 
	 	 	The Interpretation Act 1978 shall apply to this Agreement in the same way as it applies to
an enactment.
	 
	1.7	 	Recitals, clauses etc.
	 
	 	 	References in this Agreement to Recitals, clauses and Schedules are, unless otherwise
specified, to the Recitals and clauses of and Schedules to this Agreement.

	1.8	 	Headings
	 
	 	 	Headings shall be ignored in construing this Agreement.
	 
	1.9	 	Time of day
	 
	 	 	References to time of day are to Irish time.
	 
	1.10	 	References to paragraphs, sections and parts of the Prospectus
	 
	 	 	References to paragraphs, sections and parts of the Prospectus in this Agreement are to
paragraphs, sections and parts of the Prospectus, when published.
	 
	1.11	 	References to “include” or “including”
	 
	 	 	A reference to “include” means include without limitation and “including” is to be construed
accordingly.
	 
	1.12	 	References to Manager, Sponsor, Placing Agent, Joint Bookrunner or Underwriter
	 
	 	 	Each reference in this Agreement to any Manager, Sponsor, Placing Agent, Joint Bookrunner or
Underwriter by any description or in any capacity includes a reference to it in each other
capacity

13

 

	 	 	in which it may act pursuant to this Agreement or otherwise with the agreement of BoI in
connection with the Proposals.

	2.	 	APPLICATIONS FOR ADMISSION AND APPOINTMENTS
	 
	2.1	 	Applications for Admission

	 	2.1.1	 	BoI undertakes to apply to:

	 	(A)	 	each of the ISE and UKLA for admission of the New Ordinary
Stock to the Official Lists;
	 
	 	(B)	 	the ISE and LSE for admission of the New Ordinary Stock to
trading on the main markets for listed securities of the ISE and the LSE; and
	 
	 	(C)	 	Euroclear for admission of the Nil Paid Rights and the Fully
Paid Rights as participating securities (as defined in the CREST Regulations)
in CREST.

	 	2.1.2	 	BoI undertakes that it shall use all reasonable endeavours to execute or cause
to be executed all such documents, provide or cause to be provided all such
information, and do or cause to be done all such things as may be required by or
necessary to comply with the requirements of the Financial Regulator, the ISE, the
UKLA, the LSE, Euroclear and all other applicable legislation and regulation, in each
case in connection with the applications referred to in clause 2.1.1.
	 
	 	2.1.3	 	BoI undertakes to apply for formal approval of the Prospectus and the Circular
for the purposes of, and in accordance with, the Prospectus Rules and the Listing Rules
respectively and shall use all reasonable endeavours to obtain such approval as soon as
practicable and in any event shall obtain such approval before publishing the
Prospectus and the Circular.
	 
	 	2.1.4	 	BoI undertakes to use all reasonable endeavours to secure Placing Admission
and Admission as soon as practicable and, in any event, prior to the EGC Date (to take
effect from the first Dealing Day after the EGC Date). The Sponsors agree to give such
assistance to BoI as it may reasonably require in relation to the obligations of BoI
set out in clauses 2.1.2, 2.1.3 and 2.1.4.

	2.2	 	Appointment of the Managers

	 	2.2.1	 	BoI confirms its appointment of:

	 	(A)	 	Davy as a sponsor in connection with the proposed admission
of the New Ordinary Stock to the Official List of the ISE;
	 
	 	(B)	 	each of Davy and UBS as a sponsor in connection with the
proposed admission of the New Ordinary Stock to the Official List of the UKLA;
	 
	 	(C)	 	each of the Placing Agents as the placing agents to the
Placing; and
	 
	 	(D)	 	each Joint Bookrunner as manager and joint bookrunner to the
Rights Issue.

	 	2.2.2	 	The appointments under clause 2.2.1 confer on each of the Managers
all powers, authorities and discretions which are necessary for, or incidental to, the
performance by each Manager of the roles to which it has been appointed (including the
power to appoint sub-agents or to delegate the exercise of any of its powers,
authorities or discretions to such persons as the relevant Managers see fit). BoI
agrees to ratify and confirm unconditionally all actions which each Manager and its
sub-agents and delegates lawfully take pursuant to its appointments.

14

 

	 	2.2.3	 	Each Manager confirms its acceptance of its respective appointments in clause
2.2.1, subject to the terms of this Agreement.
	 
	 	2.2.4	 	BoI undertakes to each Sponsor (for itself and on behalf of the other
Managers) that it will at all times provide to each Sponsor all information and
assistance and take all actions (including paying all relevant fees) or that may be
required by it in its capacity as Sponsor to satisfy its obligations under, or in
connection with, the Renominalisation, the Placing, the Rights Issue, the Government
Transaction, the Debt for Equity Offers, the Listing Rules, the Prospectus Rules, the
Transparency Regulations, the Transparency Rules, the Disclosure and Transparency
Rules, the Admission to Trading Rules and the Admission and Disclosure Standards
including to provide to the FSA or ISE (as relevant) any information or explanation as
the FSA or ISE (as relevant) may require for the purpose of verifying whether the
Listing Rules and the Prospectus Rules are being and have been complied with by each of
the Sponsors or by BoI.
	 
	 	2.2.5	 	BoI consents to each UK Sponsor disclosing to the FSA, and to the Irish
Sponsor disclosing to the ISE or the Financial Regulator (as relevant) at any time
before or after, in each case, Placing Admission and Admission, any information which
the relevant Sponsor in its absolute discretion deems to relate to BoI and to address
non-compliance with the Listing Rules, Prospectus Rules, Transparency Regulations,
Transparency Rules, Disclosure and Transparency Rules, the Market Abuse Regulations,
the Market Abuse Rules or the UK Market Abuse Rules provided in each case that, where
legally permitted and reasonably practicable to do so, the relevant Sponsor notifies
BoI of the requirement to disclose and only makes such disclosure after such
consultation with BoI as is reasonable in the circumstances.
	 
	 	2.2.6	 	Subject to clause 4.6, after Admission, in the event of the
publication of any Supplementary Prospectus referred to in paragraph 6 of Schedule 7,
the Joint Bookrunners shall have the right to postpone the Acceptance Date for such
period as the Joint Bookrunners and BoI may agree in writing and all dates in this
Agreement referable to the Acceptance Date shall be extended mutatis mutandis.
	 
	 	2.2.7	 	BoI acknowledges and agrees that:

	 	(A)	 	none of the Managers are responsible for, have authorised or
will authorise the contents of the Prospectus, the Circular or the Debt for
Equity Offer Documents;
	 
	 	(B)	 	none of the Managers have been requested to verify, are, or
shall be, responsible for verifying, the accuracy, completeness or fairness of
any information in any of the Offer Documents; and
	 
	 	(C)	 	the responsibilities, duties and obligations of UBS and Davy
as sponsors pursuant to the UK Listing Rules are owed solely to the FSA and
the responsibilities, duties and obligations of Davy as sponsor pursuant to
the Irish Listing Rules are owed solely to the ISE and, in each case, agreeing
to act as sponsor does not of itself extend any such responsibilities, duties
or obligations to any other person, including BoI.

	3.	 	APPROVAL, RELEASE AND DELIVERY OF DOCUMENTS AND FINALISATION OF RIGHTS ISSUE TERMS
	 
	3.1	 	BoI confirms to each of the Managers that a meeting or meetings of the Court of Directors has
been held which has:

	 	3.1.1	 	authorised BoI to enter into and perform its obligations under this Agreement
and the Debt for Equity Dealer Manager Agreements;

15

 

	 	3.1.2	 	approved the form and release of the Press Announcement and the Presentation
Materials;
	 
	 	3.1.3	 	approved the form of the Prospectus, the Circular, the Debt for Equity Offer
Documents, the Provisional Allotment Letters, the Form of Proxy, the US Wrap and taken
responsibility for and authorised and approved the publication of the Prospectus, the
Circular and each of the other Offer Documents which BoI is required by the Listing
Rules and/or the Prospectus Rules to take responsibility for and authorise and approve;
	 
	 	3.1.4	 	approved, subject to the passing of the Resolutions, the Renominalisation, the
making of the Placing, the Rights Issue, the Debt for Equity Offers and the Government
Transaction;
	 
	 	3.1.5	 	approved the making of the applications for Placing Admission and Admission;
	 
	 	3.1.6	 	approved the making of the application to Euroclear for admission of the Nil
Paid Rights and the Fully Paid Rights as participating securities (as defined in the
CREST Regulations) in CREST; and
	 
	 	3.1.7	 	authorised all necessary steps to be taken by BoI in connection with, or
incidental to, each of the above matters.

	3.2	 	BoI shall procure delivery of the Press Announcement to a Regulatory Information Service for
release not later than 7.00 a.m. on the date of this Agreement and authorises the Placing
Agents to deliver the Draft Prospectus, the Press Announcement to any potential placees of the
Placing Stock and the Joint Bookrunners to deliver the Draft Prospectus and the Press
Announcement to any potential sub-underwriters of the Rights Issue Stock.
	 
	3.3	 	Subject to the ISE having formally approved the Circular for the purpose of the Irish Listing
Rules, and the UKLA having formally approved the Circular for the purpose of the UK Listing
Rules, BoI shall despatch the Circular and Form of Proxy to Qualifying Stockholders (excluding
Placees) by no later than 5.00 p.m. on the date of this Agreement.
	 
	3.4	 	Subject to the Financial Regulator having formally approved the Prospectus for the purpose of
the Irish Prospectus Regulations, BoI shall, as soon as practicable thereafter (and no later
than the date of such approval), make the Prospectus available in accordance with Regulation
44 of the Irish Prospectus Regulations and make available to the Managers (at BoI’s expense)
such number of copies of the Prospectus and the Circular and any supplements or amendments
thereto together with any other documentation relating to the Placing and the Rights Issue, as
they may reasonably require.
	 
	3.5	 	Before releasing the Press Announcement, publishing the Prospectus or publishing and
despatching the Circular, BoI shall deliver the documents referred to in Part A of Schedule 6
to Herbert Smith LLP or A&L Goodbody (for and on behalf of the Managers).
	 
	3.6	 	Before publishing any Supplementary Prospectus, BoI shall deliver the documents referred to
in Part B of Schedule 6 to Herbert Smith LLP or A&L Goodbody (for and on behalf of the
Managers).
	 
	3.7	 	Before releasing the Pricing Statement Announcement or publishing the Pricing Statement, BoI
shall deliver the documents referred to in Part C of Schedule 6 to Herbert Smith LLP or A&L
Goodbody (for and on behalf of the Managers).
	 
	3.8	 	Before Admission, BoI shall deliver the documents referred to in Part D of Schedule 6 to
Herbert Smith LLP or A&L Goodbody (for and on behalf of the Managers).
	 
	3.9	 	As soon as practicable the relevant announcements referred to in paragraphs 6.5.5 and 6.6.4
of the Irish Listing Rules and referred to in paragraphs 9.5.5R and 9.6.4R of the UK Listing
Rules shall be lodged with a Regulatory Information Service as required by such paragraphs.

16

 

	3.10	 	If the Joint Bookrunners have notified a Time of Sale to BoI, BoI shall deliver the documents
referred to in:

	 	3.10.1	 	Part E of Schedule 6 on the date of any such Time of Sale; and
	 
	 	3.10.2	 	Part F of Schedule 6 on the date of the closing of the rump sales as notified to BoI
by the Joint Bookrunners,

	 	 	to Herbert Smith LLP or A&L Goodbody (for and on behalf of the Managers).
	 
	3.11	 	BoI shall procure that:

	 	3.11.1	 	subject to clause 3.11.4, the Shareholder Guides are despatched to
Qualifying Stockholders (except as provided in the Prospectus) by the last post on the
Business Day after Publication Date (or such later date as may be agreed with the Joint
Bookrunners in writing);
	 
	 	3.11.2	 	subject to clause 3.11.4 and the passing of the Resolutions, the
Provisional Allotment Letters are despatched to Qualifying Non-CREST Stockholders by
the last post on the Publication Date (or such later date as may be agreed with the
Joint Bookrunners in writing);
	 
	 	3.11.3	 	subject to clause 3.11.4 and the passing of the Resolutions, the Registrar
instructs Euroclear to credit the stock accounts in CREST of Qualifying CREST
Stockholders with their entitlements to Nil Paid Rights so that they are credited at
9.00 a.m. on the first Dealing Day after the date the Resolutions are passed (or such
later date as may be agreed with the Joint Bookrunners in writing);
	 
	 	3.11.4	 	except for persons in the United States reasonably believed to be QIBs, or as may be
otherwise agreed with the Joint Bookrunners, neither the Circular, the Prospectus, the
Shareholder Guides, Form of Proxy, the Presentation Materials nor any Provisional
Allotment Letters (in the case of Qualifying Non-CREST Stockholders) are sent to
Excluded Territories Stockholders who have not given BoI an address in Ireland or the
United Kingdom for the service of notices on them, nor are the stock accounts of
Excluded Territories Stockholders or any agent or intermediary of an Excluded
Territories Stockholder credited with Nil Paid Rights (in the case of such stockholders
who hold their Ordinary Stock in uncertificated form);
	 
	 	3.11.5	 	the Prospectus shall be published in accordance with the Irish Prospectus Regulations
and the Prospectus Rules; and
	 
	 	3.11.6	 	no later than two Dealing Days prior to the EGC Date, BoI shall give the Joint
Bookrunners, to be held to the express order of BoI pending Admission, an undated
letter from BoI to Euroclear confirming that each condition to enable each of the Nil
Paid Rights and the Fully Paid Rights to be admitted as participating securities in
CREST has been satisfied. Immediately after Admission, the Joint Bookrunners shall date
the letter and deliver it to Euroclear.

	3.12	 	At or around 5.30 p.m. on the Pricing Memorandum Date, the Joint Bookrunners will notify BoI
in writing (the “Pricing Notification”) of the prices of one unit of Rights Issue Stock which
represent discounts of 42 per cent. and 38 per cent., respectively to TERP. If the higher of
the two prices set out in the Pricing Notification is greater than €0.10, then a revised
Rights Issue Price will be determined by the Joint Bookrunners in consultation with BoI and
having taken into account, inter alia, investor feedback received by them in respect of the
Rights Issue, economic, market and other conditions prevailing at the time, the condition
(financial and otherwise) and prospects of BoI and the Group at the time and the Closing Price
on the Pricing Memorandum Date, provided that the revised Rights Issue Price shall not
represent a discount of more than 42 per cent. nor less than 38 per cent. to TERP. If the
Rights Issue Price is increased from €0.10 in

17

 

	 	 	accordance with this clause 3.12, such revised Rights Issue Price will be set out in the
Pricing Memorandum and the Pricing Statement, otherwise the Rights Issue Price will be
€0.10.

	3.13	 	Following determination of the Rights Issue Price pursuant to clause 3.12, the number of
units of Rights Issue Stock to be issued under the Rights Issue will be €1.2 billion less
(i) an amount equal to the capital gain arising on the Debt for Equity Offers, up to a maximum
amount of €100 million, multiplied by 0.63656 and less (ii) an amount equal to the nominal
value of Allotment Instruments to be issued pursuant to the Debt for Equity Offers, up to a
maximum amount of €200 million, multiplied by 0.63656, with the resulting sum divided by
the Rights Issue Price.
	 
	3.14	 	Immediately following the determination of the Rights Issue Price and the number of units of
Rights Issue Stock to be issued under the Rights Issue pursuant to clauses 3.12 and 3.13, and
in any event by no later than 8.00 p.m. on the Pricing Memorandum Date, each of the parties
shall execute the Pricing Memorandum.
	 
	3.15	 	BoI shall approve and publish the Pricing Statement Announcement through a Regulatory
Information Service by no later than 7.00 a.m. on the Pricing Statement Announcement Date and
shall publish the Pricing Statement on the Pricing Statement Announcement Date.
	 
	3.16	 	Nothing in this Agreement, including clauses 3.12 and 3.13 shall increase in any respect any
Rights Issue Underwriters’ underwriting obligations under clause 8.
	 
	4.	 	ALLOTMENT OF THE PLACING STOCK AND RIGHTS ISSUE STOCK
	 
	4.1	 	Subject to the passing of the Resolutions in accordance with clause 9.1.5, BoI shall, on the
EGC Date and following notification from the Placing Agents pursuant to clause 5.7, in
accordance with the terms of the Placing allot, conditional only on Placing Admission
occurring, the Placing Stock to the Placees (or their nominee as directed by the Placing
Agents pursuant to clause 5.7) and/or to the Placing Agents (or, as the case may be, sub-agent
or delegate appointed in accordance with clause 2.2) as nominees and/or (if relevant) to the
Placing Underwriters, as notified to BoI in accordance with clause 5.7.
	 
	4.2	 	Subject to the passing of the Resolutions in accordance with clause 9.1.5, BoI shall
provisionally allot the Rights Issue Stock (nil paid) on the EGC Date (or such later date as
may be agreed between the Joint Bookrunners and BoI) to all Qualifying Stockholders
(including, for the avoidance of doubt, to Overseas Stockholders) pursuant to a resolution of
the Court of Directors. The allotment of the Rights Issue Stock shall be made upon the terms
and subject to the conditions to be set out in the Prospectus and, in the case of Qualifying
Non-CREST Stockholders, the Provisional Allotment Letters and on the basis referred to in
clause 4.5 for acceptance and payment in full by not later than 11.00 a.m. on the
Acceptance Date. No provisional allotment of Rights Issue Stock in nil paid or fully paid form
shall be made to BoI as holder of treasury shares. Rights Issue Stock representing the
aggregate of fractions of Rights Issue Stock shall be provisionally allotted as directed by
the Joint Bookrunners and dealt with in accordance with clause 6.
	 
	4.3	 	BoI represents, warrants and undertakes that, notwithstanding that provisional allotment is
made to all Qualifying Stockholders, the Provisional Allotment Letters will not be sent to,
and Nil Paid Rights will not be credited to CREST accounts of, subject to certain exceptions,
any Excluded Territories Stockholder or to their agent or intermediary, except in any such
case where BoI and the Joint Bookrunners agree in writing that such action would not result in
a contravention of applicable registration or other legal or regulatory requirement in the
relevant jurisdiction.
	 
	4.4	 	BoI may only exercise its right in the Prospectus in relation to Qualifying CREST
Stockholders to allot and issue the Nil Paid Rights, the Fully Paid Rights or the Rights Issue
Stock in certificated form if it has first obtained the Joint Bookrunners’ written consent
(such consent not to be unreasonably withheld).

18

 

	4.5	 	As soon as practicable after 11.00 a.m. on the Acceptance Date and, in any event, by no later
than 8.00 a.m. on the Dealing Day after the Acceptance Date, BoI will confirm the provisional
allotment of the units of Rights Issue Stock which have been taken up pursuant to a resolution
of the Court of Directors and cancel the provisional allotments of the units of Rights Issue
Stock which have not been taken up. By not later than the fifth Dealing Day after the
Acceptance Date, BoI will allot a number of units of Rights Issue Stock equal to the number of
units of Rights Issue Stock for which provisional allotments were not taken up in favour of
the persons who, pursuant to clauses 7.4 or 8.1, are to subscribe for
such Rights Issue Stock, pursuant to a resolution of the Court of Directors.
	 
	4.6	 	If a Supplementary Prospectus is published by BoI two or fewer Dealing Days prior to the date
specified in the Prospectus as the Acceptance Date (or such later date as may be agreed
between BoI and the Joint Bookrunners), the parties agree that the Acceptance Date shall be
extended to the date which is three Dealing Days after the date of publication of the
Supplementary Prospectus (or such later date as BoI and the Joint Bookrunners may agree in
writing) and all dates in this Agreement referable to the Acceptance Date shall also be
extended mutatis mutandis.
	 
	5.	 	PLACING OF THE PLACING STOCK
	 
	5.1	 	Each of the Placing Agents severally and not jointly or jointly and severally, agrees with
BoI to use reasonable endeavours as agent for BoI to procure persons to subscribe for the
Placing Stock at the Placing Price and on the terms of the Placing Letters.
	 
	5.2	 	The Placing Agents shall liaise with BoI during the conduct of the Placing and inform BoI of
the orders received and the final aggregate book of demand. The Placing Agents shall consult
with BoI to the extent practically possible on the allocation of the Placing Stock and
consider the reasonable recommendations and representations of BoI. The final allocations of
the Placing Shares being the decision of the Placing Agents.
	 
	5.3	 	Each of the Placing Underwriters severally and not jointly or jointly and severally, agrees
with BoI that to the extent that the Placing Agents fail to procure persons to subscribe for
the Placing Stock, it will subscribe as principal, in proportion to its Placing Commitment of
such Placing Stock at the Placing Price.
	 
	5.4	 	The obligations of the Placing Agents and the Placing Underwriters in this clause 5 are
several and not joint nor joint and several and each Placing Underwriter shall be responsible
only for its Placing Commitment in respect of the Placing Shares for which subscribers are not
procured and for the avoidance of doubt no Placing Agent or Placing Underwriter shall have any
liability or obligation in respect of any default by any other Placing Underwriter.
	 
	5.5	 	BoI acknowledges and agrees that the Placing Agents and the Placing Underwriters may exercise
any and all rights which BoI may have in connection with the issue of the Placing Stock,
including any rights against any person who for any reason whatsoever has failed to pay for
any of the units of Placing Stock allotted to him.
	 
	5.6	 	Each Placing Agent severally agrees to comply with the terms of the Selling Restrictions in
seeking to procure subscribers for the purposes of clause 5.1.
	 
	5.7	 	The Placing Agents shall by not later than 5.00 p.m. on the date of this Agreement inform BoI
and the Receiving Agent of:

	 	5.7.1	 	the number of units of Placing Stock to be issued to Placees procured by the
Placing Agents to subscribe for the Placing Stock pursuant to clause 5.1 or to the
Placing Agents (or, as the case may be, any sub-agents or delegates appointed in
accordance with clause 2.2) themselves as agents for the Placees; and
	 
	 	5.7.2	 	the number of units of Placing Stock to be taken up by each of the Placing
Underwriters, or their respective nominees, as principal pursuant to clause 5.3.

19

 

	5.8	 	Subject to deductions made pursuant to clause 11.4.3, each Placing Agent and
Placing Underwriter shall not later than the date of Placing Admission, pay, or procure
payment of, the Placing Price for the Placing Stock subscribed by it or for which it has
procured subscribers pursuant to clauses 5.1 and 5.3 (as the case may be) to BoI. Upon
compliance with this clause 5.8 by the relevant Placing Underwriter and/or Placing
Agent, such Placing Underwriter and/or Placing Agent (as the case may be) shall have no
further obligations to BoI.
	 
	6.	 	PLACING OF FRACTIONAL ENTITLEMENTS
	 
	6.1	 	As soon as reasonably practicable following the close of business on the EGC Date, BoI shall
inform each of the Joint Bookrunners of the number of Nil Paid Rights representing the
aggregate of fractional entitlements. The Joint Bookrunners shall (acting as agents for BoI)
use their reasonable endeavours to procure that all or as many as is reasonably practicable of
those Nil Paid Rights are placed through the ISE or the LSE at a premium in excess of the
expenses of placing (including, any amounts in respect of VAT which are not recoverable) no
later than the Acceptance Date.
	 
	6.2	 	The Joint Bookrunners shall as soon as practicable following the placement of the Nil Paid
Rights in accordance with clause 6.1 and in any event, by no later than 2.00 p.m. on the
Acceptance Date, inform BoI and the Receiving Agent of the number of Nil Paid Rights to be
issued to placees procured pursuant to clause 6.1 (and specifying the number requested to be
issued in certificated form and the number requested to be issued in uncertificated form). As
soon as reasonably practicable after the Joint Bookrunners shall have so notified BoI and the
Receiving Agent:

	 	6.2.1	 	BoI shall deliver to the Joint Bookrunners, or as they shall direct, nil-paid
split Provisional Allotment Letters in respect of the Nil Paid Rights so placed which
placees have requested to receive in certificated form, in the names and denominations
required by them; and
	 
	 	6.2.2	 	BoI shall procure that the Receiving Agent instructs Euroclear to credit the
stock accounts in CREST (notified by the Joint Bookrunners) with the number of Nil Paid
Rights that they require in respect of those Nil Paid Rights so placed which placees
have requested to receive in uncertificated form,

	 	 	and after BoI has complied with its obligations in clauses 6.2.1 and
6.2.2, the net proceeds of the placing of those Nil Paid Rights shall (subject to
deductions made pursuant to clause 11.4.3) be paid to the Acceptance Account.

	6.3	 	Each Joint Bookrunner severally agrees to:

	 	6.3.1	 	comply with the terms of the Selling Restrictions in seeking to procure
subscribers for the purpose of clause 6.1; and
	 
	 	6.3.2	 	keep BoI informed of the status of its endeavours to procure the placement of
Nil Paid Rights pursuant to clause 6.1, including in relation to the identity and
location of the placees procured and the number of Nil Paid Rights each prospective
placee has indicated willingness to take placement of, to the extent permissible and
practicable in the circumstances. Subject to compliance with the Selling Restrictions,
the Joint Bookrunners shall have absolute discretion to use its reasonable endeavours
to procure such subscribers of Nil Paid Rights pursuant to clause 6.1 as they think fit
and to determine the number of Nil Paid Rights which each such subscriber subscribes
for.

	6.4	 	If the Nil Paid Rights referred to in clause 6.1 have not been placed by the
Acceptance Date, they shall be dealt with in accordance with clause 7 and clause
8 (to the extent relevant) as if they were units of Underwritten Stock not taken
up.

20

 

	7.	 	UNDERWRITTEN STOCK NOT TAKEN UP
	 
	7.1	 	If, by 11.00 a.m. on the Acceptance Date, all the units of Underwritten Stock shall have been
taken up, or are subsequently deemed to have been taken up pursuant to Schedule 2, the Rights
Issue Underwriters’ obligations under clauses 7 and 8 shall cease.
	 
	7.2	 	Whether or not any units of Underwritten Stock shall have been taken up shall be determined
in accordance with the provisions of Schedule 2 and the parties agree to give effect to the
provisions of Schedule 2.
	 
	7.3	 	As soon as practicable after 11.00 a.m. on the Acceptance Date and, in any event, by not
later than 5.00 p.m. on the Acceptance Date, BoI will (or will procure that the Receiving
Agent will) notify the Joint Bookrunners in writing of the number of Fully Paid Rights which
have not been taken up.
	 
	7.4	 	The Joint Bookrunners will severally use reasonable endeavours (as agents of BoI) to procure
subscribers for Fully Paid Rights equivalent to the number of Fully Paid Rights which are not
taken up (or, at their absolute discretion, for as many as can be so procured) upon the terms
(in so far as the same are applicable) of the Prospectus and the Provisional Allotment Letters
as soon as reasonably practicable and in any event by not later than 4.30 p.m. on the second
Dealing Day after the Acceptance Date if an amount which is not less than the total of the
Rights Issue Price multiplied by the number of such Fully Paid Rights for which subscribers
are so procured and the expenses of procurement (including any applicable brokerage and
commissions and amounts in respect of VAT which are not recoverable) can be obtained. Any
subscribers so procured by the Joint Bookrunners shall subscribe for the Fully Paid Rights at
the Rights Issue Price and any amount in excess of the Rights Issue Price shall be paid by the
subscribers and received by the Joint Bookrunners, on the basis that the same shall be applied
in meeting the Joint Bookrunners’ expenses of procuring such subscription (including any
applicable brokerage and commissions and amounts in respect of VAT which are not recoverable)
and that any balance remaining shall be received as agent, and held on trust for, and payable
to non-accepting Qualifying Stockholders in accordance with clause 7.8. The Joint
Bookrunners may, at any time on or after the Acceptance Date, cease or decline to endeavour to
procure any such subscribers if, in their absolute opinion, it is unlikely that any such
subscribers can be so procured by such time and on the terms referred to above whereupon the
Joint Bookrunners shall not be under any obligation to endeavour to procure any such
subscribers.
	 
	7.5	 	Each of the Joint Bookrunners severally agrees:

	 	7.5.1	 	to comply with the terms of the Selling Restrictions in seeking to procure
subscribers for the purpose of clause 7.4; and
	 
	 	7.5.2	 	to keep BoI informed of the status of its endeavours to procure subscribers
for Fully Paid Rights not taken up in accordance with Schedule 1, including in relation
to the identity and location of subscribers and the number of Fully Paid Rights for
which each subscriber has agreed to subscribe to the extent permissible and practicable
in the circumstances.

	7.6	 	Subject to compliance with the Selling Restrictions and the provision of clause 7.5, each
Joint Bookrunner shall have absolute discretion to use its reasonable endeavours to procure
such subscribers in the manner it thinks fit. The Joint Bookrunners shall determine the number
of Fully Paid Rights for which each such subscriber subscribes.

21

 

	7.7	 	The Joint Bookrunners shall:

	 	7.7.1	 	by not later than 5.00 p.m. on the second Dealing Day after the Acceptance
Date inform BoI of the number of units of Rights Issue Stock to be issued in each of
certificated form and uncertificated form to subscribers procured pursuant to clause 7.4; and
	 
	 	7.7.2	 	subject to deductions made pursuant to clause 11.4.3, in respect of
the amounts received by the Joint Bookrunners in accordance with clause 7.4 (and
after deduction of the expenses of procuring subscribers, including amounts in respect
of VAT which are not recoverable), by not later than the fifth Dealing Day after the
Acceptance Date procure payment to:

	 	(A)	 	the Acceptance Account of the Rights Issue Price in respect
of the Rights Issue Stock for which subscribers are procured pursuant to
clause 7.4; and
	 
	 	(B)	 	the Acceptance Account (on behalf of the persons, and in the
proportions, referred to in clause 7.8) of the balance,

	 	 	 	by payment to the Acceptance Account in immediately available funds or by procuring
the creation of an assured payment obligation by means of the CREST system in
favour of a CREST payment bank of the Receiving Agent or its agent as appropriate,
(such Receiving Agent account details or CREST payment bank details (as the case
may be) shall be notified by BoI to the Joint Bookrunners at least three days
before the date due for payment)] against the issue of (a) Rights Issue Stock in
certificated form in such names and denominations as specified by the Joint
Bookrunners pursuant to clause 7.7.1 above in respect of the Rights
Issue Stock to be issued in certificated form and (b) Rights Issue Stock in
uncertificated form by Euroclear crediting the Joint Bookrunners’ (or their
nominees’) stock accounts in CREST (notified by the Joint Bookrunners) with the
number of units of Rights Issue Stock specified by the Joint Bookrunners pursuant
to clause 7.7.1 above in respect of the Rights Issue Stock to be issued in
uncertificated form. The parties acknowledge that the creation of an assured
payment obligation in favour of a CREST payment bank of the Receiving Agent or its
agent in respect of the Rights Issue Price for any Rights Issue Stock shall
discharge any obligation of the Joint Bookrunners to account for such monies to BoI
or the Receiving Agent.

	7.8	 	BoI shall procure that the Receiving Agent makes payment of the amount received by the
Receiving Agent pursuant to clause 7.7.2(B) to the non-accepting Qualifying Stockholders to
whom units of Rights Issue Stock were provisionally allotted pro rata to their lapsed
provisional entitlements as soon as practicable after receipt. If the Nil Paid Rights were in
certificated form when they lapsed, such payment shall be made to the person whose name and
address appears on page one of the Provisional Allotment Letter relating to those Nil Paid
Rights. If the Nil Paid Rights were in uncertificated form when they lapsed, such payment
shall be made to the person registered as the holder of those Nil Paid Rights when they were
disabled in CREST.
	 
	7.9	 	By no later than the fifth Business Day after the Acceptance Date, the Joint Bookrunners
(other than Davy) will provide written notice, or will procure that written notice is
provided, to the Receiving Agent specifying the payments to be made to each Debt for Equity
Holder electing to receive cash resulting from the sale of Rights Issue Stock under the Rights
Issue in connection with the Debt for Equity Offers.
	 
	7.10	 	The Joint Bookrunners shall not be responsible, whether to BoI, any Qualifying Stockholder,
any other stockholder, any other person or otherwise, for any loss or damage to any person
arising from any such transactions as are mentioned in this clause 7 or for any
insufficiency or alleged insufficiency of any dealing price at which subscribers for Rights
Issue Stock may be procured or for the timing of any such acquisition or for any determination
by a Joint Bookrunner to cease to endeavour to procure such subscribers, except to the extent
a court of competent jurisdiction renders a judgment which is not subject to further appeal
that such loss or damage resulted from the fraud, gross negligence or wilful default of that
Joint Bookrunner.

22

 

	7.11	 	If by virtue of local securities laws, a Qualifying Stockholder is not able to take up Rights
Issue Stock provisionally allotted to him, such Rights Issue Stock shall be subject to the
provisions of this clause 7 and, if applicable, clause 8.
	 
	8.	 	UNDERWRITING
	 
	8.1	 	If and to the extent that the Joint Bookrunners are unable to procure subscribers in
accordance with clause 7.4 for those units of Rights Issue Stock not taken up,
the Rights Issue Underwriters shall themselves severally procure subscribers or failing which
themselves subscribe at the Rights Issue Price for the Underwritten Stock not otherwise taken
up and for which subscribers are not procured under clause 7.4. The obligations
of the Rights Issue Underwriters in this clause 8.1 are several and not joint or
joint and several and each Rights Issue Underwriter shall be responsible only for its Agreed
Proportion of the Underwritten Stock not otherwise taken up or for which subscribers are not
procured pursuant to clause 7.4 and for the avoidance of doubt no Rights Issue
Underwriter shall have any liability or obligation in respect of any default by any other
Rights Issue Underwriter.
	 
	8.2	 	The Joint Bookrunners shall:

	 	8.2.1	 	by not later than 5.00 p.m. on the second Dealing Day after the Acceptance
Date inform BoI of the number of units of Rights Issue Stock to be issued to each of
the Rights Issue Underwriters and the subscribers procured by them pursuant to clause
8.1; and
	 
	 	8.2.2	 	subject to deductions made pursuant to clause 11.4.3, each Rights
Issue Underwriter shall, not later than the close of business on the fifth Dealing Day
after the Acceptance Date, pay, or procure payment of, the Rights Issue Price for the
Underwritten Stock subscribed by it or for which it has procured subscribers pursuant
to clause 8.1 to the Acceptance Account against credit of fully paid
securities representing that Underwritten Stock to the uncertificated securities
account of such Rights Issue Underwriter as notified by it to BoI and the Receiving
Agent. Upon compliance with this clause 8.2 by the relevant Rights Issue
Underwriter, that Rights Issue Underwriter shall have no further obligations to BoI,
except in relation to clause 13.4.1.

	8.3	 	Any subscription of Rights Issue Stock under clause 7.4 or clause 8.1 will be made on the
terms and conditions and on the basis of the terms and conditions contained in Part IX of the
Prospectus and, in the case of Qualifying Non-CREST Stockholders, the Provisional Allotment
Letters (except as regards the time and method for acceptance and payment) so far as they are
applicable, subject to the Bye-Laws and, in the case of any acquisition under clause 8.1, on
the terms of this Agreement. Each Rights Issue Underwriter severally agrees to comply with
the terms of the Selling Restrictions in subscribing for any Rights Issue Stock pursuant to
clause 8.1.
	 
	8.4	 	BoI acknowledges and agrees that the Rights Issue Underwriters may exercise any and all
rights which BoI may have in connection with the sale of the Underwritten Stock including any
rights against any person who for any reason whatsoever has failed to pay for any of the New
Ordinary Stock allotted to him.
	 
	8.5	 	Each Rights Issue Underwriter hereby irrevocably undertakes not to exercise any withdrawal
rights it may have pursuant to section 87(Q) of FSMA or section 52 of the Irish Prospectus
Regulations in respect of any Underwritten Stock for which it, acting in its capacity as
Rights Issue Underwriter, subscribes as principal.
	 
	8.6	 	Without prejudice to clause 11.5, each Rights Issue Underwriter severally undertakes that,
subject to clause 8.7, from the date of this Agreement until the Relevant Time, it will not,
without the prior agreement of BoI (such agreement not to be unreasonably withheld), enter or
cause any of its affiliates to enter into any transaction involving:

	 	8.6.1	 	Ordinary Stock; or

23

 

	 	8.6.2	 	securities, derivatives or other instruments relating to the Ordinary Stock
(other than any securities, derivatives or other instruments referencing any existing
and established sector or market index, provided that the weighting of the Ordinary
Stock of any such sector or index does not exceed 10%),

	 	 	that is intended, directly or indirectly, to have the economic effect of hedging or
otherwise mitigating the economic risk associated with the underwriting commitment of any
such Rights Issue Underwriter.

	8.7	 	The restriction in clause 8.6 above or the obligation in clause 8.6 to obtain BoI’s
agreement shall not apply to, nor (save as prohibited by law) shall each Rights Issue
Underwriter and its respective affiliates be restricted from:

	 	8.7.1	 	entering into any transactions constituting ordinary course trading activity
(for the avoidance of doubt, including ordinary course market making, transactions
carried out for the account of customers and/or any other customer facilitation
transactions), provided that the intention of such ordinary course trading activity is
not to, directly or indirectly, have the economic effect of hedging or otherwise
mitigating the economic risk associated with the underwriting commitment of any such
Rights Issue Underwriter pursuant to this Agreement;
	 
	 	8.7.2	 	any hedging activities in relation to Nil Paid Rights and/or Fully Paid Rights
and/or the Rights Issue Stock and/or the Ordinary Stock undertaken with a view to the
Rights Issue Underwriter and/or its affiliates achieving a substantially market-neutral
position, allowing for daily fluctuations and without taking into account the
underwriting commitments of such Rights Issue Underwriter, during the term of the
undertaking contained in clause 8.6;
	 
	 	8.7.3	 	maintaining proprietary positions in BoI’s securities or in derivatives
related to BoI’s securities entered into by the Rights Issue Underwriter prior to the
date of this Agreement. Any such transactions shall be undertaken only in compliance
with applicable securities laws and regulations; or
	 
	 	8.7.4	 	short selling activity to delta hedge existing positions in convertible bonds
or derivatives related to the Ordinary Stock.

	8.8	 	BoI undertakes to carry out an analysis of the law and regulation in those jurisdictions
where it conducts banking, insurance and/or other regulated operations (other than the UK, the
US and Ireland) to determine if there are or might be any restrictions (including the
requirement to seek regulatory approvals or consents) or prohibitions on the acquisition or
potential acquisition of Placing Stock or Underwritten Stock by any of the Underwriters (the
“Regulatory Analysis”) and to inform the Joint Bookrunners (on behalf of the Managers) of the
results of that analysis. To the extent that the Regulatory Analysis identifies any
jurisdiction where regulatory approvals or consents may be required in connection with the
acquisition or potential acquisition of Placing Stock or Underwritten Stock by any of the
Underwriters, BoI undertakes to take such steps as the Joint Bookrunners (on behalf of the
Managers) may reasonably request in order to obtain such regulatory approvals or consents
prior to Placing Admission and Admission.
	 
	8.9	 	If the issue of Placing Stock or Underwritten Stock to an Underwriter pursuant to clause 8.1
would result in that Underwriter holding, in aggregate, a shareholding in BoI in excess of
9.99 per cent. (or such other percentages as the relevant underwriter, acting in good faith,
determines and notifies in writing to BoI from time to time) of the total stock capital of BoI
on a fully-diluted basis taking into account the number of units of Ordinary Stock then held
by the Underwriter (the “Relevant Underwriter”), the Relevant Underwriter shall give advance
written notice thereof to BoI no later than the third Dealing Day after the Acceptance Date
and shall specify in such notice whether, as a result of the obligation to obtain the relevant
regulatory approval or consent in any jurisdiction where BoI conducts banking, insurance
and/or other regulated operations or as a

24

 

	 	 	result of regulatory prohibitions on holdings above a certain threshold by the Relevant
Underwriter in any of the Group Members (the “Stockholding Approvals”), the Relevant
Underwriter elects not to take delivery of the Placing Stock or Underwritten Stock to the
extent its shareholding in BoI would be in excess of 9.99 per cent. (or such other
percentages as the Relevant Underwriter determines and notifies in writing to BoI from time
to time) (the “Excess Stock”). Such Excess Stock shall be provisionally allotted to the
Relevant Underwriter.

	8.10	 	If the notice given pursuant to clause 8.9 specifies that the Relevant Underwriter elects not
to take delivery of the Excess Stock, the Relevant Underwriter and BoI shall promptly consult
together and attempt to procure sub-underwriters to subscribe for some or all of the Excess
Stock by the fifth Dealing Day after the Acceptance Date. Should it not be possible to find
sub-underwriters for all of the Excess Stock, then on the fifth Dealing Day after the
Acceptance Date, the following shall take place:

	 	8.10.1	 	the Relevant Underwriter shall take delivery of that number of units of Underwritten
Stock such that its shareholding in BoI does not exceed 9.99 per cent. (or such other
percentage as the Relevant Underwriter, acting in good faith, determines and notifies
in writing to BoI) of the total stock capital of BoI on a fully-diluted basis;
	 
	 	8.10.2	 	the Relevant Underwriter shall pay to the Acceptance Account the Rights Issue Price
for (i) the Underwritten Stock to be taken up by it hereunder (after applying the
provisions of clause 8.10.6); and (ii) the Excess Stock, by no later than close of
business on the fifth Dealing Day after the Acceptance Date, and such payment in
respect of the Excess Stock shall not be refundable except as, and only to the extent,
provided for in this clause 8.10 and, for the avoidance of doubt, such refund shall
only be made by way of set off as therein provided;
	 
	 	8.10.3	 	the obligation of the Relevant Underwriter to subscribe for the Excess Stock under
this Agreement shall be extended for a period of up to three months after the fifth
Dealing Day after the Acceptance Date or, if such period is extended as provided under
clause 8.10.8, it shall be extended until the end of the extended period;
	 
	 	8.10.4	 	as soon as possible after the fifth Dealing Day after the Acceptance Date, the
Relevant Underwriter shall seek to obtain, with the assistance and cooperation of BoI,
the relevant Stockholding Approvals; wherever appropriate, BoI shall initiate and/or
assist in the contacts with the local regulators and use its best efforts to ensure
that the relevant Stockholding Approvals are obtained within three months after the
fifth Dealing Day after the Acceptance Date; if this three-month period is extended as
provided under clause 8.10.8, BoI shall continue to assist and cooperate with the
Relevant Underwriter so that all relevant Stockholding Approvals are obtained by the
end of the extended period;
	 
	 	8.10.5	 	to the extent that the Relevant Underwriter has not procured subscribers for the
Excess Stock, when all Stockholding Approvals shall have been obtained in all relevant
countries, the Relevant Underwriter shall send to BoI a notice to announce that an
unconditional allotment date (the “Unconditional Allotment Date”) shall take place
within five Business Days of such notice; on such date, BoI shall unconditionally allot
and deliver the remaining Excess Stock to the Relevant Underwriter;
	 
	 	8.10.6	 	if, at any time within the period of three months following the fifth Dealing Day
after the Acceptance Date (or, if such period is extended as provided under clause
8.10.8, until the end of the extended period), the Relevant Underwriter is able to
procure subscribers for all the remaining units of Excess Stock or a number of units of
Excess Stock representing at least 1 per cent. of the total stock capital of BoI, then
issued and outstanding, the Relevant Underwriter shall send BoI a notice to announce
that an Unconditional Allotment Date shall take place within five Business Days of such
notice; on such Unconditional Allotment Date, the provisional allotment in respect of

25

 

	 	 	 	the relevant number of units of Excess Stock in favour of the Relevant
Underwriter shall lapse and BoI shall unconditionally allot and issue the relevant
number of units of Excess Stock to the subscribers nominated by the Relevant
Underwriter. The Rights Issue Price in respect of each unit of Excess Stock paid
by the subscribers shall be paid by the subscribers to the Relevant Underwriter for
the account of the Receiving Agent and the Relevant Underwriter may set off the
said Rights Issue Price against the Receiving Agent’s obligation to refund to the
Relevant Underwriter the Rights Issue Price payable under clause 8.10.2 on the
lapse of the provisional allotment as aforesaid;
	 
	 	8.10.7	 	if, as a result of obtaining Stockholding Approvals in one or several countries or a
determination by the Relevant Underwriter, the highest shareholding that the Relevant
Underwriter would be allowed to hold in BoI according to the laws applicable in all
remaining countries is higher than 9.99 per cent. (or such other percentage as the
Relevant Underwriter, acting in good faith, determines and notifies in writing to BoI
from time to time) of the total share capital of BoI on a fully-diluted basis and,
hence, the Relevant Underwriter determines it is able to increase the number of units
of Ordinary Stock it holds in BoI, the Relevant Underwriter shall, to the extent that
it has not procured subscribers for such Excess Stock, send to BoI a notice to announce
that an Unconditional Allotment Date shall take place within five Business Days of such
notice; on such Unconditional Allotment Date, BoI shall unconditionally allot and
deliver the number of units of Excess Stock such that the number of units of Ordinary
Stock held by the Relevant Underwriter reaches the highest shareholding allowed by
applicable law in the countries in which Stockholding Approvals remain to be obtained
or such other level as the Relevant Underwriter determines;
	 
	 	8.10.8	 	if, on the last day of the three-month period referred to above, all or a number of
Excess Stock remain to be allotted and issued, BoI shall unconditionally allot and
issue on such day the remaining Excess Stock to the Relevant Underwriter; however, if
at that time, the Relevant Underwriter determines that any necessary Stockholding
Approvals remain to be obtained, the Relevant Underwriter shall inform BoI by notice at
least five Business Days prior the end of the three-month period; in such a case, the
period by which all Excess Stock must be issued to the Relevant Underwriter shall be
extended by three months, so as to avoid the Relevant Underwriter having to subscribe
for the Excess Stock in violation of the regulatory rules applicable in any of those
countries; such extension shall be granted a maximum of three times, so that the period
by which the Excess Stock shall have to be unconditionally allotted and subscribed for
by the Relevant Underwriter shall not exceed twelve months from the fifth Dealing Day
after the Acceptance Date; BoI shall use all reasonable endeavours to assist and
cooperate with the Relevant Underwriter so that the Relevant Underwriter is not
required to subscribe for the Excess Stock prior to receipt of all necessary
Stockholding Approvals; and
	 
	 	8.10.9	 	as long as any Excess Stock remain to be unconditionally allotted by BoI to the
Relevant Underwriter, for the purpose of distributions payable to shareholders of BoI
and other corporate events in relation to BoI, BoI shall pay or distribute such amounts
to the Relevant Underwriter (or a person nominated by the Relevant Underwriter) as will
put it in the same position as it would have been had it been a stockholder of BoI,
taking into account all relevant maters (including tax), had there been no delay in the
unconditional allotment and/or issue and/or delivery of any Excess Stock to the
Relevant Underwriter.

	8.11	 	The Underwriters are not acting in concert under this Agreement or in relation to any other
matters contemplated by this Agreement. However, if a Governmental Agency, law or regulation
requires that the maximum percentage shareholding in BoI specified in clauses 8.9 and 8.10
shall apply to the percentage of Ordinary Stock held by the Underwriters on an aggregated and
not an individual basis, then the provisions of clauses 8.9 and 8.10 shall apply, mutatis
mutandis, to the Underwriters as a group in respect of such Placing Stock and Underwritten
Stock as would result

26

 

	 	 	in their aggregate holding of Ordinary Stock in BoI
exceeding 9.99 per cent. (or such other percentage as required by the
relevant Governmental Agency, law or regulation) with each Underwriter’s
obligations in clauses 8.9 and 8.10 in respect of Excess Stock being
proportionate to its underwriting commitment under this Agreement. The
Underwriters shall notify BoI in writing upon becoming aware of any such
requirement resulting in the application of this clause 8.11.
	 
	8.12	 	Each of the Underwriters severally agrees with BoI:

	 	8.12.1	 	it will not enter into any agreement in relation to sub-underwriting without first
having consulted with BoI as to its proposed list of sub-underwriters; and
	 
	 	8.12.2	 	to use reasonable endeavours to procure that the sub-underwriting letters into which
it enters contain undertakings by the relevant sub-underwriter in a substantially
similar form to that in clause 8.6, provided that such letter may in addition include
exceptions for selling Ordinary Stock already held by the sub-underwriter as at the
date of the sub-underwriting letter.

	8.13	 	Provided that nothing in this clause 8 shall require any Underwriter to make any enquiries or
to take any other action whatsoever to ascertain whether there has been any such breach by a
sub underwriter, each Underwriter agrees to inform BoI if it has come its attention that any
sub underwriter who gives an undertaking of the type described in clause 8.12.2 has breached
its obligations under the relevant provision of the sub underwriting letter, it being
understood that no Underwriter shall have any liability to any person for any such breach or
other action or omission of any such sub underwriter.
	 
	9.	 	CONDITIONS
	 
	9.1	 	The respective obligations of the Managers under this Agreement are subject to the following
conditions:

	 	9.1.1	 	Representations and warranties: the representations, warranties and
undertakings of BoI contained in this Agreement being true and accurate and not
misleading on and as of the date of this Agreement, release of the Press Announcement,
the Posting Date, the Publication Date, the date of any Supplementary Prospectus
(insofar as published before Admission) and immediately before Admission, as though
they had been given and made on such date and time by reference to the facts and
circumstances then subsisting;
	 
	 	9.1.2	 	Compliance: BoI having complied with all of its obligations under this
Agreement and the Debt for Equity Dealer Manager Agreements and under the terms or
conditions of the Placing, the Rights Issue, the Debt for Equity Offers and the
Government Transaction which fall to be performed or satisfied on or prior to
Admission;
	 
	 	9.1.3	 	Approval of Circular: the Circular having been approved by the ISE and being
filed with the ISE in accordance with the Irish Listing Rules and having been approved
by the UKLA and being filed with the UKLA in accordance with the UK Listing Rules not
later than 11.00 a.m. on the date hereof (or such later time or date as the Joint
Bookrunners may agree with BoI);
	 
	 	9.1.4	 	Despatch of Circular: the Circular and the Form of Proxy being despatched to
Qualifying Stockholders (excluding Placees), in accordance with clause 3.3;
	 
	 	9.1.5	 	Passing of Resolutions: the passing of the Resolutions (without amendment) at
the EGC on the EGC Date (and not, except with the prior written agreement of the Joint
Bookrunners, at any adjournment of such meeting unless such adjourned meeting is held
on the EGC Date);

27

 

	 	9.1.6	 	Approval of Prospectus: the Prospectus having been approved by the Financial
Regulator pursuant to the Irish Prospectus Regulations and the Prospectus Rules not
later than 5.00 p.m. on the date hereof (or such later time or date as the Joint
Bookrunners may agree with BoI);
	 
	 	9.1.7	 	Public Announcements: the Press Announcement having been published through a
Regulatory Information Service no later than 7.00 a.m. on the date of this Agreement
and the Pricing Statement Announcement having been published through Regulatory
Information Service no later than 7.00 a.m. on the Pricing Statement Announcement Date
(provided the Joint Bookrunners have complied with clause 3.12);
	 
	 	9.1.8	 	Receipt of documents: delivery of the documents referred to in clauses 3.5,
3.6 (insofar as published before Admission) and 3.7 and in accordance with the terms
set out in clauses 3.5, 3.6 and 3.7;
	 
	 	9.1.9	 	Publication of Prospectus: the Prospectus being published and made available
to the public in accordance with Regulations 44 and 45 of the Irish Prospectus
Regulations not later than 5.00 p.m. on the date hereof (or such later time or date as
the Joint Bookrunners may agree with BoI);
	 
	 	9.1.10	 	Amendments and supplements: no event or matter referred to in Regulation 51 of the
Irish Prospectus Regulations arising between the Publication Date and Admission and no
Supplementary Prospectus being published by or on behalf of BoI.
	 
	 	9.1.11	 	Material Adverse Change: there not having occurred in the sole opinion of the Joint
Bookrunners, acting in good faith, any Material Adverse Change since entering into this
Agreement (whether or not foreseeable);
	 
	 	9.1.12	 	Debt for Equity Offers and Government Transaction: each of the Debt for Equity Offers
and the Government Transaction remaining in full force and effect and not having been
withdrawn or terminated, the Government Agreement having become unconditional (as a
result of all of the conditions in such agreement either being satisfied or waived in
accordance with its terms) and not having been terminated in accordance with its terms
and the Debt for Equity Dealer Manager Agreements not having been terminated in
accordance with their respective terms and none of the conditions to the Debt for
Equity Dealer Manager Agreements having become incapable of satisfaction in accordance
with the respective terms of such agreements;
	 
	 	9.1.13	 	Placing Admission and Admission: Placing Admission and Admission occurring not later
than 8.00 a.m. on the first Dealing Day after the EGC Date (or such later time or date
as the Joint Bookrunners may agree with BoI); and
	 
	 	9.1.14	 	Admission to CREST: each condition to enable each of the Rights Issue Stock, the Nil
Paid Rights and the Fully Paid Rights to be admitted as a participating security (as
defined in the CREST Regulations) in CREST (other than Admission) being satisfied on or
before the EGC Date.

	9.2	 	Obligation to procure satisfaction of Conditions
	 
	 	 	BoI undertakes to use all reasonable endeavours to procure that each of the Conditions in
clause 9.1 is satisfied by the times and dates (if any) specified in this Agreement or (if
none is specified) by 8.00 a.m. on the date of Admission.
	 
	9.3	 	Waiver of conditions
	 
	 	 	The Joint Bookrunners may at their absolute discretion:

28

 

	 	9.3.1	 	extend the time or date for satisfaction of any Condition, in which case a
reference in this Agreement to the satisfaction of such Condition shall be to its
satisfaction by the time or date as so extended; or
	 
	 	9.3.2	 	waive satisfaction to any Condition (in whole or part), other than the
Conditions set out in clauses 9.1.3, 9.1.4, 9.1.5, 9.1.6, 9.1.7, 9.1.9, 9.1.13 and
9.1.14 by notice in writing to each of the other parties to this Agreement.

	9.4	 	Non-satisfaction or waiver
	 
	 	 	If any of the Conditions set out in this clause 9 have not been fulfilled or waived in
writing by the Joint Bookrunners, or have become incapable of being satisfied, by the
required time and date therefor then:

	 	9.4.1	 	the obligations of the Managers under this Agreement shall cease, without
prejudice to any liability for any prior breach of this Agreement (including breach of
any of the representations, warranties and undertakings contained herein); and
	 
	 	9.4.2	 	BoI’s obligations and agreements under clauses 1, 2.2.5, 10, 11, 12, 13,
14, 15, 17, 18 and 19 shall remain in full force and effect, and BoI’s other
obligations under this Agreement shall cease, without prejudice to any liability for
any prior breach of this Agreement (including breach of any of the representations,
warranties and undertakings contained herein),

	 	 	provided that, for the avoidance of doubt, the obligations of the Managers under this
Agreement shall not be capable of termination or rescission at any time after Admission
(but, for the avoidance of doubt, without prejudice to any other rights and remedies of the
Managers in respect of any breach by BoI of its obligations under this Agreement (including
this clause 9)).
	 
	10.	 	UNDERTAKINGS
	 
	10.1	 	The provisions of Schedule 7 shall have effect as undertakings by BoI to each of the
Managers.
	 
	11.	 	COMMISSIONS, COSTS AND EXPENSES
	 
	11.1	 	Placing Commission
	 
	 	 	Subject to the Managers’ obligations under this Agreement having become unconditional and to
this Agreement not having been terminated, BoI shall pay to the Placing Agents (for the
account of themselves and the Placing Underwriters) in consideration for their respective
services as Placing Agents and Placing Underwriters (whether or not any units of Placing
Stock fall to be subscribed for by the Placing Underwriters pursuant to this Agreement) a
commission of 2.00 per cent. of an amount equal to the Placing Price multiplied by the total
number of units of Placing Stock, such commission to be payable in proportion to the
respective Placing Commitments and to accrue in its entirety on the issue of the Placing
Stock.
	 
	11.2	 	Underwriting Commission
	 
	 	 	Subject to the Managers’ obligations under this Agreement having become unconditional and to
this Agreement not having been terminated, BoI shall pay to the Joint Bookrunners in
consideration for their services under this Agreement (whether or not any of the units of
Underwritten Stock fall to be subscribed for by the Rights Issue Underwriters pursuant to
this Agreement) a commission of 2.75 per cent. of €1.2 billion, such commission to be
payable to the Rights Issue Underwriters in proportion to their respective Agreed
Proportions and to accrue in its entirety upon Admission.

29

 

	11.3	 	Incentive Fee
	 
	 	 	Subject to the Managers’ obligations under this Agreement having become unconditional and to
this Agreement not having been terminated, in addition to the fees described in clauses 11.1
and 11.2 BoI may, in its sole discretion (as to amount and allocation) pay to the Joint
Bookrunners in consideration for their services under this Agreement, a discretionary
incentive fee of, in aggregate, up to 0.5 per cent. of the Rights Issue Price multiplied by
the aggregate number of units of Rights Issue Stock issued under the Rights Issue (excluding
any Government Undertaking Stock to be subscribed for by the NPRFC under the NPRFC Rights
Issue Undertaking).
	 
	11.4	 	Payment and set-off

	 	11.4.1	 	In the event that this Agreement is terminated prior to Admission in accordance with
its terms no fees or commissions shall be payable by BoI to Joint Bookrunners or the
Underwriters.
	 
	 	11.4.2	 	BoI shall pay the fees payable to:

	 	(A)	 	the Placing Agents and the Placing Underwriters by not later
than the first Dealing Day following Placing Admission; and
	 
	 	(B)	 	the Joint Bookrunners and the Rights Issue Underwriters by
not later than the fourth Dealing Day following the Acceptance Date.

	 	11.4.3	 	Without prejudice to their right to receive payment directly from BoI pursuant to
this clause 11.4, the Placing Agents and Underwriters shall be entitled and are
authorised to deduct some or all of such fees and any other fees and any expenses which
BoI has agreed to pay the Placing Agents from any amount otherwise payable by the
Placing Agents and to deduct some or all of such fees and any other fees and any
expenses which BoI has agreed to pay the Underwriters from any amount otherwise payable
by the Underwriters to BoI under this Agreement provided that if and to the extent
that, following any such deduction by the Underwriters, BoI pays the Underwriters any
such fees and expenses in a manner other than by way of deduction pursuant to this
clause 11.4.3, the Underwriters shall remit such deducted fees and expenses in
accordance with this Agreement.

	11.5	 	Sub-underwriting
	 
	 	 	Subject to the provisions of clause 8.12, the Underwriters may sub-underwrite their
underwriting commitments in relation to the Rights Issue at their discretion, either through
entities pertaining to their respective groups or third parties outside their respective
groups. The Underwriters shall pay all fees, costs and expenses payable to sub-underwriters
out of the underwriting commission provided for in clause 11.2.
	 
	11.6	 	Costs and expenses

	 	11.6.1	 	BoI undertakes to pay or cause to be paid (whether or not the obligations of the
Managers under this Agreement become unconditional or are terminated) all costs,
charges, fees and expenses (including such part of any such costs, charges, fees and
expenses as relates to VAT, as the case may be, chargeable on any supply or supplies
for which such costs, charges, fees and expenses are all or any part of the
consideration, such VAT, as the case may be, to be payable in accordance with clause
11.7) in connection with or incidental to the Placing, the Rights Issue, the EGC,
Placing Admission, Admission and the arrangements referred to or described in this
Agreement including:

30

 

	 	(A)	 	all fees and expenses payable to the Financial Regulator, the
ISE, the UKLA (including fees payable pursuant to the Prospectus Rules and the
Listing Rules), the LSE or in respect of CREST;
	 
	 	(B)	 	all costs and expenses payable in connection with the
preparation, printing, distribution and filing of the Offer Documents and any
amendments or supplements thereto;
	 
	 	(C)	 	the cost of preparing and despatching certificates to
represent the New Stock;
	 
	 	(D)	 	the costs and expenses of the Receiving Agent;
	 
	 	(E)	 	the fees, disbursements and expenses of BoI’s Solicitors, the
Reporting Accountants, counsel in any other jurisdiction and any other experts
or advisers retained by BoI;
	 
	 	(F)	 	all Transfer Taxes arising in respect of the allotment, issue
and delivery of the Securities in connection with the Placing, the Rights
Issue, Placing Admission, Admission and the arrangements referred to or
described in this Agreement and the Offer Documents;
	 
	 	(G)	 	printing, public relations, marketing, advertising, courier,
postage and telecommunications expenses;
	 
	 	(H)	 	the costs and expenses relating to investor presentations or
other meetings with prospective investors undertaken in connection with the
marketing of the Placing and the Rights Issue (including the cost of hiring
the venues and travel and accommodation expenses) (up to the amount agreed in
writing in advance by BoI);
	 
	 	(I)	 	all travel and out of pocket expenses incurred by the
Managers in connection with the EGC, the Placing, the Rights Issue, Placing
Admission, Admission and the arrangements referred to in, or contemplated by,
this Agreement (including fees, expenses and disbursements of the
Underwriters’ Solicitors including the fees, disbursements and expenses of any
overseas legal counsel instructed by the Underwriters’ Solicitors) (up to the
amount agreed in writing in advance by BoI); and
	 
	 	(J)	 	all filing fees and similar expenses in connection with the
qualification of the New Stock for offering and sale in any jurisdiction
agreed between the Joint Bookrunners and the Placing Agents and BoI or
contemplated by the Offer Documents (including the costs in relation to any
advice received by the Joint Bookrunners and/or the Placing Agents from any
overseas legal advisers in relation to the Placing and/or the Rights Issue).

	 	11.6.2	 	BoI undertakes upon request by the Managers from time to time to promptly pay to or
reimburse to them the amount of any such costs, charges, fees and expenses referred to
in this clause 11.6 which any of them may have properly paid or incurred.
	 
	 	11.6.3	 	Without prejudice to their right to receive payment directly from BoI pursuant to
this clause 11.6, the Joint Bookrunners shall be entitled and are authorised to deduct
some or all of such costs, charges, fees and expenses referred to in this clause 11.6
from any amount otherwise payable by the Managers to BoI under this Agreement.

31

 

	11.7	 	VAT

	 	11.7.1	 	Amounts payable by BoI to any of the Managers for any supply (for VAT purposes) made
by any of the Managers under or pursuant to this Agreement are expressed exclusive of
amounts payable in respect of VAT.
	 
	 	11.7.2	 	If the performance by any of the Managers (for the purposes of this clause 11.7
only, each a “payee”) of any of its obligations under this Agreement shall represent
for VAT purposes the making by a payee of any supply to BoI (for the purposes of this
clause 11.7 only, a “payer”) that is subject to VAT at a positive rate, the payer
shall pay in addition to such consideration (if any) payable for the supply an amount
equal to any VAT properly chargeable on such supply (if any) within 14 days of the
presentation of a valid VAT invoice in respect of such supply.
	 
	 	11.7.3	 	Subject to clause 11.7.4, where a sum (a “Relevant Sum”) is payable or is to be
reimbursed by a payer to a payee in respect of any cost, charge, fee or expense, and
such cost, charge, fee or expense includes an amount in respect of VAT, which is borne
by the relevant payee on the supply or supplies for which the cost, charge, fee or
expense in question is all or any part of the consideration, the payer shall pay to the
relevant payee in respect of such VAT an amount equal to the amount of such VAT which
the relevant payee certifies is not recoverable by it (or by the representative member
of a VAT group of which it is a member) by repayment or credit (such certificate to be
conclusive in the absence of manifest error) such payment to be made within 14 days of
the later of (i) the date upon which payment of VAT in respect of the Relevant Sum has
been made by the relevant payee and (ii) the date on which certification in accordance
with this clause 11.7.3 is produced to the payer.
	 
	 	11.7.4	 	If the Relevant Sum constitutes for VAT purposes the reimbursement of costs, charges,
fees or expenses incurred by a payee as agent of a payer (excluding where the relevant
payee acts as an agent for the payer and Section 47(2A) or 47(3) of the Value Added Tax
Act 1994, section 4 of the Irish Value Added Tax Act 1972 or an equivalent provision in
another relevant jurisdiction) applies, the payer shall pay to the relevant payee only
an amount equal to the element included in the costs, charges, fees or expenses in
respect of VAT (that is to say the part of the costs, charges, fees or expenses which
relates to the VAT chargeable on any supply or supplies for which such costs or
expenses are all or any part of the consideration) provided that in such case the
relevant payee shall use its reasonable endeavours to procure that, as soon as
reasonably practicable, the person making the supply or supplies in respect of which
the costs, charges, fees or expenses are incurred issues a valid VAT invoice to the
payer that names the payer as the recipient of the relevant supply or supplies.

	12.	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	 
	12.1	 	BoI represents, warrants and undertakes to each of the Managers that each of the Warranties
set out in Schedule 4 is true, accurate and not misleading. BoI acknowledges that each of the
Managers is entering into this Agreement in reliance on such representations, warranties and
undertakings and each such representation, warranty and undertaking shall be construed
separately and shall not be limited by reference (express or implied) to the terms of any
other representation, warranty or undertaking or any other term of this Agreement.
	 
	12.2	 	The representations, warranties and undertakings given pursuant to clause 12.1 are given as
at the date of this Agreement and shall be deemed to be repeated and given as at each of the
Posting Date, the Publication Date, the date of any Supplementary Prospectus, at the time and
date of the passing of the Resolutions, immediately before the Placing Admission, immediately
before Admission, on the Acceptance Date, at the Time of Sale and on the fifth Dealing Day
following the Acceptance Date (or such earlier date as notified to BoI by the Joint
Bookrunners as being the

32

 

	 	 	date on which amounts payable under clause 7.7 will be made), in each case, by reference to
the facts and circumstances subsisting at such time.
	 
	12.3	 	Each of the certificates to be delivered pursuant to paragraph 5 of Part B of Schedule 6,
paragraph 8 of Part D of Schedule 6, paragraph 2 of Part F of Schedule 6 and paragraph 1 of
Part G of Schedule 6 will have effect as a representation and warranty, as of their date, by
BoI to the Managers as to the matters contained therein.
	 
	12.4	 	BoI undertakes to each Manager that:

	 	12.4.1	 	it will not and will procure (insofar as it is within its control) that the
Directors, Senior Executives, its officers, employees and agents will not do, or omit
to do, anything which would or would be reasonably likely to cause any (i) Warranty
given by it to become untrue, inaccurate, misleading or breached or (ii) a breach of
this Agreement by BoI, in each case at any time (by reference to the facts and
circumstances existing at that time) between the date of this Agreement and the earlier
of (a) the date which is four Dealing Days after the Acceptance Date, or (b) the date
on which the obligations of the Managers under this Agreement cease in accordance with
clauses 9.4 or 14.1 (“Completion”); and
	 
	 	12.4.2	 	it will as soon as reasonably practicable give notice and reasonable details to each
of the Managers if it becomes aware of a fact or circumstance which (i) constitutes a
breach of the Warranties given by it or has caused or would or would be reasonably
likely to cause any Warranty given by it to become untrue, inaccurate or misleading at
any time (by reference to the facts and circumstances existing at that time) before
Completion which would or would be reasonably likely to give rise to a claim under any
of the indemnities as contained in, or given pursuant to, clause 13 or any other
provision of this Agreement or (ii) would cause any breach of this Agreement by BoI.

	12.5	 	 

	 	12.5.1	 	If at any time prior to Completion, any of the Managers (i) receive notice of the
type referred to in clause 12.4.2, or (ii) become aware that any of the
representations, warranties or undertakings set out in this clause 12 or Schedule 4
was, is, has become or is reasonably likely to become untrue, inaccurate, misleading or
breached in any respect which, in the opinion of any of the Managers, acting in good
faith, is material in the context of the Placing, the Rights Issue, the underwriting of
the Placing Stock or Rights Issue Stock, the Placing Admission, Admission, the Debt for
Equity Offers, the Government Transaction or any of the other transactions contemplated
by this Agreement, the Joint Bookrunners may (without prejudice to their right to
terminate this Agreement pursuant to clause 14.1 and without prejudice to the
conditions set out in clause 9.1 and the determination of any of the Managers whether
or not to waive such conditions and any other rights they may have) require BoI, at its
own expense, to amend, update or supplement any Offer Document (such amendment, update
or supplement to be in a form approved by the Managers (such approval not to be
unreasonably withheld)) and/or require BoI, at its own expense, to make such
announcements and/or despatch such communications, and/or take such other steps as the
Managers reasonably considers necessary or desirable in connection with the untruth,
inaccuracy or misleading nature of the representation, warranty or undertaking
concerned.
	 
	 	12.5.2	 	If BoI fails to comply with any such requirement, the Joint Bookrunners may require
that BoI shall (a) cease to communicate any Offer Document which contains any reference
to the Managers, and/or (b) notify any person to whom any Offer Document has been
despatched, and any other person known to be relying on any Offer Document, of the
relevant circumstances which render such Offer Document untrue, inaccurate or
misleading or not in compliance with applicable legal or regulatory requirements.

33

 

	12.6	 	All representations, warranties and undertakings given or deemed to be given under this
Agreement or any document delivered under it shall remain in full force and effect
notwithstanding the completion of the allotment of and subscription for, in each case, the
Placing Stock and the Rights Issue Stock, the completion of the Placing, the Rights Issue and
all other matters and arrangements referred to or contemplated by this Agreement.
	 
	12.7	 	BoI agrees that any Underwriter that subscribes for Placing Stock or Rights Issue Stock shall
be entitled to the same remedies and rights of action against BoI, and to the same extent, as
any person who subscribes for any Placing Stock and/or Rights Issue Stock pursuant to the
Placing and/or the Rights Issue on the basis of the Placing Letter, the Draft Prospectus,
Prospectus and/or the Provisional Allotment Letters (as the case may be).
	 
	12.8	 	Where any of the Warranties are qualified by reference to awareness, knowledge, information
or belief, that reference shall be deemed to include a statement to the effect that it has
been given after making due and careful enquiry.
	 
	13.	 	INDEMNITY, WAIVER OF CLAIMS AND CONTRIBUTION
	 
	13.1	 	Indemnity
	 
	 	 	BoI undertakes to indemnify and hold harmless each Indemnified Person from and against all
claims, actions, proceedings, investigations, demands, judgments and awards (together
“Claims”) which are brought, made, threatened or alleged against or otherwise involve all or
any of the Indemnified Persons and against all losses, liabilities, damages, costs, charges,
duties, expenses (including legal expenses) and Taxation (other than any Taxation incurred
by an Underwriter on its actual and received (but not deemed) net income, profits or gains)
(together “Losses”), on demand, whether joint or several, which may be suffered or incurred
by the Indemnified Person (including all Losses which the Indemnified Person may incur in
investigating, preparing for, disputing or defending, or providing evidence in connection
with, any such Claims (whether or not the Indemnified Person is an actual or potential party
to such Claims) or Losses or in establishing any Claim or mitigating any Loss on its part or
otherwise enforcing its rights under this clause 13) either before, on or after the date of
this Agreement, which arise, directly or indirectly, out of, or are attributable to, or
connected with the EGC, the Renominalisation, the Placing, the Rights Issue, Placing
Admission, Admission, the Debt for Equity Offers, the Government Transaction or the
arrangements contemplated by the Offer Documents or any of them (or any amendment or
supplement to any of them) or this Agreement (or any amendment or supplement to it),
including:

	 	13.1.1	 	any and all Losses or Claims in connection with or arising out of the Offer Documents
or any of them (or any amendment or supplement to any of them) not containing or fairly
presenting or being alleged not to contain or fairly present, all information required
to be contained therein or any statement therein being or being alleged to be in any
respect untrue, inaccurate or misleading or not based on reasonable grounds or an
untrue or alleged untrue statement of a material fact contained in any Offer Documents
or any omission or alleged omission in any Offer Documents to state a material fact
necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading;
	 
	 	13.1.2	 	any and all Losses or Claims in connection with or arising out of any breach or
alleged breach by BoI of any of its obligations (including the Warranties given by it
pursuant to clause 12 and the undertakings given pursuant to clause 10.1) in this
Agreement or the arrangements contemplated by Part IV (Expected Timetable of Principal
Events) or Part IX (Terms and Conditions of the Rights Issue) of the Prospectus (or any
amendment or supplement to it) or this Agreement (or any amendment or supplement to
it);
	 
	 	13.1.3	 	any and all Losses or Claims in connection with or arising out of the publication or
issue of the Offer Documents or any of them (or any amendment or supplement to any

34

 

	 	 	 	of them) or any other documents or materials relating to the applications for
Placing Admission and/or Admission;
	 
	 	13.1.4	 	any and all Losses or Claims in connection with or arising out of any failure or
alleged failure by BoI or any of its Directors or any of BoI’s Group Members or
affiliates, agents, employees or advisers (in each case other than the relevant
Indemnified Person) to comply with the Companies Acts, the Irish Central Managers Acts,
FSMA, the Irish Prospectus Regulations, the Listing Rules, the Prospectus Rules, the
Disclosure and Transparency Rules, the Transparency Regulations, the Transparency
Rules, the Market Abuse Regulations, the Market Abuse Rules, the UK Market Abuse Rules,
the rules and regulations and Admission to Trading of the ISE, Admission and Disclosure
Standards or any other applicable legal or regulatory requirements in any jurisdiction
in relation to the Placing Admission, Admission, the Renominalisation, the Placing, the
Rights Issue, the Debt for Equity Offers, the Government Transaction, the arrangements
contemplated by the Rights Issue, this Agreement or any Offer Document or any other
agreement relating to the Renominalisation, the Placing, the Rights Issue, the Debt for
Equity Offers, the Government Transaction, Placing Admission or Admission;
	 
	 	13.1.5	 	any and all Losses or Claims whatsoever suffered or incurred by such Indemnified
Person:

	 	(A)	 	as a person who has authorised the contents of the Offer
Documents, or any of them (or any amendment or supplement to any of them) or
any part thereof for the purposes of Part 6 and Schedule 1 of the Irish
Prospectus Regulations;
	 
	 	(B)	 	as a person who has communicated or approved the contents of
any financial promotion made in connection with the Renominalisation, the
Placing or the Rights Issue or the applications for Placing Admission and/or
Admission for the purpose of section 21 of FSMA;
	 
	 	(C)	 	(in the case of each of the Sponsors only) in their capacity
as sponsor to BoI’s applications for the Placing Admission and/or Admission;

	 	13.1.6	 	any and all Losses or Claims in connection with or arising out of the carrying out
(whether as an agent to BoI or otherwise) by an Indemnified Person of any of its
obligations or services under or in connection with the Agreement, the Engagement
Letters, the Renominalisation, the Placing, the Rights Issue, the Debt for Equity
Offers, the Government Transaction, Placing Admission or Admission either before, on or
after the date of this Agreement; and/or
	 
	 	13.1.7	 	the distribution by a Manager of any Offer Document.

	13.2	 	Scope of indemnity

	 	13.2.1	 	The indemnity contained in clause 13.1 shall not apply to any Claims or Losses of an
Indemnified Person (otherwise than in connection with the matters referred to in
clauses 13.1.1 to 13.1.4) to the extent that a court of competent jurisdiction
renders a judgment which is not subject to further appeal that such Claims or Losses
resulted from the gross negligence, fraud or wilful default on the part of such
Indemnified Person.
	 
	 	13.2.2	 	For the avoidance of doubt, an Indemnified Person may not recover any Claims or
Losses under the indemnity contained in clause 13.1 to the extent that such Claims or
Losses have already been recovered by such Indemnified Person from BoI under the terms
of an indemnity existing in another document.

35

 

	13.3	 	Losses not recoverable under the indemnity
	 
	 	 	BoI shall not be liable under the indemnity in this clause 13 for any Losses or Claims to
the extent such Losses or Claims are suffered by an Underwriter and comprise any realised or
unrealised loss in market value of the Placing Stock or the Rights Issue Stock which any
Underwriter is required to subscribe for or purchase pursuant to its obligations under this
Agreement unless (but only to the extent that) such Losses result from, or are attributable
to, or would not have arisen but for, (in each case directly or indirectly) (i) the
negligence or wilful default of BoI or (ii) any breach or alleged breach by BoI of the
representations, warranties or undertakings contained in this Agreement or of any other
obligation of BoI pursuant to this Agreement or (iii) any circumstance set out in clause
13.1.1.
	 
	13.4	 	Notification of claims

	 	13.4.1	 	Each Manager shall and shall use reasonable endeavours to procure that its
Indemnified Persons shall (i) give notice promptly to BoI of any Claim against it or
the commencement of any action, claim, suit, investigation or proceeding in respect of
which a Claim for indemnification may be sought under this clause 13, and (ii) promptly
notify BoI after any such action is formally commenced (by way of service with a
summons or other legal process giving information as to the nature and basis of the
claim) and shall keep BoI informed of, and, to the extent reasonably practicable,
consult with BoI in relation to, all material developments in respect thereof, but in
each case, provided that in each case no Manager or Indemnified Person shall be
required to make any notification under this clause 13.4.1 if to do so would: (a) be
inconsistent with the terms of any relevant insurance policy; (b) in such Indemnified
Person’s opinion, acting in good faith, be materially prejudicial to it or any other
Indemnified Person connected with it; (c) breach any obligation of confidentiality or
other legal or regulatory obligation which that Indemnified Person owes to any third
party; or (d) be inconsistent with any regulatory request that has been made of it. It
is agreed that failure to so notify or keep BoI informed shall not relieve BoI from any
liability set out in this clause 13 or otherwise.
	 
	 	13.4.2	 	In respect of each Claim brought against any Indemnified Person, BoI shall, unless
the Manager with which the Indemnified Person against whom the Claim has been made is
associated elects to assume the defence themselves, assume the defence thereof and
appoint lawyers satisfactory to the Indemnified Person and shall be liable to pay the
fees and expenses of such lawyers and assume the defence related to such Claim. In any
Claim, any Indemnified Person shall have the right to retain its own lawyers and assume
conduct of the defence themselves, but the fees and expenses of such lawyers shall be
at the expense of the Indemnified Person unless:

	 	(A)	 	BoI and the Indemnified Person shall have mutually agreed to
the retention of such lawyers;
	 
	 	(B)	 	the named parties to any such proceeding (including any
joined parties) include BoI and the Indemnified Person and representation of
both BoI and the Indemnified Persons by the same lawyers (in the opinion of
the Manager with which the Indemnified Person is associated) would be or
becomes inappropriate due to actual or potential conflicting interests between
them;
	 
	 	(C)	 	pursuant to this clause 13.4.2, the Indemnified Person has
elected to assume the defence itself or BoI has failed to appoint lawyers
satisfactory to the Indemnified Person; or
	 
	 	(D)	 	the relevant Indemnified Person’s insurers confirm in writing
that rights under its policies of insurance may be prejudiced.

36

 

	 	 	 	It is understood that BoI shall reimburse such fees and expenses as they are
incurred in respect of clauses 13.4.2(A), 13.4.2(B), 13.4.2(C) or 13.4.2(D).
	 
	 	13.4.3	 	BoI agrees that if it becomes aware of any Claim relevant for the purpose of this
clause 13 or any matter which may give rise to a Claim, it shall promptly notify the
Managers thereof and shall promptly provide the Managers with such information and
copies of such documents relating to the Claim as they may reasonably request, save
where to do so would (a) breach any statutory or regulatory obligation which BoI owes
to any third party; or (b) be inconsistent with any regulatory request that has been
made of it.

	13.5	 	Claims by BoI

	 	13.5.1	 	BoI agrees not to (and shall procure that none of its affiliates, Group Members nor
any persons asserting claims on behalf of or in right of BoI or any of its affiliates
or Group Members shall) bring, make, threaten or allege any Claims against any
Indemnified Person to recover any Losses suffered or incurred (including all Losses
which BoI may incur in investigating, preparing for, disputing or defending, or
providing evidence in connection with, any such Claims or Losses or in establishing any
Claims or mitigating any Loss on its part) by reason of, or arising out of, directly or
indirectly, attributable to, or in connection with, the carrying out or the performance
by any Indemnified Persons, or on their behalf, of their obligations or services under
or in connection with this Agreement or the Engagement Letters, the Renominalisation,
the Placing, the Rights Issue, Placing Admission, Admission, the Debt for Equity
Offers, the Government Transaction or the arrangements contemplated by the Offer
Documents or any of them (or any amendment or supplement to any of them), or this
Agreement (or any amendment or supplement to it) on, before or after the date of this
Agreement unless and to the extent that a court of competent jurisdiction renders a
judgment which is not subject to further appeal that such Claims or Losses (otherwise
than in connection with the matters referred to in clauses 13.1.1 to 13.1.4 and
otherwise than as a result of a payment made or an obligation or liability to make
payment arising under clause 13.1) have arisen out of the gross negligence, fraud or
wilful default on the part of such Indemnified Person.
	 
	 	13.5.2	 	Notwithstanding any rights or claims which BoI or any of its Group Members,
subsidiaries, affiliates or any of the directors, officers or employees of any of them
may have or assert against the Managers in connection with this Agreement, the
Renominalisation, the Placing, the Rights Issue, the Debt for Equity Offers or the
Government Transaction or any of the other arrangements contemplated by the Offer
Documents or this Agreement, no claim will be brought by any such person against any
director or any other officer or employee of any Indemnified Person in respect of any
conduct, action or omission by the individual concerned in connection with this
Agreement, the Renominalisation, the Placing, Rights Issue, the Debt for Equity Offers,
the Government Transaction or any of the other arrangements contemplated by the Offer
Documents or this Agreement. Without prejudice to the foregoing, each of BoI and the
Directors agrees with and acknowledges to the Managers that none of the Indemnified
Persons has been requested to verify, nor shall be responsible for verifying, the
accuracy, completeness or fairness of any information in any of the Offer Documents (or
any supplement or amendment to any of the foregoing) or otherwise published or caused
to be pushed by or on behalf of BoI in connection with the Offer).

	13.6	 	Settlement of claims

	 	13.6.1	 	BoI shall not settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any Governmental
Agency, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this clause 13 (whether or not
the Indemnified

37

 

	 	 	 	Persons are actual or potential parties thereto), without (as the case
may be) the prior
written consent of the Manager which is itself or could itself be the party
thereto, or the prior written consent of the Manager that is associated with the
Indemnified Person who could have sought indemnification or contribution under this
clause 13, unless such settlement, compromise or consent:

	 	(A)	 	includes an unconditional release of each Indemnified Person
from all liability arising out of such litigation, investigation, proceeding
or claim; and
	 
	 	(B)	 	does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person.

	13.7	 	Proportionate liability
	 
	 	 	If BoI or any Group Members enters into any agreement or arrangement with any adviser or any
other person for the purpose of or in connection with the Placing, the Rights Issue or the
Debt for Equity Offers or the Government Transaction, the terms of which provide that the
liability of the adviser or such other person to BoI or any other person, or the liability
of BoI or any Group Member to any other person, is excluded or limited in any manner, and
any Indemnified Person may have joint or joint and several liability with such adviser or
such other person to BoI or any Group Member or to any other person arising out of the
performance of its duties under this Agreement, BoI or any Group Member shall:

	 	13.7.1	 	not be entitled to recover any amount from an Indemnified Person in respect of any
Loss suffered by BoI, in excess of the proportion of such Loss equal to the proportion
of that Indemnified Person’s contribution to the overall fault for such Loss, as agreed
between the relevant parties or, in the absence of agreement, as determined by a court
of competent jurisdiction and in any such event (but without prejudice to the
foregoing) BoI shall not be entitled to recover more from an Indemnified Person than
would have been recoverable had such agreement or arrangement not been entered into;
	 
	 	13.7.2	 	indemnify the Indemnified Person in respect of any increased liability to any third
party which would not have arisen in the absence of such exclusion or limitation; and
	 
	 	13.7.3	 	take such other action as the Indemnified Person may require to ensure that the
Indemnified Person is not prejudiced as a consequence of such agreement or arrangement.

	 	 	The degree to which any Indemnified Person may rely on the work of any adviser to BoI or any
Group Member or any other third party will be unaffected by any limitation which BoI or any
Group Member may have agreed with any third party, unless agreed otherwise in writing by
such Indemnified Person.
	 
	13.8	 	Regulatory obligations
	 
	 	 	Nothing in this Agreement shall exclude or restrict any duty or liability of any Indemnified
Person which it has under FSMA or under the regulatory system (as defined in the FSA
Handbook) or under any equivalent Irish legislation, regulations or guidance applicable to
it to the extent such exclusion or restriction is prohibited by the FSA Handbook or the
European Communities (Market in Financial Instruments) Regulations 2007 (as amended). The
parties agree that the terms of this Agreement, including this clause 13, are reasonable.
	 
	13.9	 	Enforceability
	 
	 	 	Without prejudice to the generality of clause 18.12, each of the sub-clauses in this clause
13 and each of the exclusions of liability and indemnities within those sub-clauses is and
shall be construed as separate and severable and in the event that any such sub-clause,
exclusion of liability or indemnity is determined by any court to be unenforceable in whole
or in part for any

38

 

	 	 	reason, such unenforceability shall not affect or impair the
enforceability of the other sub-clauses
or the remainder of any sub-clause as appropriate and any such other sub-clauses or parts
thereof, as appropriate, shall continue to bind the parties.
	 
	13.10	 	Rights in addition to others
	 
	 	 	The indemnities contained in this clause 13 are in addition to any rights which any
Indemnified Person may have at common law or otherwise, including any right of contribution
and the provisions of this clause 13 shall remain in full force and effect notwithstanding
the completion of all matters and arrangements referred to in or contemplated by this
Agreement or any termination of this Agreement.
	 
	13.11	 	Discretion and Indemnified Persons
	 
	 	 	Each of the Managers shall have an absolute discretion whether or not to exercise or enforce
any right under this Agreement, shall be free to deal with its rights under this Agreement
without regard to the interests of any Indemnified Person and shall not be required to
account to any Indemnified Person in respect of any amount which it receives under this
Agreement and shall not be liable to any Indemnified Person for any loss arising from any
act or omission with respect to this Agreement.
	 
	13.12	 	Discretion of Indemnified Persons
	 
	 	 	The Indemnified Persons shall be entitled to take, at their absolute discretion, any and all
steps (including instituting proceedings) against BoI in relation to any Claims and Losses
which may arise under this Agreement.
	 
	13.13	 	Unavailability or inadequacy of indemnity
	 
	 	 	In the event that the indemnity provided in clause 13.1 is unavailable, or insufficient, to
hold harmless an Indemnified Person in respect of any Claims or Losses, in either such case
as a result of any rule of law or other limit on their validity or effectiveness (other than
a limit provided in this Agreement) then in lieu of indemnifying such Indemnified Person
thereunder, BoI shall contribute to the aggregate amount of such Claims or Losses incurred
or suffered by any such Indemnified Person, as incurred:

	 	13.13.1	 	in such proportion as is appropriate to reflect the relative benefits (as described
in clause 13.14) received from the Placing and the Rights Issue by BoI, on the one
hand, and the Managers from the Placing and the Rights Issue on the other hand; or
	 
	 	13.13.2	 	if the allocation provided by clause 13.13.1 is not permitted by any applicable law
or regulation, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause 13.13.1 but also the relative fault (as described in
clause 13.15) of BoI on the one hand, and the Managers on the other hand, in
connection with any of the acts or statements or omissions which resulted in such
Claims or Losses, as well as any other relevant equitable considerations.

	13.14	 	Benefits received
	 
	 	 	The relative benefits received by BoI, on the one hand, and each of the Managers on the
other hand, from the Placing and/or the Rights Issue, shall be deemed to be in the same
respective proportions as the total net proceeds from the Placing and the Rights Issue
received by BoI and the total fees and commissions received by the Manager (in the case of a
person performing more than one role under this Agreement, aggregating the fees received by
the relevant person under this Agreement) bear to the total gross proceeds from the Placing
and the Rights Issue.

39

 

	13.15	 	Determination of fault
	 
	 	 	The relative fault of BoI on the one hand, and the Managers on the other hand, shall be
determined by reference to, among other things, whether any untrue statement or alleged
untrue
statement in the Offer Documents or any omission or alleged omission from the Offer
Documents relates to information supplied by BoI on the one hand, or the Managers on the
other hand, and by the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent the publication of such untrue statement or alleged untrue
statement or such omission or alleged omission.
	 
	13.16	 	Obligation to contribute
	 
	 	 	BoI agrees that it would not be just and equitable if contributions pursuant to clauses
13.13 to 13.19 were determined by pro rata allocation (even if the Managers were treated
as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in this clause 13. The aggregate
amount of any Claims or Losses incurred by an Indemnified Person shall be deemed to include
any legal or other expenses reasonably incurred by such Indemnified Person in investigating,
preparing or defending or providing evidence in connection with any litigation, or any
investigation or proceeding by any Governmental Agency, commenced or threatened, or any
Claim or Loss which arise, directly or indirectly, out of or are attributable to or
connected with anything done or omitted to be done by any person (including by the relevant
Indemnified Person) in connection with the Renominalisation, the Placing, the Rights Issue,
Placing Admission, Admission, the Debt for Equity Offers, the Government Transaction or the
arrangements contemplated by the Offer Documents, or any of them (or any amendment or
supplement to any of them), or this Agreement or any other agreement relating to the
Renominalisation, the Placing and/or the Rights Issue (or any amendment or supplement to any
of them), including those based on any untrue statement or alleged untrue statement or
omission or alleged omission.
	 
	13.17	 	Limit on contribution
	 
	 	 	Notwithstanding any other provision of clauses 13.13 to 13.19, none of the Managers shall
be required to contribute any amount in excess of the underwriting fees or commissions (as
the case may be) received by it (in case of a person performing more than one role under
this Agreement, aggregating the fees received by the relevant person under this Agreement)
and which it is not liable to pay to any other person under this Agreement or otherwise in
relation to any Placing Stock and/or Rights Issue Stock underwritten, subscribed or
purchased by such Manager pursuant to this Agreement. Any obligations to contribute under
clause 13.13 are several in proportion to each Indemnified Person’s respective underwriting
obligations and not joint nor joint and several.
	 
	13.18	 	Effect of fraud on obligation to contribute
	 
	 	 	Notwithstanding clause 13.13, no person guilty of fraud or fraudulent misrepresentation
(within the meaning of section 11(f) of the Securities Act) will be entitled to contribution
from any person who was not guilty of such fraud or fraudulent misrepresentation.
	 
	13.19	 	Right of Indemnified Persons to contribution
	 
	 	 	For the purposes of clauses 13.13 to clause 13.19 each Indemnified Person shall have the
same rights to contribution as the Managers.
	 
	13.20	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	Each Indemnified Person shall have the right under the Contracts (Rights of Third Parties)
Act 1999 (which shall apply to this Agreement only to the extent provided in this clause
13.20) to enforce its rights against BoI under this clause 13.20. The Managers may agree
to terminate this Agreement or vary any of its terms without the consent of any Indemnified
Person and the

40

 

	 	 	Managers will have no responsibility to any Indemnified Person under or as a
result of this Agreement.

	13.21	 	Indemnified Person
	 
	 	 	For the purposes of this clause 13, the expression “Indemnified Person” shall include in
the case of each of the Managers:

	 	13.21.1	 	itself and each of its subsidiaries, branches and affiliates;
	 
	 	13.21.2	 	any person who is, on or at any time after the date of this Agreement a director,
officer, partner, employee or agent of an undertaking specified in clause 13.21.1 above
or clause 13.21.3 below; and
	 
	 	13.21.3	 	each person, if any, who controls it within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act and the subsidiaries, affiliates and
branches of the foregoing persons.

	13.22	 	Taxation
	 
	 	 	No claim under this clause 13 shall be made in respect of Taxation (which includes, for the
avoidance of doubt, Transfer Taxes) which a Manager is compensated for under clause 11.6 or
clause 11.7, or would have been compensated for under clause 11.6 or clause 11.7 but was not
so compensated because of one of the exclusions in clause 11.6 or clause 11.7 applied.
	 
	14.	 	TERMINATION
	 
	14.1	 	If at any time before Admission:

	 	14.1.1	 	a matter has arisen which gives rise to a Claim under clause 13 of this Agreement or
under the Debt for Equity Dealer Manager Agreements which is material in the context of
the Rights Issue, Admission, and/or trading in the Nil Paid Rights, the Fully Paid
Rights or the New Ordinary Stock;
	 
	 	14.1.2	 	any Condition has not been satisfied by the required time or waived (if capable of
waiver) by the Joint Bookrunners or if any matter or circumstance arises as a result of
which there is no reasonable prospect that any of the Conditions will be satisfied at
the required time(s) (if any) or will continue to be satisfied at Admission;
	 
	 	14.1.3	 	there has been a breach by BoI of any of its undertakings or covenants or any of its
obligations contained in this Agreement or any of the Warranties is not or has ceased
to be true, accurate and not misleading;
	 
	 	14.1.4	 	any statement contained in any Offer Document is or has become or has been discovered
to be untrue or inaccurate or misleading in any material respect, or any matter has
arisen which would, if any of the Offer Documents were to be issued at that time,
constitute a material omission therefrom;
	 
	 	14.1.5	 	in the opinion of the Joint Bookrunners, there shall have been a Material Adverse
Change (whether or not foreseeable at the date of this Agreement);
	 
	 	14.1.6	 	an application of BoI for the Placing Admission or Admission is withdrawn or refused
by the ISE, the UKLA or the LSE;
	 
	 	14.1.7	 	one or more downgradings has occurred, resulting in an aggregate reduction of two or
more notches in the senior long-term rating accorded to debt securities of BoI by
Standard and Poor’s Rating Services or by Fitch Ratings Limited (or, in either case,
its successor rating business) compared to the rating accorded by the relevant rating
organisation as at the date of this Agreement;

41

 

	 	14.1.8	 	there having occurred or it being reasonably likely that there will occur in each
case, in the opinion of the Joint Bookrunners acting in good faith:

	 	(A)	 	any material adverse change in the financial markets in the
United States, Ireland, the United Kingdom or in any member or associate
member of the European Union or the international financial markets, any
outbreak or escalation of hostilities, war, act of terrorism, declaration of
emergency or martial law or other calamity or crisis or event or any change or
development involving a prospective change in national or international
political, financial, economic, monetary or market conditions (primary or
secondary) or currency exchange rates or controls;
	 
	 	(B)	 	trading in any securities of BoI has been suspended or
materially limited by the ISE, the LSE or the New York Stock Exchange on any
exchange or over-the-counter market, or if trading generally on the New York
Stock Exchange, the NASDAQ Stock Market, the ISE or the LSE has been suspended
or materially limited, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices of securities have been required, by any
of said exchanges or by such system or by order of any governmental authority,
or a material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States, in Ireland or in the
United Kingdom or in a member or associated member of the European Union;
	 
	 	(C)	 	any actual adverse or prospective adverse change or
development in United States, Irish or United Kingdom taxation or taxation in
a member or associate member of the European Union, materially and adversely,
affecting the Group, the New Stock or the transfer thereof or exchange
controls have been imposed by the United States, Ireland, the United Kingdom
or a member or associate member of the European Union; or
	 
	 	(D)	 	a banking moratorium has been declared by the United States,
Ireland or the United Kingdom or a member or associate member of the European
Union,

then BoI will inform the Managers forthwith of any such event (to the extent that
they are aware of such event) and (whether or not the Managers are so informed), the
Joint Bookrunners may in their absolute discretion:

	 	(E)	 	allow the Placing and/or the Rights Issue to proceed on the
basis of the Prospectus subject, if the Joint Bookrunners so request, to the
publication by BoI of a Supplementary Prospectus, provided that BoI shall not
publish or cause to be published any such Supplementary Prospectus without the
prior written consent of the Joint Bookrunners, such consent not to be
unreasonably withheld; or
	 
	 	(F)	 	give notice to BoI (copied to each other party to this
Agreement) to terminate this Agreement on behalf of all parties,

	 	 	 	unless the relevant event or circumstance referred to in sub-paragraph (A), (B) (C)
or (D) occurred before the date of this Agreement and the Joint Bookrunners were
aware of such event or circumstance before the date of this Agreement.

	14.2	 	Without prejudice to clause 14.1, each of the UK Sponsors and the Irish Sponsor may in its
absolute discretion give notice to BoI (copied to each other party to this Agreement) to
terminate its obligations under the Agreement as UK Sponsor and/or an Irish Sponsor (as the
case may be) in the circumstances set out in clause 14.1 save that references to the opinion
of the Joint Bookrunners shall be read as being references to the opinion of such Sponsor.

42

 

	14.3	 	Any notice to be given by the Joint Bookrunners to BoI pursuant to clause 14.1 or by a
Sponsor pursuant to clause 14.2 may be given in accordance with clauses 14.4 or 17.
	 
	14.4	 	The Joint Bookrunners and a Sponsor may give a notice pursuant to clause 14.1 or clause 14.2
(as the case may be) by email to:

	 	 	 	 	 	 	 

	Name:

	 	JP O’Donovan
	 	and
	 	Helen Nolan
	 
	Email address:

	 	jp.odonovan@boimail.com
	 	 	 	helen.nolan@boimail.com

	 	 	Such notice to take effect on the date and at the time which such email is sent from the
sender’s email information system (as shown on the delivery report from the sender’s
information system).
	 
	14.5	 	If any notice is given by the Joint Bookrunners to BoI pursuant to clause 14.1, the Sponsors
shall on behalf of BoI withdraw any application to the ISE and the UKLA for admission of the
New Ordinary Stock to the Official Lists and to the ISE and LSE for admission of the New
Ordinary Stock to its main market for listed securities.
	 
	14.6	 	If this Agreement is terminated pursuant to the provisions of this clause 14 or clause 9 or
otherwise:

	 	14.6.1	 	the obligations of the Managers (in the case of termination under clause 9 or 14.1)
or of the relevant Sponsor (in the case of termination by that Sponsor under clause
14.2) under this Agreement shall cease, without prejudice to any liability for prior
breach of any of the representations, warranties and undertakings contained herein;
	 
	 	14.6.2	 	such termination shall be without prejudice to (i) any accrued rights or obligations
of any party under this Agreement and (ii) any obligation of BoI or any of the Managers
in respect of any New Stock which have already been issued, subscribed and paid for or
sold and paid for at the time of such termination;
	 
	 	14.6.3	 	BoI shall pay the fees, commissions, costs and expenses to the extent specified in
clause 11; and
	 
	 	14.6.4	 	the provisions of clauses 1, 2.2.5, 10, 11, 12, 13, 14, 15, 17, 18 and 19
shall remain in full force and effect.

	14.7	 	Notwithstanding any other provision of this Agreement, no party may terminate or rescind this
Agreement following Admission.
	 
	15.	 	WITHHOLDING AND GROSS UP
	 
	15.1	 	No deductions
	 
	 	 	All sums payable to the Managers or to any Indemnified Person under this Agreement shall be
paid free and clear of all deductions or withholdings without set-off or counterclaim unless
the deduction or withholding is required by law, in which event the relevant person making
the payment shall pay such additional amount as shall be required to ensure that the net
amount received by the Managers or any Indemnified Person will equal the full amount which
would have been received by it had no such deduction or withholding been made.
	 
	15.2	 	Gross up
	 
	 	 	If the HM Revenue & Customs or the Irish Revenue Commissioners or any other tax authority
brings into charge to tax (or into any computation of income, profit or gains for the
purposes of any charge to tax or would do so but for the utilisation of any tax relief) any
sum payable to the Managers or any other Indemnified Person (in this clause 15 only a
“payee”) under this Agreement (other than any remuneration paid pursuant to this Agreement
including the commissions due under clause 11) then the person liable to make such payment
shall pay such

43

 

	 	 	additional amount as shall be required to ensure that the total amount paid,
less the tax chargeable thereon or that which would be so chargeable but for the
availability of relief in respect of that
charge to tax, is equal to the amount that would otherwise be so received under this
Agreement (any such additional payments being made on demand of the Managers or the
Indemnified Person concerned) Within 14 days of receipt of a written request from the payer,
each payee shall provide evidence to the payor that it is the beneficial recipient and shall
confirm the country in which it is resident for tax purposes.
	 
	16.	 	RECEIVING AGENT
	 
	 	 	BoI confirms that it has instructed the Receiving Agent to act as:

	 	16.1.1	 	receiving agent in connection with the Placing, the Rights Issue and the EGC and as
receiving agent in relation to the Placing Stock, the Nil Paid Rights, the Fully Paid
Rights, the Debt for Equity Stock and the Government Transaction Stock;
	 
	 	16.1.2	 	registrar in connection with the Renominalisation, the Placing and the Rights Issue;
	 
	 	16.1.3	 	issue agent and registrar in relation to the Allotment Instruments and the Debt for
Equity Offers;
	 
	 	16.1.4	 	conversion agent and issue agent in relation to the Government Transaction,

	 	 	and to perform the obligations assigned to it under the Receiving Agent Agreement, the
Circular, the Prospectus, the Form of Proxy, the Provisional Allotment Letters and this
Agreement as receiving agent, registrar and issue agent.
	 
	17.	 	NOTICES
	 
	17.1	 	Written communications
	 
	 	 	Subject to clause 14.4, a notice (including any approval, consent or other communication) in
connection with this Agreement:

	 	17.1.1	 	must be in writing in the English language;
	 
	 	17.1.2	 	must be left at the address of the addressee or sent by pre paid first class post to
the address of the addressee or sent by facsimile to the facsimile number of the
addressee, in each case which is specified or referred to in this clause 17 in
relation to the party to whom the notice is addressed, and marked for the attention of
the person so specified, or to such other address or facsimile number, and/or marked
for the attention of such other person as the relevant party may from time to time
specify by notice given in accordance with this clause 17.
	 
	 	For the avoidance of doubt, no notice, demand or other communication given under this
Agreement may be given by e-mail.

44

 

The relevant details of each party at the date of this Agreement are:

	 	 	 	 	 

	If to BoI

	 	Address:
	 	Head Office
	 

	 	 	 	40 Mespil Road
	 

	 	 	 	Dublin 2
	 

	 	 	 	Ireland
	 
	 

	 	Fax Number:
	 	(+353) 1 661 5671
	 

	 	For the attention of:
	 	The Group Secretary
	 
	If to a Manager to:	 	The contact details set out against that person’s name in Schedule 1

	17.2	 	Effect of notice
	 
	 	 	In the absence of evidence of earlier receipt, any notice shall take effect from the time
that it is deemed to be received in accordance with clause 17.3 below.
	 
	17.3	 	Service
	 
	 	 	Subject to sub clause 17.4 below, a notice is deemed to be received:

	 	17.3.1	 	in the case of a notice left at the address of the addressee, upon delivery at that
address;
	 
	 	17.3.2	 	in the case of a posted letter, on the third day after posting or, if posted to or
from a place outside the United Kingdom or the Republic of Ireland, the seventh day
after posting;
	 
	 	17.3.3	 	in the case of pre-paid recorded delivery, special delivery or registered post, at
8.00 a.m. on the second Business Day following the date of posting; and
	 
	 	17.3.4	 	in the case of a facsimile, on production of a transmission report from the machine
from which the facsimile was sent which indicates that the facsimile was sent in its
entirety to the facsimile number of the recipient.

	17.4	 	Business Day
	 
	 	 	A notice received or deemed to be received in accordance with clause 17.3 on a day which is
not a Business Day or after 5.00 p.m. on any Business Day according to local time in the
place of receipt, shall be deemed to be received on the next following Business Day.
	 
	17.5	 	Change in details
	 
	 	 	Each party undertakes to notify all of the other parties by notice served in accordance with
this clause if the address specified herein is no longer an appropriate address for the
service of notices.
	 
	18.	 	GENERAL
	 
	18.1	 	Acknowledgement of no duty

	 	18.1.1	 	BoI agrees and acknowledges that each Manager is acting solely pursuant to a
contractual relationship with BoI on an arm’s length basis with respect to the
Renominalisation, the Placing, the Rights Issue, the Debt for Equity Offers and the
Government Transaction and on the terms, and with the obligations and duties, expressly
stated in this Agreement and the Engagement Letters (save that BoI acknowledges that
the services relating to the procurement of subscribers and underwriting in connection
with the Placing and the Rights Issue are to be provided solely pursuant to the terms
of this Agreement), and not as financial adviser or fiduciary

45

 

	 	 	 	to BoI or any other person in respect of the Placing, Rights Issue, the Debt for
Equity Offers and the Government Transaction.
	 
	 	18.1.2	 	It is acknowledged by all parties that:

	 	(A)	 	the Indemnified Persons may be engaged in a broad range of
transactions that involve interests that differ from those of BoI or any other
person and each Indemnified Person may take into account any factors including
those solely in its interest that it considers appropriate in performing
duties or exercising rights under this document;
	 
	 	(B)	 	no Indemnified Person has advised as to, or is required to
give BoI or any other person, any legal, tax, investment, accounting,
regulatory or other specialist or technical advice in connection with the
Renominalisation, the Placing, the Rights Issue, the Debt for Equity Offers
and the Government Transaction in any jurisdiction, and BoI and any other
person have consulted their own, and will rely on its own expertise and on
that of its, specialist legal, tax, investment, accounting or regulatory
advisers to the extent it deems appropriate and in respect of the due
diligence investigations in connection with the Renominalisation, the Placing,
Rights Issue, the Debt for Equity Offers or the Government Transactions and no
Indemnified Person shall have any responsibility to BoI or any other person
with respect thereto; and
	 
	 	(C)	 	BoI is responsible for any due diligence carried out in
respect of the Placing, the Rights Issue, the Debt for Equity Offers, the
Government Transaction or the other arrangements contemplated by this
Agreement and that none of the Managers nor any of their advisers shall be
responsible to BoI, any Group Member, the Directors or Senior Executives, for
any due diligence in relation thereto unless it or they have agreed in writing
to take specific responsibility for such due diligence.

	 	18.1.3	 	No Manager shall have any liability for any claims brought against any person (and
BoI confirms they will not make any claim against the Managers) in respect of the
timing, terms and structure of the Renominalisation, the Placing and/or the Rights
Issue, the Debt for Equity Offers and the Government Transaction, or that the Placing
Price and/or the Rights Issue Price was set at a level that is too high or too low, or
with respect to any sales of New Stock by investors following allocation to them of
such New Stock.
	 
	 	18.1.4	 	BoI and the Managers further agree that it is not their intention to create a
fiduciary relationship between BoI on the one hand, and any of the Managers on the
other.
	 
	 	18.1.5	 	BoI acknowledges and agrees that:

	 	(A)	 	the Sponsors are acting solely in relation to the application
for admission of the New Ordinary Stock (including the nil paid and fully paid
rights in relation to the Rights Issue Stock) to the Official Lists;
	 
	 	(B)	 	any advice, whether written or oral, given by a Manager to
BoI, or any communications between a Manager and BoI, may not be used or
relied upon by any third party and may not be disclosed to any third party
without the prior written approval of the relevant Sponsor, Joint Bookrunner
or Underwriter (other than BoI’s professional advisers who may place no
reliance on such advice);
	 
	 	(C)	 	the Managers are full service securities firms and they,
along with their respective affiliates, are engaged in various activities,
including securities trading for both clients and as principal, securities
offerings, fund management financial services and financial advisory services,
investment management,

46

 

	 	 	 	financing and brokerage activities and financial planning and benefits
counselling for both companies and individuals;
	 
	 	(D)	 	subject to complying with its obligations under clause 8.5 of
this Agreement, no Manager shall have any liability by reason of it or any of
its affiliates conducting such businesses referred to in clause 18.1.5(C),
acting in their own interests or in the interests of other clients in respect
of matters affecting BoI, its Group Members or, including where in so acting,
any such affiliate acts in a manner which is adverse to the interests of BoI
or its Group Members;
	 
	 	(E)	 	in the ordinary course of the activities referred to in
clause 18.1.5(C), the Managers and their respective affiliates may actively
trade the debt and equity securities (or related derivative securities) of BoI
and its related bodies corporate for their own account and for the accounts of
their customers and may at any time hold long and short positions in such
securities;
	 
	 	(F)	 	as a result of general or contractual duties of
confidentiality, a Manager may be prohibited from disclosing information to
BoI and BoI agrees that no Group Member will be under a duty to use or
disclose any non-public information acquired from or during the course of
carrying on business for, any other person; and
	 
	 	(G)	 	the Managers will use and rely on information provided by or
on behalf of BoI in performing their obligations under this Agreement, without
having independently verified the information, and the Managers do not assume
responsibility for the accuracy and completeness of the information or any
other information on which it may rely in connection with this Agreement.

	18.2	 	Successors
	 
	 	 	This Agreement will operate for the benefit of and be binding upon (as appropriate) the
parties hereto and the Indemnified Persons under clause 13 and their respective successors
or legal personal representatives. No subscriber or purchaser of any of the Securities from
any Manager shall be deemed as successor or assignor by reason merely of such subscription
or purchase.
	 
	18.3	 	Release, compromise etc.
	 
	 	 	Any liability to a Manager under this Agreement may in whole or in part be released,
compounded or compromised and time or indulgence may be given by such Manager in its
absolute discretion as regards any person under such liability without in any way
prejudicing or affecting the rights of such Manager against any other person under the same
or a similar liability, whether joint and several or otherwise.
	 
	18.4	 	No waiver
	 
	 	 	The rights and remedies of the parties to this Agreement or any Indemnified Person shall not
be affected by any failure to exercise or delay in exercising any right or remedy or by the
giving of any indulgence by any other party or by anything whatsoever except a specific
waiver or release in writing and any such waiver or release shall not prejudice or affect
any other rights or remedies of the parties or any Indemnified Person. No single or partial
exercise of any right or remedy shall prevent any further or other exercise thereof or the
exercise of any other right or remedy.
	 
	18.5	 	Acting solely for certain persons
	 
	 	 	BoI acknowledges and agrees that the Managers are and have been acting for BoI and no-one
else in connection with the Renominalisation, the Placing, the Rights Issue, Placing
Admission, Admission, the Debt for Equity Offers or the Government Transaction and will not
regard, and have not regarded, any other person as their respective clients and have not
been and will not be

47

 

	 	 	responsible to anyone other than BoI for providing the protections afforded to clients of
the Managers, nor for providing advice in relation to the Renominalisation, the Placing, the
Rights Issue, Placing Admission, Admission, the Debt for Equity Offers or the Government
Transaction or any of the transactions contemplated by this Agreement.
	 
	18.6	 	Time of the essence
	 
	 	 	Any date or period specified in this Agreement may be postponed or extended by mutual
agreement in writing between BoI and the Joint Bookrunners but, as regards any date or
period originally fixed or any date or period so postponed or extended, time shall be of the
essence.
	 
	18.7	 	Common law rights
	 
	 	 	Any release, waiver or compromise or any other arrangement of any kind whatsoever which any
of the parties to this Agreement or any Indemnified Person under clause 13 may agree to or
effect as regards one or more of the other parties in connection with this Agreement and, in
particular (but without limitation), the agreements, representations, warranties,
undertakings and indemnities set out in this Agreement shall not affect the rights of any
other parties to this Agreement or any Indemnified Person under clause 13 nor the rights of
any person as regards any other of such parties or any rights any person may have at common
law or otherwise.
	 
	18.8	 	Basis of liability

	 	18.8.1	 	Any agreement, covenant, representation, warranty or undertaking pursuant to this
Agreement on the part of two or more parties shall, save where the contrary is
expressly provided, be deemed to be made on a several basis. Other than where joint
action is expressly provided for, each of the Managers and Indemnified Persons shall
(except as otherwise agreed among them) have the right to protect and enforce each of
its rights without joining any of the others in any proceedings.
	 
	 	18.8.2	 	The obligations of the Managers under this Agreement are several and are not joint or
joint and several.
	 
	 	18.8.3	 	Other than as expressly set out in this Agreement, nothing contained or implied in
this Agreement constitutes a Manager as the partner, agent or representative of any
other Manager for any purpose or creates any partnership, agency or trust between them
and none of them has the authority to bind the others in any way. No Manager is liable
to any other person for the acts or omissions of, advice given by or failure or default
of another Manager.

	18.9	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts and by the parties to it on
separate counterparts, each of which when executed and delivered shall be deemed to be an
original, but all such counterparts shall together constitute one and the same instrument.
	 
	18.10	 	Entire agreement

	 	18.10.1	 	The provisions of this Agreement shall not affect any liability of BoI to each of
the Managers for any right of each of the Managers against BoI which it might have
under an Engagement Letter to which it is a party which agreements shall continue in
full force and effect notwithstanding the provisions of this Agreement. Subject
thereto, each of the parties to this Agreement confirms that this Agreement (together
with the documents referred to herein), represents the entire understanding, and
constitutes the whole agreement, in relation to its subject matter and supersedes any
previous agreement between the parties with respect thereto and, without prejudice to
the generality of the foregoing, (but subject to clause 13.8) excludes any warranty,
condition or other undertaking implied at law or by custom, usage or course of dealing.

48

 

	 	18.10.2	 	Each party confirms that in entering into this Agreement it has not relied on any
representation, warranty, assurance, covenant, indemnity, undertaking or commitment
which is not expressly set out or referred to in this Agreement (or the documents
referred to herein).

	18.11	 	Severability
	 
	 	 	If any provision or part in this Agreement is void or unenforceable due to any applicable
law, it shall be deemed deleted and the remaining provisions of this Agreement shall
continue in full force and effect.
	 
	18.12	 	Further Assurance
	 
	 	 	At any time after the date of this Agreement, BoI shall, and shall use all reasonable
endeavours to procure that any necessary third party shall, at the cost of BoI, execute such
documents and do such acts and things as the Joint Bookrunners may reasonably require for
the purpose of giving full effect to all the provisions of this Agreement by which he, she
or it is bound.
	 
	18.13	 	Survival of Representations, Warranties and Obligations
	 
	 	 	Each of the representations, warranties, agreements, undertakings and indemnities set out in
this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of any Manager and notwithstanding the issue, sale or delivery of and payment
for the New Stock or completion of the Renominalisation, the Placing, the Rights Issue, the
Debt for Equity Offers and/or the Government Transaction.
	 
	18.14	 	Assignment
	 
	 	 	None of the rights or obligations under this Agreement may be assigned or transferred
without the written consent of the other parties.
	 
	18.15	 	Variation
	 
	 	 	No variation of this Agreement shall be valid unless it is in writing and signed by or on
behalf of each of the parties. The expression “variation” includes any variation,
supplement, deletion or replacement however effected.
	 
	18.16	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	Subject to clause 13.20:

	 	18.16.1	 	a person who is not a party to this Agreement has no rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Agreement but this does
not affect any right or remedy of a third party which exists or is available apart from
that Act; and
	 
	 	18.16.2	 	this Agreement may be varied or terminated without the consent from and without
reference to persons entitled to enforce terms of this Agreement by virtue of the
Contracts (Rights of Third Parties) Act 1999.

	18.17	 	Indemnities without prejudice
	 
	 	 	The indemnities set out or referred to in this Agreement shall be in addition to and shall
not limit, affect or prejudice any other right, relief or remedy available to any
Indemnified Person against any person (whether or not a party to this Agreement).
	 
	18.18	 	Remedies cumulative
	 
	 	 	The rights and remedies of each of the parties pursuant to this Agreement and each
Indemnified Person pursuant to clause 13 are cumulative and are in addition to any other
rights, reliefs and remedies provided by general law or otherwise.

49

 

	18.19	 	Without Prejudice to liabilities
	 
	 	 	The provisions of this Agreement are without prejudice to any liabilities which any of the
parties may have under any rule of law or equity (the Companies Acts, the Irish Prospectus
Regulations, FSMA and the Securities Act) to the extent they cannot be excluded or
restricted as provided under this Agreement.
	 
	18.20	 	Consideration
	 
	 	 	Each party acknowledges that it has received due and valuable consideration for entering
into this Agreement.
	 
	19.	 	GOVERNING LAW AND JURISDICTION
	 
	19.1	 	Governing Law
	 
	 	 	This Agreement and any dispute or claim arising out of or in connection with it or its
subject matter, existence, negotiation, validity, termination or enforceability (including
any non contractual obligations, disputes or claims which may arise out of or in connection
with this Agreement) shall be governed by and construed in all respects in accordance with
English law.
	 
	19.2	 	Submission to Jurisdiction
	 
	 	 	Subject as provided in clause 19.3, each party to this Agreement irrevocably:

	 	19.2.1	 	agrees that the courts of England and Wales are to have exclusive jurisdiction to
settle any disputes or claims (including claims for set-off and counter-claims) arising
out of or in connection with this Agreement or the subject matter, existence,
negotiation, validity, termination, enforceability, effect, interpretation or
performance of this Agreement or the legal relationships established by it (including
non-contractual disputes, obligations or claims); and
	 
	 	19.2.2	 	submits to the jurisdiction of the English and Welsh courts and agrees that any
proceedings in respect of such claim or matter may be brought in such courts.

	19.3	 	Notwithstanding clause 19.2, the Managers shall retain the right to bring proceedings
against BoI in any other court of competent jurisdiction or concurrently in more than one
jurisdiction.
	 
	19.4	 	BoI irrevocably waives any right that it may have to object to an action being brought in any
such court as is referred to in clauses 19.2 or 19.3 on grounds of inconvenient forum or
otherwise as regards proceedings in connection with this Agreement and further irrevocably
agrees that a judgment or order of any such court in connection with this Agreement shall be
conclusive and binding on it and may be enforced against it in the courts of any other
jurisdiction.
	 
	19.5	 	Service of Process
	 
	 	 	Each party agrees that, without preventing any other mode of service, any document in an
action (including a claim form or any other document to be served under the Civil Procedure
Rules) may be served on any party by being delivered to or left for that party at its
address for service of notices under clause 17 and each party undertakes to maintain such
an address at all times in the United Kingdom or the Republic of Ireland and to notify the
other party in advance of any change from time to time of the details of such address in
accordance with the manner prescribed for service of notices under clause 17.

50

 

SCHEDULE 1

PART A — SPONSORS

	 	 	 
	Name	 	Address, facsimile number and contact
	(i) IRISH SPONSOR
	 	 
	 
	 	 
	J&E Davy

	 	Davy House
	 

	 	49 Dawson Street
	 

	 	Dublin 2
	 

	 	Ireland
	 

	 	Fax Number: +353 1 679 6366
	 

	 	For the attention of: Hugh McCutcheon
	 
	 	 
	(ii) UK SPONSORS
	 	 
	 
	 	 
	J&E Davy

	 	Davy House
	 

	 	49 Dawson Street
	 

	 	Dublin 2
	 

	 	Ireland
	 

	 	Fax Number: +353 1 679 6366
	 

	 	For the attention of: Hugh McCutcheon
	 
	 	 
	UBS Limited

	 	1 Finsbury Avenue
	 

	 	London EC2M 2PP
	 

	 	United Kingdom
	 

	 	Fax Number: +44 207 568 4127
	 

	 	For the attention of: Equity Capital Markets, copied
also to +44 207 567 2364 marked for the attention of
Transactions Legal

51

 

PART B — JOINT BOOKRUNNERS, PLACING AGENTS AND UNDERWRITERS

	 	 	 
	Name	 	Address, facsimile number and contact
	Citigroup Global Markets U.K. Equity
Limited

	 	Citigroup Centre, 33 Canada Square,

Canary Wharf
	 

	 	London E14 5LB
	 

	 	United Kingdom
	 

	 	Fax Number: +44 207 986 1103
	 

	 	For the attention of: ECM Syndicate
	 
	 	 
	Credit Suisse Securities (Europe) Limited

	 	One Cabot Square
	 

	 	London E14 4QJ
	 

	 	United Kingdom
	 

	 	Fax Number: +44 207 888 1600
	 

	 	For the attention of: Company Secretary
	 
	 	 
	Deutsche Bank AG, London Branch

	 	1 Great Winchester Street,
	 

	 	London EC2N 2DB
	 

	 	United Kingdom
	 

	 	Fax Number: +44 207 545 6301
	 

	 	For the attention of: ECM Syndicate
	 
	 	 
	J&E Davy

	 	Davy House
	 

	 	49 Dawson Street
	 

	 	Dublin 2
	 

	 	Ireland
	 

	 	Fax Number: +353 1 679 6366

For the attention of: Hugh McCutcheon
	 
	 	 
	UBS Limited

	 	1 Finsbury Avenue
	 

	 	London EC2M 2PP
	 

	 	United Kingdom
	 

	 	Fax Number: +44 207 568 4127
	 

	 	For the attention of: Equity Capital
	 

	 	Markets, copied also to +44 207 567
2364 marked for the attention of
Transactions Legal

52

 

SCHEDULE 2

Rights Issue Stock Taken Up

	1.	 	Subject to paragraph 2 below, in this Schedule “MTM instruction” means a many-to-many
instruction which:

	 	(a)	 	on its settlement has the effect as described in paragraph 2.2.2 of Part IX of
the Prospectus;
	 
	 	(b)	 	has been properly authenticated in accordance with Euroclear’s specifications
as referred to in that paragraph; and
	 
	 	(c)	 	contains the information required by that paragraph.

	2.	 	BoI may in its absolute discretion treat an MTM instruction which constitutes a properly
authenticated dematerialised instruction (the “first instruction”) as not constituting a valid
acceptance in accordance with paragraph 2.2.2 of Part IX of the Prospectus if at the time at
which the Registrar receives a properly authenticated dematerialised instruction giving
details of the first instruction, BoI or the Registrar has received actual notice from
Euroclear of any of the matters specified in regulation 35(5)(a) of the CREST Regulations in
relation to the first instruction.
	 
	3.	 	A unit of Rights Issue Stock shall, for the purposes of this Agreement, be treated as having
been “taken up” if:

	 	(a)	 	the unit of Rights Issue Stock in nil paid form is in certificated form and the
following requirements have been satisfied by 11.00 a.m. on the Acceptance Date:

	 	(i)	 	a Provisional Allotment Letter relating to that unit of
Rights Issue Stock has been lodged for acceptance by the person to whom it was
provisionally allotted or by a renouncee of the right to accept allotment
together with a cheque or other remittance for the full amount payable in
respect of that unit of Rights Issue Stock, in accordance with the terms of
the Prospectus and the Provisional Allotment Letter (or BoI exercises any
discretion it has in the Prospectus to treat the Provisional Allotment Letter
as binding notwithstanding it does not meet these requirements); and
	 
	 	(ii)	 	BoI has not, with the Joint Bookrunners’ consent, rejected
the Provisional Allotment Letter for any reason; and
	 
	 	(iii)	 	the Receiving Agent has not been notified that the cheque or
other remittance has not been accepted by the drawee on first presentation; or

	 	(b)	 	the unit of Rights Issue Stock in nil paid form is in uncertificated form and:

	 	(i)	 	an MTM instruction in respect of those units of Rights Issue
Stock settles by 11.00 a.m. on the Acceptance Date; or
	 
	 	(ii)	 	an MTM instruction in respect of those units of Rights Issue
Stock constitutes a valid acceptance in accordance with paragraph 2.2.2 of
Part IX of the Prospectus and settles by 11.00 a.m. on the Acceptance Date; or

	 	(c)	 	the following has occurred:

	 	(i)	 	an MTM instruction in respect of those units of Rights Issue
Stock constitutes a valid acceptance in accordance with paragraph 2.2.2 of
Part IX of the Prospectus; and

53

 

	 	(ii)	 	the MTM instruction has not settled by 2.00 p.m. on the
Acceptance Date (or by such later time or date as BoI and the Joint
Bookrunners decide); and
	 
	 	(iii)	 	BoI is not entitled to assume, in accordance with
sub-paragraph (vii) of paragraph 2.2.2 of Part IX of the Prospectus, that
there has been a breach of any of the representations, warranties or
undertakings set out or referred to in sub-paragraph (iv) of paragraph 2.2.2
of Part IX of the Prospectus because it is aware of a reason outside the
control of the CREST member or CREST sponsor that sent the MTM instruction for
its failure to settle; or

	 	(d)	 	the following has occurred:

	 	(i)	 	an MTM instruction in respect of those units of Rights Issue
Stock constitutes a valid acceptance in accordance with paragraph 2.2.2 of
Part IX of the Prospectus;
	 
	 	(ii)	 	the MTM has not settled by 2.00 p.m. on the Acceptance Date
(or by such later time or date as BoI and the Joint Bookrunners decide); and
	 
	 	(iii)	 	BoI is entitled to assume, in accordance with sub-paragraph
(vii) of paragraph 2.2.2 of Part IX of the Prospectus, that there has been a
breach of any of the representations, warranties or undertakings set out or
referred to in sub-paragraph (iv) of paragraph 2.2.2 of Part IX of the
Prospectus because it is not aware of a reason outside the control of the
CREST member or CREST sponsor that sent the MTM instruction for its failure to
settle; but
	 
	 	(iv)	 	BoI nevertheless exercises its discretion to treat as valid
the acceptance constituted by the MTM instruction; or

	 	(e)	 	an MTM instruction in respect of those units of Rights Issue Stock does not
constitute a valid acceptance in accordance with paragraph 2.2.2 of Part IX of the
Prospectus but BoI nevertheless exercises its discretion to treat as valid the
acceptance constituted by the MTM instruction; or
	 
	 	(f)	 	a Director has irrevocably undertaken to BoI to subscribe for such units of
Rights Issue Stock.

	4.	 	For the avoidance of doubt the Joint Bookrunners and the Underwriters have no liability or
obligation under this Agreement in relation to any units of Rights Issue Stock if the units of
Rights Issue Stock in nil paid form are in certificated form and:

	 	(a)	 	the Receiving Agent has determined in relation to an acceptance of any
Provisional Allotment Letter by 11.00 a.m. on the Acceptance Date that there has been a
failure to satisfy the verification of identity requirements for the purposes of the
Money Laundering Laws, in the manner contemplated in the Press Announcement, the
Prospectus and the Provisional Allotment Letter; or
	 
	 	(b)	 	the cheque or other remittance returned with the relevant Provisional Allotment
Letters relating to such units of Rights Issue Stock is dishonoured after 11.00 a.m. on
the Acceptance Date unless the Joint Bookrunners and Underwriters have each been
notified that the cheque or other remittance has been dishonoured prior to the
Receiving Agent informing the Joint Bookrunners and Underwriters of the number of units
of Rights Issue Stock not taken up.

	5.	 	If (but only if) the parties so agree, units of Rights Issue Stock will be deemed to have
been taken up by 11.00 a.m. on the Acceptance Date if the units of Rights Issue Stock in nil
paid form are in certificated form and:

54

 

	 	(a)	 	a cheque or other remittance for the full amount payable in respect of those
units of Rights Issue Stock (and whether or not the cheque or other remittance is
honoured) is received by 11.00 a.m. on the Acceptance Date from an authorised person
(as defined in FSMA) identifying those units of Rights Issue Stock and agreeing to
lodge the relevant Provisional Allotment Letter properly completed in due course; or
	 
	 	(b)	 	the relevant Provisional Allotment Letter and a cheque or other remittance for
the full amount payable in respect of those units of Rights Issue Stock (and whether or
not the cheque or other remittance is honoured) are received by 11.00 a.m. on the first
Dealing Day after the Acceptance Date by post and the cover bears a legible postmark of
not later than 11.00 a.m. on the Acceptance Date.

	6.	 	If the parties decide to extend the time for settlement of MTM instructions in accordance
with paragraphs 3(c)(iii) or 3(d)(ii) of this Schedule 2, BoI shall forthwith ask Euroclear
not to disable the Nil Paid Rights until the end of that extension.
	 
	7.	 	As soon as practicable after 11.00 a.m. on the Acceptance Date and by not later than 2.30
p.m. on the Acceptance Date, BoI shall, following consultation with the Joint Bookrunners and
Underwriters, exercise its discretion in paragraphs 3(d)(iv) and 3(e) of this Schedule 2
reasonably.
	 
	8.	 	If BoI accepts:

	 	(a)	 	an alternative properly authenticated dematerialised instruction from a CREST
member or (where applicable) a CREST sponsor in accordance with sub-paragraph (vii) of
paragraph 2.2.2 of Part IX of the Prospectus; or
	 
	 	(b)	 	an alternative instruction or notification from a CREST member or CREST
sponsored member or (where applicable) a CREST sponsor in accordance with paragraph
2.2.2 of Part IX of the Prospectus,

	 	 	as constituting a valid acceptance in respect of any units of Rights Issue Stock, those
units of Rights Issue Stock are deemed to have been taken up.
	 
	9.	 	In all other cases, with respect to all Qualifying Stockholders a unit of Rights Issue Stock
shall, for the purposes of this Agreement, be treated as not having been taken up.

55

 

SCHEDULE 3

Part A — Agreed Proportions

	 	 	 	 	 
	(1)	 	(2)
	Name of Rights Issue Underwriter	 	Agreed Proportion (%)
	Citigroup Global Markets U.K. Equity Limited
	 	 	21	 
	 
	Credit Suisse Securities (Europe) Limited
	 	 	21	 
	 
	Deutsche Bank AG, London Branch
	 	 	21	 
	 
	J&E Davy
	 	 	16	 
	 
	UBS Limited
	 	 	21	 
	 
	Total
	 	 	100	 

Part B — Placing Commitments

	 	 	 	 	 
	(1)	 	(2)
	Name of Placing Underwriter	 	Placing Commitment (%)
	Citigroup Global Markets U.K. Equity Limited
	 	 	20	 
	 
	Credit Suisse Securities (Europe) Limited
	 	 	20	 
	 
	Deutsche Bank AG, London Branch
	 	 	20	 
	 
	J&E Davy
	 	 	20	 
	 
	UBS Limited
	 	 	20	 
	 
	Total
	 	 	100	 

56

 

SCHEDULE 4

Representations, Warranties and Undertakings by BoI

Offer documents and listing

	1.	 	Each of the Offer Documents fairly represent or when issued and published will fairly present
the information contained therein and does not and when issued and published will not contain
any untrue statement of any material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were
made, not misleading.
	 
	2.	 	All statements of material fact included in the Offer Documents are (or, when made, will be)
fairly presented and are true and accurate in all respects and are not (or, when made, will
not be) misleading in any respect (whether by omission or otherwise). All forecasts (if and
to the extent there are any), estimates and expressions of opinion, intention, belief or
expectation contained in the Offer Documents are and will be, at their respective dates, truly
and honestly held, fairly based and have been made on reasonable grounds after due and careful
enquiry.
	 
	3.	 	There are no material facts or matters known, or which could have been known, to BoI or any
of its Directors omitted from any of the Offer Documents (following publication, if
applicable), the omission of which would make any statement of fact or expression of opinion,
intention or expectation contained in any of the Offer Documents misleading.
	 
	4.	 	Each of the Offer Documents contains, or will when published contain, all particulars and
information required by, and complies and will comply with the Bye-Laws and with all relevant
laws and regulations including the Irish Prospectus Regulations, the Listing Rules, FSMA, the
Companies Acts, the Disclosure and Transparency Rules, the Prospectus Rules, the Transparency
Regulations, the Transparency Rules, the CREST Regulations, the Admission to Trading Rules,
the Admission and Disclosure Standards and any other relevant legislation, rules or
regulations and the requirements of the FSA, the Financial Regulator, the LSE, the ISE and any
other regulatory body.
	 
	5.	 	Without prejudice to the generality of paragraphs 1 to 4 of this Schedule, the Prospectus
contains (and any Supplementary Prospectus, when taken together with the Prospectus, will
contain) all such information which investors and their professional advisers would reasonably
require, and reasonably expect to find there, for the purpose of making an informed assessment
of the assets and liabilities, financial position, profits and losses, and prospects of BoI
and of the rights attaching to the New Stock, having regard to the matters referred to in
Regulation 19(1) of the Irish Prospectus Regulations.
	 
	6.	 	Each agreement to which BoI or any Group Member is a party and which is described or referred
to in the Offer Documents has been duly authorised, executed and delivered by BoI or such
Group Member and constitutes a valid, subsisting and legally binding agreement enforceable in
accordance with its respective terms and information in the Offer Documents, to the extent
that it constitutes a summary of such agreements, is true and accurate in all material
respects.
	 
	7.	 	BoI is not aware of any non public fact or circumstance (excluding, for the avoidance of
doubt, any fact or circumstance disclosed in the Offer Documents) (i) that, if made public,
would be expected to have a significant effect upon the market price of the Ordinary Stock or
upon BoI and the Group, or (ii) which would require it to make a public announcement under
applicable laws and regulations.
	 
	8.	 	The Verification Notes have been approved by the Directors (or a duly authorised committee
thereof) and have been prepared in good faith and with due care and replies given have been
prepared or approved by persons having appropriate knowledge and responsibility to enable them
properly to provide such replies. There are no facts which are known to any of the Directors

57

 

	 	 	which materially adversely affect (whether by omission or otherwise) the accuracy or
completeness of any of the replies contained in the Verification Notes.
	 
	9.	 	The statements set forth in Part XVIII “Additional Information” of the Prospectus under the
headings “Information on the Group”, “Capital stock”, “Dividends”, “Charter and Bye Laws”,
“Takeover Rules and Merger Control Legislation”, “Employee Stock Schemes “, “Related Party
Transactions”, “Material Contracts”, “Significant Subsidiaries”, “Litigation”, “Pension
Schemes”, “Significant Stockholdings”, “Costs of the Proposals”, “Sources and basis of
selected financial information”, “Consent to inclusion of names”, “ Property and
environmental”, “Announcement of results of Rights Issue, Placing and Debt for Equity Offers”,
“Documents available for inspection”, and “Documents incorporated by reference” and the
statements set forth in Part XVI “Taxation Considerations” of the prospectus, insofar as they
purport to constitute a summary of the laws and documents referred to therein, are accurate
and complete in all material respects.
	 
	10.	 	None of BoI, any of its affiliates, or any person acting on its behalf (i) has taken, or (ii)
will take during the period up to and including 10 September 2010, directly or indirectly, any
action designed to cause or result in, or that has constituted or will result in, the
stabilisation in violation of applicable laws or manipulation of the price of the New Ordinary
Stock or any other security of BoI (whether under Irish, United States, United Kingdom, EU or
other applicable laws).
	 
	11.	 	All statements made or information provided by or on behalf of BoI to the Financial
Regulator, ISE, the LSE or the FSA (including in connection with any application for certain
information to be omitted from the Prospectus and the applications for admission of the New
Ordinary Stock) are (or, when made, will be) true and accurate in all material respects and
are not (or, when made, will not be) misleading in any material respect and there are no facts
which have not been disclosed to the Financial Regulator, ISE, the LSE or the FSA in
connection therewith which by their omission make any such statements misleading in any
material respect or which are otherwise material for disclosure to the Financial Regulator,
ISE, the LSE or the FSA.

Previous Announcements and Annual Report

	12.	 	All statements of fact contained in Previous Announcements and the Annual Report were at the
date of the relevant Previous Announcement or Annual Report and, save to the extent corrected
in any document or announcement issued or made by or on behalf of BoI subsequent thereto,
remain true and accurate in all respects and not misleading and all forecasts estimates,
expressions of opinion or intention or expectation of the Senior Executives or BoI, the
Directors, the Senior Executives or the management of BoI contained therein were at the date
of the relevant Previous Announcement or Annual Report made on reasonable grounds and were
truly and honestly held and were fairly based and there were no facts known (or which could on
due and careful enquiry have been known by BoI, the Directors or the Senior Executives of BoI)
the omission of which would make any statement of material fact or forecast or estimate or
statement or expression of opinion, intention or expectation in any of the Previous
Announcements or Annual Report misleading. All Previous Announcements and the Annual Report
complied with the Bye-laws and all relevant laws and regulations including, the Listing Rules,
FSMA, the Companies Acts, the Disclosure and Transparency Rules, the Prospectus Rules, the
Transparency Regulations, the Transparency Rules, the Market Abuse Regulations, the Irish
Prospectus Regulations, the Market Abuse Rules, the UK Market Abuse Rules, and any other
relevant legislation, rules and regulations and the requirements of the Financial Regulator,
the FSA, the ISE, the LSE or any other regulatory body. There is no existing profit forecast
outstanding in respect of BoI, the Group taken as a whole, or any Group Member.

Due diligence

	13.	 	All information provided by or on behalf of BoI to each Bank and/or the Reporting Accountants
in connection with their due diligence enquiries or similar requests for information in
connection with the Placing and/or the Rights Issue and/or the Debt for Equity Offers and/or
the Government Transaction has been supplied in good faith, and such information was, when
supplied and remains, true and accurate in all material respects and no further information
has been withheld,

58

 

	 	 	the absence of which might reasonably be considered to make such information materially
misleading or be material to such due diligence enquiries or requests for information.

Corporate organisation and business

	14.	 	BoI is a chartered corporation with limited liability, duly established and validly existing
under the laws of Ireland, with full power and authority under its Bye-laws and otherwise to
own, lease and operate its properties and to conduct its business as described in Part X of
the Prospectus and to enter into and perform its obligations pursuant to the Proposals, this
Agreement and any other agreement to be entered into by it in connection with the Proposals.
	 
	15.	 	Each Group Member has been duly incorporated or formed (as the case may be) and is validly
existing as a corporation under the laws of its jurisdiction of incorporation and has full
power and authority under its constitutional documents and otherwise to own, lease and operate
its properties and to conduct its business as described in Part X of the Prospectus as at the
date hereof.
	 
	16.	 	Save as fairly disclosed in paragraph 2 of Part XVIII of the Prospectus, all of the issued
and outstanding ordinary shares of each Group Member have been duly authorised and validly
issued, are fully paid, are not subject to calls for further payment or otherwise assessable
and are owned by BoI directly or through Group Members free from all encumbrances. None of
the outstanding ordinary shares of any Group Member was issued in violation of the pre-emptive
or similar rights of any security holder of such Group Member.
	 
	17.	 	The allotment and issue of the New Stock, the Renominalisation, the making of the Placing,
the Rights Issue, the Debt for Equity Offers and Government Transaction, the distribution of
the Offer Documents, the execution, delivery and performance by BoI of this Agreement and all
other agreements entered or to be entered into in connection with the Renominalisation, the
Placing, the Rights Issue, the Debt for Equity Offers and Government Transaction and the
consummation of the other transactions contemplated in this Agreement by BoI or any of its
Group Members have been or will be duly authorised, executed and delivered by BoI and this
Agreement and those other agreements have been or will be duly authorised, executed and
constitute valid and legally binding agreements enforceable against BoI in accordance with
their respective terms.
	 
	18.	 	BoI and each Group Member is not:

	 	(a)	 	in violation of its respective memorandum of association or articles of
association or other governing or constitutional documents (which are in full force and
effect), including, in the case of BoI, its Charter and Bye-laws;
	 
	 	(b)	 	in breach or default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, any document of title or in
any bond, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or
other agreement or instrument to which BoI or any other Group Member is a party or by
which BoI or any Group Member may be bound, or to which any of their properties or
assets is subject, the breach or default of any of which, singly or in the aggregate,
would give rise to a Material Adverse Change (including the NPRFC Subscription
Agreement); or
	 
	 	(c)	 	in violation of any applicable law, statute, rule, licence, regulation,
judgement, order, writ, claim form or decree of any government, government
instrumentality or court having jurisdiction over BoI or any other Group Member or any
of their assets or properties, the violation of any of which would, singly or in the
aggregate, give rise to a Material Adverse Change.

Compliance

	19.	 	BoI, each Group Member and the Directors have at all times complied with the Exchange Act and
all applicable laws and regulations of Ireland and the United Kingdom (including FSMA, the
Companies Acts, the Listing Rules, Disclosure and Transparency Rules, the Prospectus Rules,
the

59

 

	 	 	Transparency Regulations, the Transparency Rules, the Market Abuse Regulations, the Market
Abuse Rules, the Admission to Trading Rules, the Admission and Disclosure Standards and the
CJA), and with the provisions of the Bye-laws, and BoI will have the right, power and
authority under the Bye-Laws, subject to the passing of the Resolutions, to effect the
Renominalisation, to make the Placing and the Rights Issue and the Debt for Equity Offers,
to allot and issue the New Stock, in certificated and uncertificated form, to issue the
Offer Documents in the manner proposed without any sanction or consent by members of BoI or
any class of them and, subject to approval of the Prospectus by the Financial Regulator and
approval of the Circular by the Financial Regulator and the UKLA, Placing Admission and
Admission, there are no other consents, authorisations or approvals, other than approval of
BoI’s stockholders at the EGC, that are required by BoI in connection with the entering into
and performance of this Agreement and the actions referred to in this paragraph 19 of
Schedule 4 which have not been irrevocably and unconditionally obtained.
	 
	20.	 	BoI has not and each Group Member has not engaged in conduct that is misleading or deceptive
or is likely to mislead or deceive, in connection with the Proposals and/or the Offer
Documents.
	 
	21.	 	The Placing and the Rights Issue will not have an adverse impact on BoI’s ability to comply
with the Listing Rules, Transparency Rules, Transparency Regulations and the Disclosure and
Transparency Rules.

Stock capital

	22.	 	The New Ordinary Stock shall:

	 	(a)	 	when issued be duly and validly issued, fully paid, not subject to calls for
further payments or otherwise assessable and free from all encumbrances; and
	 
	 	(b)	 	upon allotment, be free from all encumbrances and will rank pari passu in all
respects with the existing issued ordinary stock of BoI.

	23.	 	The issued stock capital of BoI as at the Publication Date is as described in paragraph 2 of
Part XVIII of the Prospectus, and all of the issued units of stock of each Group Member have
been duly and validly authorised and issued, are fully paid and are not subject to calls for
further payment or otherwise assessable and are free from all encumbrances and will conform
upon the Placing Admission and the Admission to the description thereof contained in the
Prospectus and each such Group Member has at all times complied in full with the terms and
conditions on which any such units of stock were issued.
	 
	24.	 	BoI has complied in all respects with, to the extent applicable, the requirements of
Euroclear and the CREST Regulations. BoI’s existing units of Ordinary Stock are participating
securities (as defined in the CREST Regulations) in, and have not been suspended from, CREST.
	 
	25.	 	Otherwise than pursuant to the Group’s existing share option schemes or as fairly disclosed
in the terms of the relevant securities or in paragraph 6 of Part XVIII of the Prospectus,
there are no rights (conditional or otherwise) (i) to require the issue of any stock or other
securities (including any loan capital) or securities convertible into or exchangeable for, or
warrants, rights or options to purchase, or obligations or commitments to create the same or
(ii) to sell or otherwise dispose of any stock or other securities of a Group Member (other
than to another Group Member, as the case may be) which are outstanding and in force.

60

 

Accounts

	26.	 	The Accounts:

	 	(a)	 	have been prepared and audited in accordance with, and comply with IFRS, the
Companies Acts and other applicable statutory requirements in Ireland and all
applicable statements of standard accounting practice and generally accepted accounting
principles and practices in Ireland have been consistently applied;
	 
	 	(b)	 	give a true and fair view of the state of affairs and financial condition of
BoI and the Group as at the dates stated and of their profits and/or losses, cashflows
and, where relevant, recognised gains and losses or changes in equity for the periods
specified;
	 
	 	(c)	 	either make proper provision for, or, where appropriate, in accordance with
IFRS, include a note in respect of all liabilities (which includes, for the avoidance
of doubt, tax liabilities) or commitments, whether actual, deferred, contingent or
disputed of the Group;
	 
	 	(d)	 	fairly present all off balance sheet arrangements, investment or liability of
all Group Members; and
	 
	 	(e)	 	have been prepared after due and careful enquiry by BoI and, where applicable,
the relevant Group Members and are presented on the basis set out in the Accounts,
which is consistent with the accounting policies of the Group.

	27.	 	The selected financial data and the summary financial information with respect to the Group
included in Part XII of the Prospectus have been properly extracted from the Accounts on the
basis set out therein and has been properly complied on a basis consistent with the accounting
policies applied in the Accounts.
	 
	28.	 	The capitalisation and indebtedness table set out in Part XIV of the Prospectus has been
properly compiled on a basis that is consistent with the accounting policies applied in the
Accounts.

Position since the Accounts Date

	29.	 	Since the Accounts Date and save as disclosed in the Previous Announcements or in Part VII,
Part X, or Part XIV of the Prospectus:

	 	(a)	 	the business of the Group has been carried on in the ordinary course and there
has been no Material Adverse Change;
	 
	 	(b)	 	there have been no material impairment charges that are not in line with the
Previous Announcements in respect of any assets of BoI or any Group Member and there
has been no material increase in the provisions in respect of losses in relation to any
mortgage, loans or other assets of the BoI or any Group Member;
	 
	 	(c)	 	no Group Member has, otherwise than in the ordinary course of business, entered
into or assumed or incurred any contract, commitment (whether in respect of capital
expenditure or otherwise), borrowing, indebtedness in the nature of borrowing,
guarantee, liability (including contingent liability) or any other agreement or
obligation which, in any case, would or could reasonably be expected to be material in
the context of the Proposals;
	 
	 	(d)	 	no single debtor has been released by BoI to an extent which is material
(singly or in the aggregate) in relation to BoI or the Group taken as a whole on terms
that he pays less than the book value of his debt and no debt of such amount owing to
the Group or any Group Member has been deferred, subordinated or written off or has
proven irrecoverable to any extent;
	 
	 	(e)	 	no Group Member has been involved in any transaction which has resulted or is
likely to result in any material liability for tax on BoI or any Group Member other
than a transaction in the ordinary course of business or a transaction which is
provided for in the Accounts;

61

 

	 	(f)	 	no Group Member has been in violation or default in any material respect under
any agreement or arrangement to which any Group Member is a party, or under any
statute, law, rule, regulation, judgment, order or decree applicable to BoI or any
other Group Member of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over BoI or any other Group
Member or any of its or their properties, as applicable, and so far as BoI is aware,
there are no circumstances likely to give rise to such violation or default to an
extent which in any case would, or could reasonably be expected to, (singly or in the
aggregate) be material in the context of the Proposals;
	 
	 	(g)	 	there has been no occurrence which has, or could reasonably be expected to,
(either itself or together with any other occurrence) materially and adversely affect
the value of the New Stock, the business, assets, liabilities, financial position,
profitability or prospects of any Group Member or any of the property or assets of the
Group; and
	 
	 	(h)	 	there has been no dividend or distribution of any kind (other than intra-group
dividends) declared, paid or made by BoI or any Group Member on any class of its
securities.

Accounting controls

	30.	 	The Directors have established procedures which provide a reasonable basis for them to make
proper judgments on an ongoing basis as to the financial position and prospects of the Group
and BoI and each Group Member maintains a system of internal financial and accounting controls
sufficient to provide reasonable assurance that:

	 	(a)	 	transactions are executed in accordance with management’s general or specific
authorisations;
	 
	 	(b)	 	transactions are recorded as necessary to permit the preparation of returns and
reports which are complete and accurate in all material respects to regulatory bodies
as and when required by them and the preparation of financial statements in accordance
with IFRS, the European Communities (Credit Institutions: Accounts Regulations 1992)
and the Companies Acts; and
	 
	 	(c)	 	the Group’s asset records are compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

	31.	 	There are, and during the past four years have been, no weaknesses in BoI’s internal controls
over financial reporting (whether or not remedied) of BoI or the Group to an extent which is
material in the context of the Group, no change in BoI’s internal controls over financial
reporting of BoI or the Group that has affected, or is reasonably likely to affect, BoI’s
internal controls over financial reporting of BoI or the Group to an extent which is material
in the context of the Group and there has been no fraud that involves any Executive Director
(as referred to in Part XVII of the Prospectus, any Senior Executive, or any material fraud by
any other member of management or employee of BoI or any Group Member.

Pro forma financial information

	32.	 	The unaudited pro forma financial information in Part XV of the Prospectus presents fairly
the information shown therein, has been duly and carefully prepared in accordance with the
Prospectus Rules, the Irish Prospectus Regulations and all other applicable requirements and
guidelines, has been properly compiled on the bases described therein and is presented on a
basis consistent with the accounting policies of the Group; all the assumptions used in the
preparation thereof are reasonable and there are no other assumptions or sensitivities which
should have been taken into account in the preparation of such information and the adjustments
used therein are appropriate to give effect to the transactions and circumstances referred to
therein.

62

 

Working Capital

	33.	 	All information supplied by BoI or any of its Directors, Senior Executives, officers or
employees to the Banks or Reporting Accountants for the purposes of the Working Capital Report
and/or the report relating to the unaudited pro forma information included in Part XV of the
Prospectus and/or any of their other reports in connection with the Placing and the Rights
Issue or the Debt for Equity Offers (collectively, the “Reports”), and in respect of any
updates to such Reports, has been supplied in good faith after due and careful enquiry; such
information was when supplied and remains true and accurate and not misleading and no
information has been withheld the absence of which might reasonably have affected the contents
of the Reports in any material respect.
	 
	34.	 	All the bases and assumptions on which each of the Reports is based were, are and will be
reasonable bases and assumptions (as applicable) and, so far as BoI is aware, there are no
other material assumptions on which the Reports ought to have been based which have not been
made.
	 
	35.	 	The cash flow and working capital projections contained in the Working Capital Report have
been properly prepared on a reasonable basis after due and careful and enquiry and take into
account all material matters and sensitivities of which BoI is aware concerning BoI and each
other Group Member which would or could reasonably be expected to be material in the context
of the Proposals.
	 
	36.	 	Subject to (i) the continued access by the Group to the Government liability guarantee
schemes; (ii) the continued access by the Group to the extra-ordinary European Central Bank
liquidity schemes introduced in late 2008 and early 2009; and (iii) there being no downgrades
by credit rating agencies of BoI and/or Ireland due to factors outside of BoI’s control, the
Directors believe, after due and careful enquiry, that, after taking into account existing
available bank and other funding facilities, the outcome of the Prudential Capital Assessment
Review together with the successful implementation of the Proposals, the Group has sufficient
working capital for its present requirements, that is, for at least the next 12 months from
the date of the Prospectus.

Ratings

	37.	 	(i) BoI has not received notice of any intended or potential downgrading of the rating
assigned to any of BoI’s (or any other Group Member) credit or debt by a ratings agency and
has no knowledge from which it could reasonably expect such a downgrade to be threatened or to
occur; and (ii) no ratings agency has placed BoI or any Group Member or any of BoI’s or any
Group Member’s debt on credit watch, with the exception of Fitch having placed the following
bonds on credit watch: BOI UK Holdings 7.4% and 6.25% bonds.

Guarantees, indemnities and borrowings

	38.	 	Save for guarantees or indemnities given by any Group Member in the ordinary course of
business, any indemnities given by BoI pursuant to this Agreement, or the Engagement Letters
and the indemnity deed dated 19 April 2010 entered into with the Banks in connection with the
Proposals, no Group Member has given or has agreed to give any guarantee or indemnity or
similar obligation in favour of a third party and no Group Member has any current or
prospective liability, howsoever arising for any such guarantee, indemnity of similar
obligation, except for any guarantees, indemnities, similar obligations or liabilities that,
either singly or in the aggregate, would not, or would not reasonably be expected to be
material in the context of the Proposals.
	 
	39.	 	All of the Group’s borrowing facilities referred to in the Working Capital Report are in full
force and effect. All matters and events which could entitle the providers of facilities to
refuse to make any moneys available are entirely within the control of BoI or the control of
other persons over whom BoI is or their Directors are able to exercise control and management.
There is nothing known, or which could on due and careful enquiry be known, to BoI that might
cause it to believe that any drawn amounts would be subject of a request for repayment or that
undrawn amounts under any facilities might not be available for drawing as and when required.

63

 

	40.	 	There are no companies, undertakings, partnerships or joint ventures in existence whose
results are not consolidated with the results of the Group, but whose default would affect the
indebtedness or increase the contingent liabilities of the Group to an extent which would or
would be reasonably likely to be, individually or in the aggregate, material in the context of
the Placing, Rights Issue, Placing Admission, Admission, Government Transaction or the Debt
for Equity Offers.
	 
	41.	 	The amounts borrowed by each Group Member do not exceed any limitation on its borrowing
contained in such Group Member’s articles of association or other governing or constitutional
document, or any debenture or other deed or document binding upon it and no Group Member has
outstanding any loan capital, nor has it factored any of its debts, or engaged in financing of
a type which would not require to be shown or reflected in audited accounts or borrowed any
money which it has not repaid, save for borrowings specified in the Accounts.
	 
	42.	 	Save as disclosed in Part VII of the Prospectus, no event or circumstance exists, has
occurred or arisen or so far as BoI is aware to the best of its knowledge and belief is about
to occur which constitutes or results in, or would with the giving of notice and/or lapse of
time and/or the making of a relevant determination, constitute, or result in, termination of
or a default or the acceleration or breach of any obligation under any agreement, instrument
or arrangement to which any Group Member is a party or by which any such Group Member or any
of its properties, revenues or assets are bound, in each case, to an extent which would, or
could reasonably be expected, (singly or in aggregate) to give rise to a Material Adverse
Change.

Insolvency

	43.	 	Neither BoI nor any Group Member is insolvent or unable to pay its debts or:

	 	(a)	 	is in liquidation, in provisional liquidation, under examinership or
administration or wound up or has had a receiver appointed to any part of its property;
	 
	 	(b)	 	is subject to any arrangement, assignment, moratorium or composition, protected
from creditors under any statute or dissolved (in each case, other than to carry out a
reconstruction or amalgamation while solvent on terms approved by the other parties to
this Agreement);
	 
	 	(c)	 	has an application or order been made (and in the case of an application, it is
not stayed, withdrawn or dismissed within 30 days), resolution passed, proposal put
forward, or any other action taken, in each case in connection with that person, which
is preparatory to or could result in any of sub-paragraphs (a) or (b) above;
	 
	 	(d)	 	is otherwise unable to pay its debts when they fall due within the meaning of
Section 214 of the Companies Act 1963;
	 
	 	(e)	 	has had an order made against it under Section 21 of the Central Bank Act,
1971; or
	 
	 	(f)	 	something having a substantially similar effect to (a) to (e) happens in
connection with that person under the law of any jurisdiction.

	44.	 	Neither BoI nor any other Group Member has taken any action (including the convening of
meetings to vote on relevant resolutions), nor have any other steps been taken or legal
proceedings commenced or been threatened against BoI or any Group Member, for its winding-up
or dissolution (including section 48 of the Central Bank Act, 1989) or for any similar or
analogous proceeding in any jurisdiction or for BoI or any Group Member to enter into any
arrangement or composition for the benefit of creditors or for the appointment of a receiver,
administrator, provisional liquidator or similar officer.
	 
	45.	 	There is not outstanding any liability, obligation or commitment of any kind on the part of
the Directors, BoI or any Group Member in relation to any current or pending insolvency
proceedings in relation to BoI or any Group Member.

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	46.	 	Since the Accounts Date, by reason of actual or anticipated financial difficulties, no Group
Member has commenced discussions with the FSA, Financial Regulator, the Central Bank of
Ireland, Bank of England, Irish Government, the European Central Bank or any other regulatory
authority to obtain stand-by or emergency funding (whether by way of repo transactions or
otherwise) or has commenced negotiations with its creditors or any class of its creditors with
a view to rescheduling any of its indebtedness or has made or proposed any arrangement or
composition with its creditors or any class of its creditors.

Tax

	47.	 	Each Group Member (duly and within appropriate time limits) has made all material returns,
given all material notices and supplied all information required to be supplied to all
relevant tax authorities and maintained all records required to be maintained for tax purposes
and all such information, returns and notices were complete and accurate in all material
respects and were made on a proper basis. Each Group Member has paid or provided for all
material tax required to be paid by it and any other assessment, fine or penalty levied
against it to the extent that any of the foregoing is due and payable, save where the same is
being contested.
	 
	48.	 	All liabilities of each Group Member for tax as determined in accordance with IFRS and
measured by reference to income, profits or gains earned, accrued or received on or before the
Accounts Date or arising in respect of an event occurring or deemed to occur on or before the
Accounts Date are provided for or (as appropriate) disclosed in the Accounts.
	 
	49.	 	No Group Member is involved in any dispute or investigation with any tax authority in respect
of any material issue. No enquiry been raised by any tax authority in respect of any Group
Member, which could, so far as BoI is aware, give rise to a Material Adverse Change.
	 
	50.	 	Save as fairly disclosed in Part XVI of the Prospectus, no Transfer Taxes, capital gains,
income, withholding or other tax are payable in Ireland or the UK in connection with the
execution of this Agreement, the allotment, issue and delivery of the New Stock by BoI in
accordance with the terms of this Agreement.
	 
	51.	 	BoI is a chartered corporation established under the laws of Ireland and the share register
of BoI is at all times kept in Ireland and outside the United Kingdom.

Competition

	52.	 	Neither BoI nor any Group Member is party to any agreement, transaction, arrangement or
concerted practice, or is carrying on any practice which in whole or in part contravenes or is
invalidated by any anti-trust, anti-monopoly, competition, fair trading, consumer protection
or similar legislation or regulation in any jurisdiction where BoI or the Group Member, as the
case may be, has assets or carries on business or in respect of which any filing, registration
or notification is required or is advisable pursuant to such legislation (whether or not the
same has in fact been made).

Consents, authorisations and approvals

	53.	 	All consents, approvals, authorisations, filings, orders, registrations, notifications,
permits, certificates, licences, concessions, permissions, clearances and qualifications (each
an “Authorisation”) of or with any court or governmental, supranational, regulatory,
self-regulatory, taxation or stock exchange authority, agency, institution, or body including
the Irish Government, the Irish Competition Authority, the Financial Regulator, the Central
Bank of Ireland, the United Kingdom Competition Commission and the Commission of the European
Union (each a “Governmental Agency”) having jurisdiction over BoI or any other Group Member or
any of their properties which are necessary to conduct the business of BoI or any Group
Member: (i) have been made or obtained and are in full force and effect and BoI and each Group
Member is in compliance with all relevant Authorisations; or (ii) have been fulfilled and
performed except where the failure of such Authorisations to be in full force and effect, or
the

65

 

	 	 	failure of BoI or any other Group Member to be in compliance with them, would not, singly or
in the aggregate, reasonably be expected to result in a Material Adverse Change.
	 
	54.	 	No event has occurred which allows, or after notice or lapse of time would allow, revocation
or termination of any Authorisation where such revocation or termination would, singly or in
the aggregate, reasonably be expected to result in a Material Adverse Change or results or
would result in any other material impairment of the rights of the holder of any such
Authorisation.
	 
	55.	 	The Renominalisation, the making of the Placing, the Rights Issue, the Government
Transactions, the Debt for Equity Offers, the allotment, issue and delivery of the New Stock,
the issue, publication, distribution or filing (as the case may be) of the Offer Documents,
and any other documents in connection with the Renominalisation, the making of the Placing,
Rights Issue, the Government Transactions, the Debt for Equity Offers, Placing Admission
and/or Admission, the compliance by BoI with the provisions of this Agreement and the
consummation of the Proposals will not:

	 	(a)	 	result in a breach or violation of any applicable laws and regulations of
Ireland and the United Kingdom (including FSMA, the Companies Acts, the Listing Rules,
the Disclosure and Transparency Rules, the Prospectus Rules, the Transparency
Regulations, the Transparency Rules, the Admission to Trading Rules, the Admission and
Disclosure Standards and the CJA) or with any other applicable laws and regulations of
any relevant jurisdiction;
	 
	 	(b)	 	conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, result in any third party being capable
of terminating, or constitute a repayment event under, or result in the creation or
imposition of any encumbrance upon any property or assets of BoI or any Group Member or
any affiliate of BoI pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement, obligation, commitment, arrangement or instrument to
which any Group Member is a party or by which any Group Member is bound or to which any
of the property or assets of any Group Member is subject to an extent which, in any
case, is material in the context of any of the Proposals or the Group,
	 
	 	(c)	 	result in any violation of the provisions of the Bye-laws or the constitutional
documents of any other Group Member which are in force at the relevant time such as to
render the obligations unenforceable thereunder or any statute or to an extent which,
in any case, is material in the context of any of the Proposals or the Group, any
order, rule or regulation of any Governmental Agency having jurisdiction over BoI or
any other Group Member or any of their properties; or
	 
	 	(d)	 	result in the, revocation or termination of any Authorisation to an extent
which, in any case, is material in the context of any of the Proposals or the Group.

Regulatory

	56.	 	No Group Member nor any of its officers has failed to comply with any statutory provision or
any rules, regulations, directions, requirements, notices and provisions of the FSA, Financial
Regulator or any other regulatory body applying to such Group Member in relation to its
business including in respect of the maintenance of its Capital Requirement and any obligation
to make a notification to the Financial Regulator, save in each case to an extent which would
not (singly or, in the aggregate) be material in the context of the Placing, the Rights Issue,
Debt for Equity Offers, Government Transaction, the underwriting of the Placing Stock or
Rights Issue Stock, Placing Admission and Admission.
	 
	57.	 	There are no facts or circumstances known to the Directors, which would cause the UKLA or the
ISE not to be satisfied that BoI’s capital adequacy is regulated by the FSA the Central Bank
of Ireland or the Financial Regulator, or suitably regulated by another regulatory body.

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	58.	 	So far as BoI is aware (i) no Group Member is the subject of any investigation, enforcement
action (including to vary the terms of any permission of licence) or disciplinary proceeding
by the FSA, Financial Regulator or any other regulatory body having jurisdiction over such
Group Member and; (ii) no such investigation, enforcement action or disciplinary proceeding
has been threatened by any such regulatory body or is pending.
	 
	59.	 	So far as BoI is aware, neither BoI nor any Group Member is subject to any special or
additional surveillance by the FSA, the Financial Regulator (or any other regulatory body
having jurisdiction over BoI or any Group Member) or to any special reporting requirements in
relation to its assets, liquidity position, funding position or otherwise and BoI is not
subject to any visits, beyond customary visits, by, or has been requested or required to
attend meetings with, beyond customary meetings with the FSA or the Financial Regulator.
	 
	60.	 	BoI transferred legal and beneficial title to each of the Tranche 1 NAMA Assets to NAMA free
from any encumbrance on 2 April 2010. The aggregate consideration of €1.26 billion received
from NAMA in consideration for such transfer of the Tranche 1 NAMA Assets is being, and will
be, used for the purposes as set out in the Prospectus.
	 
	61.	 	If a court of competent jurisdiction were to rule that BoI is under a binding legal
obligation to pay dividends on the 1992 Preference Stock except in certain specified
circumstances set out in the terms of such stock, such a ruling will not, of itself, result in
a change in relation to the eligibility of the Hybrid/Preferred Securities (as defined in the
Prospectus) to qualify as regulatory capital for the purposes of the Capital Requirement, or a
change in relation to the tier of regulatory capital to which those instruments are, at the
date hereof, allocated.
	 
	62.	 	On the basis that the Irish rules on capital adequacy and eligibility to which BoI and any
Group Members are subject do not change, the instruments constituting BoI’s (or any Group
Member’s) Capital Requirement will not be subject to any change in their eligibility to
qualify as regulatory capital for the purposes of the Capital Requirement, and nor will such
instruments be subject to any change in relation to the tier of regulatory capital to which
they are allocated, other than to the extent (if any) such change (either singly or in the
aggregate) would not be material in the context of the Proposals.

Related party transactions

	63.	 	Save as fairly disclosed in paragraph 7 Part XVIII of the Prospectus, BoI or any Group Member
has not entered into any related party transaction (within the meaning set out in the IFRS) in
the period covered by the financial information contained in the Prospectus and up to, and
including, Completion.

Arrangements with Directors Senior Executives and Shareholders

	64.	 	Save as fairly disclosed in the Accounts and in Part XVIII of the Prospectus, there are no
loans made by any Group Member to, nor are there any debts owing to any Group Member from, any
of the directors of any Group Member or (so far as BoI is aware) any associate of any of them
save, in each case, to the extent (individually or in aggregate) that would not be and would
not be reasonably likely to be, material in the context of any of the Proposals.
	 
	65.	 	Save as fairly disclosed in the Accounts and in Part XVIII of the Prospectus:

	 	(a)	 	except for the Bye-laws and any service agreement with a Director, there are no
existing contracts or engagements which are material in the context of any of the
Proposals to which any Group Member is a party and in which any of the Directors or any
associate of any of them is interested;
	 
	 	(b)	 	no Qualifying Stockholder has any rights, in his capacity as such, in relation
to any Group Member other than as set out in the Bye-laws and pursuant to the Placing
and the Rights Issue or the Debt for Equity Offers;

67

 

	 	(c)	 	BoI is not aware of any claim, demand or right of action against any Group
Member otherwise than for accrued remuneration in accordance with their contracts of
employment by any officer or employee (or former officer or employee) of the Group
and/or any associate of them which, in each case, would, or could reasonably be
expected to, (individually or in the aggregate) give rise to a Material Adverse Change;
	 
	 	(d)	 	so far as BoI is aware, no Director nor any Senior Executive is in breach of
any restrictive covenant, employment agreement or contract for service which would or
might affect BoI or any other Group Member and there are no circumstances which in any
such case might give rise to a claim for such a breach, which would or would be
reasonably likely to be (individually or in the aggregate) material in the context of
the Proposals; and
	 
	 	(e)	 	no Director or Senior Executive has given notice of termination of his contract
of employment and so far as BoI is aware, no Director or Senior Executive has indicated
an intention to resign.

	66.	 	For the purpose of paragraph 65, associate has the meaning:

	 	(a)	 	in the case of an individual, given to the “connected person” under sections
252 to 254 of the United Kingdom Companies Act 2006; and
	 
	 	(b)	 	in the case of a body corporate, given to “associated company” in sections 416
(et seq) of the United Kingdom Income and Corporation Taxes Act 1988.

Litigation and arbitration

	67.	 	Save as fairly disclosed in paragraph 10 of Part XVIII of the Prospectus, neither (a) BoI nor
any Group Member or any Director or Senior Executive is engaged in any litigation,
arbitration, prosecution or other legal proceedings (including any inquiries or investigation
by any court or Governmental Agency or body, domestic or foreign), nor (b) is any such
proceeding imminent or pending or threatened against BoI or any Group Member, nor (c) is there
any claim or any fact likely to give rise to a claim, which in any such case may result in or
has resulted in during the 12 months preceding the Publication Date a material adverse effect
on the financial position of BoI or the Group taken as a whole or which would or might
materially adversely affect, singly or in the aggregate, any of the Proposals.
	 
	68.	 	No Group Member nor any of its officers or agents or employees in relation to the affairs of
any Group Member has been a party to any undertaking or assurance relating to the Group and
its business given to any court or governmental agency or the subject of any injunction
relating to the Group and its business which is still in force and which by itself or with
other proceedings (i) is or might be material in the context of the Group as a whole; and/or
(ii) may have a significant effect on a Group Member’s financial position or profitability;
and/or (iii) would or might be material in the context of any of the Proposals.

Employment

	69.	 	No industrial action has taken place between BoI and any of its employees or former employees
in the last three years nor is BoI aware that such industrial action is imminent, which,
singly or in the aggregate, could reasonably be expected to give rise to a Material Adverse
Change.

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Pensions

	70.	 	Save as disclosed in the Accounts or fairly disclosed in Part XVIII of the Prospectus, there
are no material liabilities associated with or arising from any Group Member participating in,
or contributing to, either currently or in the past, any retirement benefits scheme or
arrangement (occupational or personal) which are not funded, insured or provided for on a
generally accepted basis either through a separate trust, insurance policy or provision in the
accounts of the relevant Group Member. All amounts due to the trustees of each of the pension
schemes and to any insurance company in connection with any of the pension schemes have been
paid or provided for.

Insurance

	71.	 	Each Group Member maintains, from well-established and reputable insurers, insurance of the
type and in amounts reasonably considered by BoI and the Directors to be adequate for their
business and, to the best of the BoI’s knowledge, consistent with insurance coverage
maintained by companies carrying on similar businesses or owning assets of a similar nature.
No claim under any policy of insurance taken out in connection with the business or assets of
the Group which is material in the context of the Group is outstanding and, so far as BoI is
aware, there are no current circumstances likely to give rise to such a claim. Such
insurances are in full force and effect and there exist no circumstances which could render
any of such insurances void or voidable to an extent material in the context of the Group or
any of the Proposals.
	 
	72.	 	Neither BoI nor any other Group Member has been refused any insurance coverage sought or
applied for in the 12 months prior to the date of this Agreement; and neither BoI nor any
other Group Member has any reason to believe that it will not be able to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business at a cost that would not have,
or could not reasonably be expected to have, a Material Adverse Effect. The Group has
appropriate disaster recovery arrangements in place to prevent any Material Adverse Effect in
the event that its premises or systems become unusable for any reason.

Real Estate

	73.	 	All of the Properties referred to in paragraph 17 of Part XVIII of the Prospectus owned by
any Group Member or in respect of which any of them has a right of use, are in its possession,
under its control or are subject to appropriate title protections, save as would not, singly
or in the aggregate, or would not reasonably be expected to, give rise to a Material Adverse
Change.

Assets

	74.	 	The assets owned or used by each Group Member include all rights, properties, facilities and
services materially necessary for carrying on the business of that Group Member in the manner
in which it is currently carried on.

Environment

	75.	 	Neither BoI nor any other Group Member is in violation of any federal state, local or foreign
statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial
or administrative interpretation thereof, including any judicial or administrative order,
consent, decree or judgment, relating to pollution or protection of human health, the
environment (including ambient air, noise, surface water, groundwater, land surface or
subsurface strata) or wildlife, including laws and regulations relating to the release or
threatened release of chemicals, pollutants, contaminants, biological materials, wastes, toxic
substances, hazardous substances, petroleum or petroleum products or nuclear or radioactive
material (collectively “Hazardous Materials”) or to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
“Environmental Laws”), (b) BoI and all other Group Members have all permits, licenses,
authorisations and approvals for their respective businesses required under any applicable
Environmental Laws and are each in compliance with their requirements, (c) there are no
pending or, to the knowledge of BoI,

69

 

	 	 	threatened administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of non-compliance or violation, investigation or proceedings relating
to any Environmental Law against BoI or any other Group Member, and (d) to the knowledge of
BoI, there are no events, facts or circumstances that might reasonably be expected to form
the basis of any order, decree, plan or agreement for clean-up or remediation, or any
action, suit or proceeding by any private party or governmental body or agency, against or
affecting BoI or any other Group Member relating to Hazardous Materials or Environmental
Laws which, in any such case would be material in the context of the Group or any of the
Proposals.

Intellectual property

	76.	 	Each Group Member beneficially owns, or has had licensed to it or otherwise has the benefit
or use under the authority of the owners or licensees thereof of, all patents (including
applications), inventions, trademarks, service marks, trade names, copyrights, domain names
and know-how (in each case, whether registered or not and including applications for
registration) that are material to the operations of the Group taken as a whole in the manner
in which it is being conducted including registered trade marks of BoI’s name (collectively
the “Intellectual Property”).
	 
	77.	 	BoI is not aware of any pending, threatened or imminent action, suit, proceeding or claim by
others challenging the BoI’s rights in or to any Intellectual Property or any breach by BoI or
any Group Member of any term under which any Intellectual Property is licensed (or pursuant to
which any Group Member otherwise has the use or benefit or use of any Intellectual Property),
which in any such case would be material in the context of any of the Proposals or the Group.
	 
	78.	 	The Group complies in all material respects with all applicable data protection laws and
guidance from the Office of the Data Protection Commissioner, Ireland and United Kingdom
Office of the Information Commissioner relevant to its processing of personal data and, to the
extent it is aware of any non-compliance, having made due and careful enquiry, such
non-compliance would not lead to a Material Adverse Change. No Group Member has received any
written notice from a competent authority alleging that the Group has not complied with
applicable data protection legislation, where such notice has resulted or may result in any
compensation being awarded or other enforcement order made against the Group which would be
material in the context of any of the Proposals. No individual has claimed, and no grounds
exist for an individual to claim, compensation from the Group for breaches of applicable data
protection laws, the payment of which compensation would result in a Material Adverse Change.

Information technology

	79.	 	All the IT systems and business records used by any Group Member that are material to the
performance of the Group (the “IT Assets”) are in all material respects suitable for the
present need of the business of the Group. The IT Assets are subject to ongoing review,
upgrade/development to align to current and changing business needs.
	 
	80.	 	The IT Assets are either owned by or properly licensed or leased to relevant Group Members
and have in all material respects the functionality required by such Group Member for the
conduct of its business.
	 
	81.	 	There have been no failures of any part of the IT Assets in the 12 months prior to the date
of this Agreement that are material in the context of the Group or the Proposals and each
relevant Group Member has taken precautions to preserve the availability, security and
integrity of its IT Assets, including in the event of failure in the IT Assets. The IT Assets
have adequate security, back-ups, and hardware support and disaster recovery.

Material Contracts

	82.	 	BoI is not aware of any breach by BoI, any relevant Group Member or the relevant third party,
of any term in any material contract (as described at paragraph 8 of Part XVIII of the
Prospectus) and there are no circumstances likely to give rise to such a breach. All such
material contracts will continue in full force and effect following the Renominalisation, the
Placing and the Rights

70

 

Issue and the Debt for Equity Offers and the consummation of the Proposals and the
Renominalisation, the Placing and the Rights Issue and the Debt for Equity Offers and the
consummation of the transactions contemplated herein will not entitle any third parties to
terminate or cancel any material contracts with BoI or any Group Member or materially affect
such contracts.

Corruption

	83.	 	Neither BoI nor any Group Member, nor, to the knowledge of BoI, any officer, agent, employee,
affiliate or other person associated with or acting on behalf of BoI or any Group Member has,
in connection with the business of BoI or any Group Member (a) used any corporate funds for
any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (b) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; or (c) made any unlawful bribe, rebate,
pay-off, influence payment, kickback or other unlawful payment.
	 
	84.	 	The operations of BoI, its affiliates and the Group are and have been conducted at all times
during the five years prior to the date of this Agreement in material compliance with the
money laundering statutes of all jurisdictions, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or
proceeding by or before any court or Governmental Agency, authority or body or any arbitrator
involving BoI, any of its affiliates or the Group with respect to a breach by BoI, any of its
affiliates of the Group of Money Laundering Laws is pending or, to the best knowledge of BoI,
threatened.
	 
	85.	 	Neither BoI, nor any Group Member or, to the knowledge of BoI, any Director, Senior
Executive, officer, employee or affiliate of BoI, has taken any action, directly or
indirectly, in violation by such persons of the United States Foreign Corrupt Practices Act of
1977, as amended, or the rules and regulations thereunder (the “FCPA”) (including making use
of the mail or any means or instrument of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorisation of the payment of any money, or other
property, gift, promise to give, or authorisation of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political office, in
contravention of the FCPA) and the OECD Convention on Bribery of Foreign Public Officials in
International Business Transactions (the “OECD Convention”); and BoI, each Group member and,
to the knowledge of BoI, its affiliates have conducted their businesses during the five years
prior to the date of this Agreement in compliance with the FCPA and the OECD Convention and
have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith.
	 
	86.	 	Neither BoI, nor any Group Member, or, to the knowledge of BoI, any Director, Senior
Executive, officer, employee or affiliate of BoI, is currently subject to any sanctions
administered by the United States Department of the Treasury (“OFAC”) or any similar sanctions
imposed by the European Union, the United Nations or any other body, governmental or other, to
which BoI or any of its affiliates is subject (collectively, “other economic sanctions”); and
BoI will not, directly or indirectly, use the proceeds of the Placing or Rights Issue or the
Debt for Equity Offers, or lend, contribute or otherwise make available such proceeds to any
other Group Member, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any sanctions administered by OFAC
or any other economic sanctions.

United States

	87.	 	None of BoI, any of its affiliates or any person acting on its or their behalf (other than
the Underwriters and the Dealer Managers, as to whom BoI makes no representation) (a) has
engaged or will engage in any form of “general solicitation” or “general advertising” (within
the meaning of Rule 502(c) of Regulation D under the United States Securities Act) in
connection with the offering of the New Stock, the Provisional Allotment Letters, the Nil Paid
Rights or the Fully Paid Rights in the United States or otherwise has offered or will offer
the New Stock, the

71

 

	 	 	Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights
in any manner
involving a “public offering” (within the meaning of Section 4(2) of the United States
Securities Act) or (b) has engaged or will engage in any “directed selling efforts” (within
the meaning of Rule 902(c) of Regulation S) in the United States with respect to the New
Stock, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights.
	 
	88.	 	BoI reasonably believes that there is no “substantial United States market interest” (within
the meaning of Rule 902(j) Regulation S) in the Ordinary Stock of BoI.
	 
	89.	 	BoI is a “foreign issuer” (within the meaning of Regulation S).
	 
	90.	 	BoI is not, and immediately after giving effect to the offering and sale of the New Stock,
the Provisional Allotment Letters, the Nil Paid Rights and the Fully Paid Rights, and the
application of the net proceeds thereof as described in the Prospectus, will not be required
to register as an “investment company” as such term is defined in the United States Investment
Company Act of 1940, as amended.
	 
	91.	 	BoI shall use all reasonable endeavours to ensure that New Stock, the Provisional Allotment
Letters, the Nil Paid Rights and the Fully Paid Rights delivered to subscribers in the United
States, to the extent they are in certificated form, shall bear a legend substantially to the
following effect to each of the certificates for, or other written evidence of, the New Stock,
the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights:
	 
	 	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE RE-OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULES 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, OR OTHERWISE PURSUANT TO AN
EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OR TERRITORY OF THE UNITED STATES AND OF ANY OTHER JURISDICTION AND THAT, IN EACH
CASE, SUCH OFFER, PLEDGE OR TRANSFER MUST AND WILL BE MADE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THIS SECURITY MAY
NOT BE DEPOSITED INTO THE COMPANY’S AMERICAN DEPOSITARY RECEIPT FACILITY UNLESS AND UNTIL
SUCH TIME AS THIS SECURITY IS NO LONGER A “RESTRICTED SECURITY” WITHIN THE MEANING OF RULE
144(A)(3) UNDER THE SECURITIES ACT. EACH HOLDER, BY ITS ACCEPTANCE OF THESE SECURITIES,
REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING RESTRICTIONS.”
	 
	92.	 	None of BoI, its affiliates or any persons acting on its or their behalf, directly or
indirectly, (other than the Underwriters and the Dealer Managers, as to whom BoI makes no
representation) (a) has made or will make offers or sales of any security, (b) has solicited
or will solicit offers to buy any security or (c) otherwise has negotiated or will negotiate
in respect of any security, in any case, under circumstances that would require the
registration of the New Stock, the Provisional Allotment Letters, the Nil Paid Rights or the
Fully Paid Rights under the United States Securities Act.
	 
	93.	 	For so long as any of the New Stock, the Provisional Allotment Letters, the Nil Paid Rights
or the Fully Paid Rights are “restricted securities” as defined in Rule 144(a)(3) of the
United States Securities Act, BoI will not, and will not permit any of its affiliates (as
defined in Rule 144 of the Securities Act), to resell in the United States any of the New
Stock, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights that
have been re-acquired by them.

72

 

	94.	 	BoI is not and does not intend to become a “passive foreign investment company” (a “PFIC”)
within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as
amended, and BoI’s receipt and application of the proceeds from the Rights Issue will not
result in BoI becoming a PFIC.
	 
	95.	 	Neither BoI, nor any of its affiliates (as defined in Rule 405 under the Securities Act), nor
any person acting on its or their behalf will take (other than the Underwriters and the Dealer
Managers, as to whom BoI makes no representation), directly or indirectly, any action designed
to cause or to result in, or that has constituted or which might reasonably be expected to
cause or result in, the stabilisation in violation of applicable laws or manipulation of the
price of any security of BoI to facilitate the sale or resale of the New Stock.
	 
	96.	 	BoI has not paid or agreed to pay to any person any compensation for soliciting another to
purchase any Securities (except as contemplated in this Agreement, the Debt for Equity Dealer
Manager Agreements or the Government Transaction).

73

 

SCHEDULE 5

DOCUMENTS IN THE AGREED FORM

Documents marked with * are not required to be in agreed form at the time of execution of this
Agreement

	 	 	 	 	 
	Document	 	Marked
	Rights Issue/Placing	 	
	 
	(a) Prospectus

	 	 	1.	 
	 
	 	 	 	 
	(b) Circular

	 	 	2.	 
	 
	 	 	 	 
	(c) Shareholder Guides*

	 	 	3.	 
	 
	 	 	 	 
	(d) Presentation Materials

	 	 	4.	 
	 
	 	 	 	 
	(e) Form of Proxy

	 	 	5.	 
	 
	 	 	 	 
	(f) Provisional Allotment Letters*

	 	 	6.	 
	 
	 	 	 	 
	(g) Placing Letters

	 	 	7.	 
	 
	 	 	 	 
	(h) Receiving Agent Agreement

	 	 	8.	 
	 
	 	 	 	 
	(i) Security application forms in respect of the Nil Paid Rights
and the Fully Paid Rights that have been given to Euroclear*

	 	 	9.	 
	 
	 	 	 	 
	(j) Pricing Statement*

	 	 	10.	 
	 
	 	 	 	 
	Press Announcement
	 	 	 	 
	 
	 	 	 	 
	(a) Press Announcement

	 	 	11.	 
	 
	 	 	 	 
	(b) Pricing Statement Announcement*

	 	 	12.	 
	 
	 	 	 	 
	Verification Notes
	 	 	 	 
	 
	 	 	 	 
	(a) Press Announcement

	 	 	13.	 
	 
	 	 	 	 
	(b) Presentation Materials

	 	 	14.	 
	 
	 	 	 	 
	(c) Prospectus

	 	 	15.	 
	 
	 	 	 	 
	(d) Circular

	 	 	16.	 
	 
	 	 	 	 
	Board Minutes
	 	 	 	 
	 
	 	 	 	 
	(a) Minutes of the Court of Directors approving and authorising
the issue and/or execution of the Press Announcement, the
Offer Documents (including the Circular and the Prospectus),
this Agreement, the Verification Notes, the Form of Proxy and
(where appropriate) the other documents referred to in this
Agreement and authorising the steps to be taken by BoI in
connection with the Placing, the Rights Issue, the Debt for
Equity Offers and the Governmental Transactions.

	 	 	17.	 
	 
	 	 	 	 
	(b) Minutes of the meetings of the Court of Directors approving
the Pricing Memorandum, the Pricing Statement and the Pricing
Statement Announcement.*

	 	 	18.	 

74

 

	 	 	 	 	 
	Document	 	Marked
	(c) Minutes of the Court of Directors allotting the Placing Stock
and provisionally allotting the Rights Issue Stock and
approving and authorising the despatch or publication of the
Provisional Allotment Letters.*

	 	 	19.	 
	 
	 	 	 	 
	(d) Minutes of the Court of Directors (or duly authorised
committee of such Court of Directors), confirming the
provisional allotment of the units of Rights Issue Stock
which have been taken up, cancelling the provisional
allotment of the Rights Issue Stock which have not been taken
up and re-allotting the number of units of Rights Issue Stock
for which provisional allotments were not taken up.*

	 	 	20.	 
	 
	 	 	 	 
	BoI Comfort Letters
	 	 	 	 
	 
	 	 	 	 
	(a) Letter to the UK Sponsors from BoI addressing the following:
(i) paragraphs 8.3.4R, 8.4.8R, 8.4.9R, 8.4.12R and 8.4.13R of
the UK Listing Rules, and (ii) the fact that there has been
no significant change in the financial and trading position,
including the indebtedness position, of the Group since the
Accounts Date, and (iii) the proper extraction of financial
information.

	 	 	21.	 
	 
	 	 	 	 
	(b) Letter to the Irish Sponsor from BoI addressing the
following: (i) paragraph 4.4.3 of the Irish Listing Rules,
and (ii) the fact that there has been no significant change
in the financial and trading position, including the
indebtedness position, of the Group since the Accounts Date,
and (iii) proper extraction of financial information.

	 	 	22.	 
	 
	 	 	 	 
	(c) Letter to the Irish Sponsor from BoI addressing paragraphs
2.2.3 and 2.2.7 of the Irish Listing Rules

	 	 	23.	 
	 
	 	 	 	 
	(d) Directors’ Responsibility Statements addressed to the Joint
Sponsors (in connection with the Prospectus and Circular)

	 	 	24.	 
	 
	 	 	 	 
	(e) Directors’ powers of attorney

	 	 	25.	 
	 
	 	 	 	 
	Legal Opinions and Comfort Letters from BoI’s Solicitors
	 	 	 	 
	 
	 	 	 	 
	(a) Letter to the Irish Sponsor from Arthur Cox, as Irish legal advisers to BoI,
relating to paragraphs 2.2.3 and 2.2.7 of the Irish Listing Rules

	 	 	26.	 
	 
	 	 	 	 
	(b) Irish legal opinion from Arthur Cox, as Irish legal advisers to BoI

	 	 	27.	 
	 
	 	 	 	 
	(c) Memorandum of advice from Arthur Cox relating to the Directors’ responsibilities
for the Prospectus and Circular

	 	 	28.	 
	 
	 	 	 	 
	(d) Memorandum of advice from Arthur Cox relating to the Directors’ duties under the
Irish Listing Rules

	 	 	29.	 
	 
	 	 	 	 
	(e) Letter to the UK Sponsors from Allen & Overy LLP, as English legal advisers to BoI,
relating to paragraphs 8.3.4R, 8.4.8R, 8.4.9R , 8.4.12R and 8.4.13R of the UK
Listing Rules

	 	 	30.	 
	 
	 	 	 	 
	(f) English legal opinion from Allen & Overy LLP, as English legal advisers to BoI

	 	 	31.	 
	 
	 	 	 	 
	(g) Memorandum of advice from Allen & Overy LLP on the Continuing Obligations of
Directors of a Premium Listed Issuer (and other Persons Discharging Managerial
Responsibilities) under the UK Listing Rules and the UK Disclosure and Transparency
Rules.

	 	 	32.	 
	 
	 	 	 	 
	(h) Rule 10b-5 disclosure letter from Sullivan & Cromwell LLP, as United States legal
advisers to BoI

	 	 	33.	 
	 
	 	 	 	 
	(i) United States legal opinion from Sullivan & Cromwell LLP, as US legal advisers to
BoI,

	 	 	34.	 

75

 

	 	 	 	 	 
	Document	 	Marked
	relating to; (i) no registration opinion; (ii) Investment Company Act opinion;
and (iii) United States tax opinion
	 	 	 	 

	 	 	 	 	 
	(j) Bring-down opinions and comfort letters (see Parts B, C, D, E, and F of Schedule 6)*

	 	 	35.	 
	 
	 	 	 	 
	Legal Opinions and Comfort Letters from Underwriters’ Solicitors
	 	 	 	 
	 
	 	 	 	 
	(a) English legal opinion from Herbert Smith LLP, as English legal advisers to the
Underwriters

	 	 	39.	 
	 
	 	 	 	 
	(b) Irish legal opinion from A&L Goodbody, as Irish legal advisers to the Underwriters

	 	 	40.	 
	 
	 	 	 	 
	(c) Rule 10b-5 disclosure letter from Herbert Smith LLP, as United States legal
advisers to the Underwriters

	 	 	41.	 
	 
	 	 	 	 
	(d) United States legal opinion from Herbert Smith LLP, as United States legal advisers
to the Underwriters relating to no registration opinion

	 	 	42.	 
	 
	 	 	 	 
	(e) Bring-down opinions and comfort letters (see Parts B, C, D, E, and F of Schedule 6)*

	 	 	43.	 
	 
	 	 	 	 
	Accountant Documents
	 	 	 	 
	 
	 	 	 	 
	(a) Irish/UK Engagement Letter

	 	 	44.	 
	 
	 	 	 	 
	(b) SAS 72 Engagement Letter

	 	 	45.	 
	 
	 	 	 	 
	(c) International Engagement Letter

	 	 	46.	 
	 
	 	 	 	 
	(d) Pro forma financial information report from the Reporting Accountants

	 	 	47.	 
	 
	 	 	 	 
	(e) US SAS 72 comfort letter from the Reporting Accountants

	 	 	48.	 
	 
	 	 	 	 
	(f) International comfort letter from the Reporting Accountants

	 	 	49.	 
	 
	 	 	 	 
	(g) Letter to the Directors and the UK Sponsors from the Reporting
Accountants in relation to paragraphs 8.4.8R, 8.4.9R , 8.4.12R and
8.4.13R of the UK Listing Rules

	 	 	50.	 
	 
	 	 	 	 
	(h) Letter to the Directors and the Irish Sponsor from the Reporting
Accountants in relation to paragraphs 2.2.3 and 2.2.7 of the Irish
Listing Rules

	 	 	51.	 
	 
	 	 	 	 
	(i) Correct extraction, no significant change and capitalisation and
indebtedness letter to the Directors, Dealer Managers, Sponsors,
Joint Bookrunners, Placing Agents and Underwriters from the
Reporting Accountants (Prospectus and Circular)

	 	 	52.	 
	 
	 	 	 	 
	(j) Tax comfort letter to the Directors, Dealer Managers, Sponsors,
Joint Bookrunners, Placing Agents and Underwriters from the
Reporting Accountants

	 	 	53.	 
	 
	 	 	 	 
	(k) Consent letter to the Directors and the Sponsors from the Reporting
Accountants (Prospectus and Circular)

	 	 	54.	 
	 
	 	 	 	 
	(l) Bring-down comfort letter to the Directors, Dealer Managers,
Sponsors, Joint Bookrunners, Placing Agents and Underwriters from
the Reporting Accountants *

	 	 	55.	 

76

 

SCHEDULE 6

DOCUMENTS TO BE DELIVERED

PART A — ON OR BEFORE RELEASE OF THE PRESS ANNOUNCEMENT, PUBLICATION OF THE PROSPECTUS AND
PUBLICATION AND DESPATCH OF THE CIRCULAR

Before release of the Press Announcement, publication of the Prospectus and publication and
despatch of the Circular, BoI shall deliver the following documents to Herbert Smith LLP or A&L
Goodbody (for and on behalf of the Managers):

Documents from BoI and the Directors

	1.	 	Two certified copies of the minutes of the Court of Directors (or of the duly authorised
committee of such Court of Directors) approving and authorising the issue and/or execution of
the Press Announcement the Offer Documents (including the Circular and the Prospectus), this
Agreement, the Verification Notes, the Form of Proxy and (where appropriate) the other
documents referred to in this Agreement and authorising the steps to be taken by BoI in
connection with the Placing and the Rights Issue, the Debt for Equity Offers and the
Governmental Transactions, in the agreed form.
	 
	2.	 	Two certified copies of the Press Announcement, in the agreed form.
	 
	3.	 	Two certified copies of the Verification Notes, duly signed by the Directors, prepared in
connection with the Press Announcement, the Prospectus, the Circular and the Presentation
Materials in the agreed form.
	 
	4.	 	Two copies of the letter to the Financial Regulator requesting that the Prospectus be
passported into the United Kingdom.
	 
	5.	 	Two completed copies of the “Formal Notice”, to be submitted to the Financial Regulator in
accordance with paragraph 4.7 of the Prospectus Rules for approval of a prospectus in
accordance with Regulation 46 of the Irish Prospectus Regulations.
	 
	6.	 	Two copies of the Non-Publication Letter in accordance with Rule 5.1 of the Prospectus Rules.
	 
	7.	 	Two certified copies of (a) the Prospectus (and the documents incorporated by the reference);
(b) the Circular; (c) the Presentation Materials; (d) the US Debt for Equity Offer Memorandum;
and (e) the Non-US Debt for Equity Offer Memorandum.
	 
	8.	 	Two certified copies of each of the five Forms of Proxy, in the agreed form.
	 
	9.	 	Two originals of the letter to the Irish Sponsor from BoI to be dated the date of the
Prospectus, in the agreed form, addressing the following: (i) paragraph 4.4.3 of the Irish
Listing Rules, (ii) the fact that there has been no significant change in the financial and
trading position of the Group since the Accounts Date, and (iii) the proper extraction of
financial information, duly signed by BoI.
	 
	10.	 	Two originals of the letter to the UK Sponsors from BoI to be dated the date of the
Prospectus, in the agreed form, addressing the following: (i) paragraphs 8.3.4R, 8.4.8R,
8.4.9R, 8.4.12R and 8.4.13R of the UK Listing Rules, and (ii) the fact that there has been no
significant change in the financial and trading position, including the indebtedness position,
of the Group since the Accounts Date, and (iii) the proper extraction of financial
information, duly signed by BoI.
	 
	11.	 	Two originals of each Director’s Responsibility Statement addressed to BoI and the Joint
Sponsors (in connection with the Prospectus and the Circular), to be dated the date of the
Prospectus, in the agreed form.

77

 

	12.	 	Two originals of each Director’s power of attorney, to be dated the date of the Prospectus,
in the agreed form.

Documents from, or relating to the documents from, the Reporting Accountants

	13.	 	Two originals of the Working Capital Report to the Directors and the Sponsors, duly signed by
the Reporting Accountants, in the agreed form and to be dated the date of the Prospectus.
	 
	14.	 	Two originals of the consent letter to the Directors and the Sponsors, duly signed by the
Reporting Accountants, and dated the same date as the Prospectus, in the agreed form, in
relation to the Prospectus and Circular.
	 
	15.	 	Two original letters to the UK Sponsors duly signed by the Reporting Accountants, and to be
dated the date of the Prospectus, in the agreed form, in relation to paragraphs 8.4.8R,
8.4.9R, 8.4.12R and 8.4.13R of the UK Listing Rules.
	 
	16.	 	Two original letters to the Irish Sponsor duly signed by the Reporting Accountants and to be
dated the date of the Prospectus, in the agreed form, in relation to paragraphs 2.2.3 and
2.2.7 of the Irish Listing Rules.
	 
	17.	 	Two original copies of the pro forma financial information report to the Directors and the
Sponsors, duly signed by the Reporting Accountants and to be dated the date of the Prospectus,
in the agreed form.
	 
	18.	 	Two original letters to the Directors, the Dealer Managers and the Managers duly signed by
the Reporting Accountants and to be dated the date of the Prospectus, in the agreed form,
confirming correct extraction of financial information in the Prospectus and Circular, in
relation to no significant change and in relation to the capitalisation and indebtedness
statement included in the Prospectus
	 
	19.	 	Two originals of the tax comfort letter to the Directors, the Dealer Managers and the
Managers, duly signed by the Reporting Accountants and to be dated the date of the Prospectus,
in the agreed form.
	 
	20.	 	Two originals of the US SAS 72 comfort letter, addressed to BoI, duly signed by the Reporting
Accountants, and to be dated the date of the Prospectus, in the agreed from.
	 
	21.	 	International comfort letter, addressed to BoI and the Underwriters, duly signed by the
Reporting Accountants, and to be dated the date of the Prospectus, in the agreed from.

Opinion and Letters from Solicitors

	22.	 	Two certified copies of each signed Rule 10b-5 disclosure letter (for (i) the exchange offer
and (ii) the rights issue) of Sullivan & Cromwell LLP, as United States legal advisers of BoI,
addressed to the Underwriters and to be dated the date of the Prospectus, in the agreed form.
	 
	23.	 	Two certified copies of each signed Rule 10b-5 disclosure letter (for (i) the exchange offer
and (ii) the rights issue) of Herbert Smith LLP, as United States legal advisers to the
Underwriters, addressed to the Managers and to be dated the date of the Prospectus, in the
agreed form.
	 
	24.	 	Two certified copies of signed United States legal opinions (for (i) the exchange offer and
(ii) the rights issue) of Sullivan & Cromwell LLP, as United States legal advisers to BoI,
addressed to the Underwriters and to be dated the date of the Prospectus, in the agreed form.
	 
	25.	 	Two certified copies of a signed United States legal opinion of Herbert Smith LLP, as United
States legal advisers to the Underwriters, addressed to the Managers and to be dated the date
of the Prospectus, in the agreed form.
	 
	26.	 	Two certified copies of a signed English legal opinion of Allen & Overy LLP, as English legal
advisers to BoI, addressed to the Managers and to be dated the date of the Prospectus, in the
agreed form.

78

 

	27.	 	Two certified copies of a signed English legal opinion of Herbert Smith LLP, as English legal
advisers to the Underwriters, addressed to the Managers and to be dated the date of the
Prospectus, in the agreed form.
	 
	28.	 	Two originals of a signed Irish legal opinion of Arthur Cox, as Irish legal advisers to BoI,
addressed to the Managers and to be dated the date of the Prospectus, in the agreed form.
	 
	29.	 	Two originals of a signed Irish legal opinion of A&L Goodbody, as Irish legal advisers to the
Underwriters, addressed to the Managers and to be dated the date of the Prospectus, in the
agreed form.
	 
	30.	 	Two certified copies of the letter to the Irish Sponsor from Arthur Cox, as Irish legal
advisers to BoI, relating to paragraphs 2.2.3 and 2.2.7 of the Irish Listing Rules, to be
dated the date of the Prospectus, in the agreed form.
	 
	31.	 	Two certified copies of the letter to the UK Sponsors from Allen & Overy LLP, as English
legal advisers to BoI, relating to paragraphs 8.3.4R, 8.4.8R, 8.4.9R, 8.4.12R and 8.4.13R of
the UK Listing Rules, to be dated the date of the Prospectus, in the agreed form.
	 
	32.	 	Memorandum of advice from Arthur Cox relating to the Directors’ responsibilities for the
Prospectus and Circular, in the agreed form.
	 
	33.	 	Memorandum of advice from Arthur Cox relating to Directors’ duties under the Irish Listing
Rules and the UK Listing Rules, in the agreed form.
	 
	34.	 	Memorandum of advice from Allen & Overy LLP on the Continuing Obligations of Directors of a
Premium Listed Issuer (and other Persons Discharging Managerial Responsibilities) under the UK
Listing Rules and the UK Disclosure and Transparency Rules.

Other documents

	35.	 	Two certified copies of the Receiving Agent Agreement, in the agreed form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part A of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

79

 

PART B — IF A SUPPLEMENTARY PROSPECTUS IS REQUIRED

Prior to publication of any Supplementary Prospectus, BoI shall deliver the following documents to
Herbert Smith LLP or A&L Goodbody (for and on behalf of the Managers):

Documents from BoI and the Directors

	1.	 	Two certified copies of the minutes of the Court of Directors (or of the duly authorised
committee of the Court of Directors) approving and authorising the approval and publication of
the Supplementary Prospectus (and, if the said minutes are of such a committee, a certified
copy of the minutes of the Court of Directors appointing such committee).
	 
	2.	 	Two copies of the Verification Notes, duly signed by the Directors, prepared in connection
with the Supplementary Prospectus, in the agreed form, and copies of all evidence supporting
the answers in the notes.
	 
	3.	 	Two originals of the letter to the Irish Sponsor from BoI to be dated the date of the/ any
Supplementary Prospectus, in the agreed form, addressing the following: (i) paragraph 4.4.3 of
the Irish Listing Rules, (ii) the fact that there has been no significant change in the
financial and trading position of the Group since the Accounts Date, and (iii) the proper
extraction of financial information, duly signed by BoI.
	 
	4.	 	Two originals of the letter to the UK Sponsors from BoI to be dated the date of the/ any
Supplementary Prospectus, in the agreed form, addressing the following: (i) paragraphs 8.4.8R,
8.4.9R, 8.4.12R and 8.4.13R of the UK Listing Rules, and (ii) the fact that there has been no
significant change in the financial and trading position, including the indebtedness position,
of the Group since the Accounts Date, and (iii) the proper extraction of financial
information, duly signed by BoI.
	 
	5.	 	An original letter in the form of Schedule 8 of this Agreement duly signed by a Director or
Secretary of BoI authorised to do so and to be dated the date of the/any Supplementary
Prospectus.

Documents from, or relating to the documents from, the Reporting Accountants

	6.	 	Two originals of a signed bring-down letter addressed to the Directors, the Dealer Managers
and the Managers, duly signed by the Reporting Accountants and to be dated the date of the/any
Supplementary Prospectus, in the agreed form.
	 
	7.	 	Two originals of the letter to the UK Sponsors, duly signed by the Reporting Accountants, in
relation to paragraphs 8.3.4R, 8.4.8R, 8.4.9R, 8.4.12R and 8.4.13R of the UK Listing Rules and
to be dated the date of the/any Supplementary Prospectus, in the agreed form.
	 
	8.	 	Two originals of the letter to the Irish Sponsor, duly signed by the Reporting Accountants,
in relation to Paragraph 2.2.3 and 2.2.7 of the Irish Listing Rules and to be dated the date
of the/any Supplementary Prospectus, in the agreed form.
	 
	9.	 	Two originals of a bring-down US SAS 72 comfort letter, addressed to BoI, duly signed by the
Reporting Accountants, and to be dated the date of the/any Supplementary Prospectus, in the
agreed form.
	 
	10.	 	Two originals of a bring-down International comfort letter, addressed to BoI and the
Underwriters, duly signed by the Reporting Accountants, and to be dated the date of the/any
Supplementary Prospectus, in the agreed form.

80

 

Opinions and letters from Solicitors

	11.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the/any Supplementary Prospectus, in the agreed form.
	 
	12.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Herbert Smith LLP, as
United States legal advisers to the Underwriters, addressed to the Managers and to be dated
the date of the/any Supplementary Prospectus, in the agreed form.
	 
	13.	 	Two originals of a signed bring-down United States legal opinion of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the/any Supplementary Prospectus, in the agreed form.
	 
	14.	 	Two originals of a signed bring-down United States legal opinion of Herbert Smith LLP, as
United States legal advisers to the Underwriters, addressed to the Sponsors, the Joint
Bookrunners and the Underwriters and to be dated the date of the/any Supplementary Prospectus,
in the agreed form.
	 
	15.	 	Two originals of a signed bring-down English legal opinion of Allen & Overy LLP, as English
legal advisers to BoI, addressed to the Managers and to be dated the date of the/any
Supplementary Prospectus, in the agreed form.
	 
	16.	 	Two originals of a signed bring-down English legal opinion of Herbert Smith LLP, as English
legal advisers to the Underwriters, addressed to the Managers and to be dated the date of
the/any Supplementary Prospectus, in the agreed form.
	 
	17.	 	Two originals of a signed bring-down Irish legal opinion of Arthur Cox, as Irish legal
advisers to BoI, addressed to the Managers and to be dated the date of the/any Supplementary
Prospectus, in the agreed form.
	 
	18.	 	Two originals of a signed bring-down Irish legal opinion of A&L Goodbody, as Irish legal
advisers to the Underwriters, addressed to the Managers and to be dated the date of the/any
Supplementary Prospectus, in the agreed form.
	 
	19.	 	Two originals of the letter to the Irish Sponsor from Arthur Cox, as Irish legal advisers to
BoI, relating to paragraphs 2.2.3 and 2.2.7 of the Irish Listing Rules and to be dated the
date of the/any Supplementary Prospectus, in the agreed form.
	 
	20.	 	Two originals of the letter to the UK Sponsors from Allen & Overy LLP, as English legal
advisers to BoI, relating to paragraphs 8.3.4R, 8.4.8R, 8.4.9R, 8.4.12R and 8.4.13R of the UK
Listing Rules and to be dated the date of the/any Supplementary Prospectus, in the agreed
form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part B of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

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PART C — ON OR BEFORE THE PUBLICATION OF THE PRICING STATEMENT ANNOUNCEMENT EXPECTED TO BE ON 17
May 2010

Prior to the release of the Pricing Statement Announcement and the publication of the Pricing
Statement, BoI shall deliver the following documents to Herbert Smith LLP or A&L Goodbody (for and
on behalf of the Managers):

Documents from BoI and the Directors

	1.	 	Two certified copies of the minutes of the meetings of the Court of Directors (or a duly
authorised committee of such Court of Directors), approving the Pricing Memorandum, the
Pricing Statement and the Pricing Statement Announcement.
	 
	2.	 	Two certified copies of the Pricing Memorandum, in the form of Schedule 10, duly signed by
BoI, the Managers.
	 
	3.	 	Two certified copies of the Pricing Statement, in the agreed form.
	 
	4.	 	Two certified copies of the Pricing Statement Announcement, in the agreed form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part C of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

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PART D — ON OR BEFORE ADMISSION EXPECTED TO BE ON 20 MAY 2010

Following the passing of the Resolutions, and prior to Admission, BoI shall deliver the following
documents to Herbert Smith LLP or A&L Goodbody (for and on behalf of the Managers):

Documents from BoI and the Directors

	1.	 	Two certified copies of the Resolutions passed at the EGC, duly signed by a Director or
Secretary of BoI authorised to do so.
	 
	2.	 	Two copies of the confirmation from the Financial Regulator, being the formal approval of the
Prospectus by the Financial Regulator, pursuant to the Irish Prospectus Regulations and the
Prospectus Rules.
	 
	3.	 	Two copies of the confirmation of approval for passporting the Prospectus from the Financial
Regulator.
	 
	4.	 	Two copies of passporting approval, for the Prospectus, as published on the UKLA website.
	 
	5.	 	Two originals of the “Schedule 6” declaration by BoI pursuant to paragraph 4.4.5 of the Irish
Listing Rules.
	 
	6.	 	Two copies of the security application forms in respect of the New Ordinary Stock, Nil Paid
Rights and the Fully Paid Rights that have been given to Euroclear, in the agreed form.
	 
	7.	 	Two certified copies of the CREST enablement letter confirming that the conditions for
admission of the New Ordinary Stock to CREST are satisfied.
	 
	8.	 	Two copies of the signed application for admission of the New Ordinary Stock to the Official
List of the ISE signed by a Director or the Secretary of BoI.
	 
	9.	 	Two copies of the signed application for admission of the New Ordinary Stock to the Official
List of the UKLA signed by a Director or the Secretary of BoI.
	 
	10.	 	Two copies of the signed application for admission to trading issued by the LSE signed by a
Director or the Secretary of BoI (Form 1 of the Admission and Disclosure Standards).
	 
	11.	 	Two certified copies of the minutes of the Court of Directors allotting the Placing Stock,
provisionally allotting the New Stock and approving and authorising the despatch or
publication of the Provisional Allotment Letters, in the agreed form.
	 
	12.	 	An original letter in the form of Schedule 8 of this Agreement duly signed by a Director or
Secretary of BoI authorised to do so and to be dated the date of the Admission.
	 
	13.	 	Two copies of the letter to the Financial Regulator in connection with the non-publication of
the Prospectus in accordance with Rule 5.2 of The Prospectus Rules.
	 
	14.	 	One copy of the Form B18 in relation to the registration of the Prospectus with the Irish
Companies Registration office.

Documents from, or relating to the documents from, the Reporting Accountants

	15.	 	Two originals of a signed bring-down letter, addressed to the Directors, the Dealer Managers,
the Sponsors, the Dealer Managers, the Joint Bookrunners, the Placing Agents and the
Underwriters duly signed by the Reporting Accountants, and to be dated the date of the
Admission, in the agreed form.
	 
	16.	 	Two originals of a bring-down US SAS 72 comfort letter, addressed to BoI, duly signed by the
Reporting Accountants, and to be dated the date of the Admission, in the agreed form.

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	17.	 	International comfort letter, addressed to BoI and the Underwriters, duly signed by the
Reporting Accountants, and to be dated the date of the Admission, in the agreed form.

Opinions and letters from Solicitors

	18.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Sullivan & Cromwell LLP,
as US legal advisers to BoI, addressed to the Underwriters and to be dated the date of the
Admission, in the agreed form.
	 
	19.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Herbert Smith LLP, as
United States legal advisers to the Underwriters, addressed to the Managers and to be dated
the date of the Admission, in the agreed form.
	 
	20.	 	Two originals of a signed bring-down United States legal opinion of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the Admission, in the agreed form.
	 
	21.	 	Two originals of a signed bring-down United States legal opinion of Herbert Smith LLP, as
United States legal advisers to the Underwriters, addressed to the Managers and to be dated
the date of the Admission, in the agreed form.
	 
	22.	 	Two originals of a signed bring-down English legal opinion of Allen & Overy LLP, as English
legal advisers to BoI, addressed to the Managers and to be dated the date of the Admission, in
the agreed form.
	 
	23.	 	Two originals of a signed bring-down English legal opinion of Herbert Smith LLP, as English
legal advisers to the Underwriters, addressed to the Managers and to be dated the date of the
Admission, in the agreed form.
	 
	24.	 	Two originals of a signed bring-down Irish legal opinion of Arthur Cox, as Irish legal
advisers to BoI, addressed to the Managers and to be dated the date of Admission, in the
agreed form.
	 
	25.	 	Two originals of a signed bring-down Irish legal opinion of A&L Goodbody, as Irish legal
advisers to the Underwriters, addressed to the Managers and to be dated the date of the
Admission, in the agreed form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part D of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

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PART E — TIME OF SALE — CONFIRMATION OF RUMP SALES

If the Joint Bookrunners have specified a Time of Sale in accordance with clause 3.10 in connection
with rump stock, BoI shall on the date of any such Time of Sale, deliver the following documents in
connection with the rump offering to Herbert Smith LLP or A&L Goodbody (for and on behalf of the
Managers):

Documents from BoI and the Directors

	1.	 	Two certified copies of the minutes of the meetings of the Court of Directors (or duly
authorised committee of such Court of Directors), confirming the provisional allotment of the
New Stock which have been taken up, cancelling the provisional allotment of the New Stock
which have not been taken up and re-allotting the number of New Stock for which provisional
allotments were not taken up (and, if the said minutes are of such a committee, a certified
copy of the minutes of the Court of Directors appointing such committee), in the agreed form.
	 
	2.	 	Two original letters in the form of Schedule 8 of this Agreement signed by a Director or
Secretary of BoI authorised to do so and to be dated the date of the Time of Sale, in the
agreed form.

Documents from, or relating to the documents from, the Reporting Accountants

	3.	 	Two originals of a signed bring-down letter, addressed to the Directors, the Dealer Managers
and the Managers duly signed by the Reporting Accountants, and to be dated the date of the
Time of Sale, in the agreed form.
	 
	4.	 	Two originals of a bring-down US SAS 72 comfort letter, addressed to BoI, duly signed by the
Reporting Accountants, and to be dated the date of the Time of Sale, in the agreed form.
	 
	5.	 	International comfort letter, addressed to BoI and the Underwriters, duly signed by the
Reporting Accountants, and to be dated the date of the Time of Sale, in the agreed form.

Opinions and letters from legal advisers

	6.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the Time of Sale, in the agreed form.
	 
	7.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Herbert Smith LLP, as
United States legal advisers to BoI, addressed to the Managers and to be dated the date of the
Time of Sale, in the agreed form.
	 
	8.	 	Two originals of a signed bring-down United States legal opinion of Sullivan & Cromwell LLP
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the Time of Sale, in the agreed form.
	 
	9.	 	Two originals of a signed bring-down United States legal opinion of Herbert Smith LLP, as
United States legal advisers to BoI, addressed to the Managers and to be dated the date of the
Time of Sale, in the agreed form.
	 
	10.	 	Two originals of a signed bring-down English legal opinion of Allen & Overy LLP, as English
legal advisers to BoI, addressed to the Managers and to be dated the date of the Time of Sale,
in the agreed form.
	 
	11.	 	Two originals of a signed bring-down English legal opinion of Herbert Smith LLP, as English
legal advisers to the Underwriters, addressed to the Managers and to be dated the date of the
Time of Sale, in the agreed form.
	 
	12.	 	Two originals of a signed bring-down Irish legal opinion of Arthur Cox, as Irish legal
advisers to BoI, addressed to the Managers and to be dated the date of the Time of Sale, in
the agreed form.

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	13.	 	Two originals of a signed bring-down Irish legal opinion of A&L Goodbody, as Irish legal
advisers to the Underwriters, addressed to the Managers and to be dated the date of the Time
of Sale, in the agreed form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part E of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

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PART F — CLOSING OF THE RUMP

If the Joint Bookrunners have specified a Time of Sale in accordance with clause 3.10 in connection
with rump stock, BoI shall by no later than the third Dealing Day following the Acceptance Date (or
such earlier time as notified to BoI by the Joint Bookrunners), deliver the following documents
(dated as of such date) in connection with the rump offering to Herbert Smith LLP or A&L Goodbody
(for and on behalf of the Managers):

Documents from BoI and the Directors

	1.	 	An original letter in the form of Schedule 8 of the Underwriting Agreement signed by a
Director or Secretary of BoI authorised to do so and to be dated the date of the closing of
the rump, in the agreed form.

Documents from, or relating to the documents from, the Reporting Accountants

	2.	 	Two originals of a signed bring-down letter, addressed to the Directors, the Dealer Managers
and the Managers duly signed by the Reporting Accountants and to be dated the date of the
closing of the rump, in the agreed form.
	 
	3.	 	Two originals of a bring-down US SAS 72 comfort letter, addressed to BoI, duly signed by the
Reporting Accountants, and to be dated the date of the closing of the rump, in the agreed
form.
	 
	4.	 	International comfort letter, addressed to BoI and the Underwriters, duly signed by the
Reporting Accountants, and to be dated the date of the closing of the rump, in the agreed
form.

Opinions and letters from legal advisers

	5.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the closing of the rump, in the agreed form.
	 
	6.	 	Two originals of a signed Rule 10b-5 bring-down disclosure letter of Herbert Smith LLP, as
United States legal advisers to BoI, addressed to the Managers and to be dated the date of the
closing of the rump, in the agreed form.
	 
	7.	 	Two originals of a signed bring-down United States legal opinion of Sullivan & Cromwell LLP,
as United States legal advisers to BoI, addressed to the Underwriters and to be dated the date
of the closing of the rump, in the agreed form.
	 
	8.	 	Two originals of a signed bring-down United States legal opinion of Herbert Smith LLP, as
United States legal advisers to BoI, addressed to the Sponsors, the Joint Bookrunners and the
Underwriters and to be dated the date of the closing of the rump, in the agreed form.
	 
	9.	 	Two originals of a signed bring-down English legal opinion of Allen & Overy LLP, as English
legal advisers to BoI, addressed to the Managers and to be dated the date of the closing of
the rump, in the agreed form.
	 
	10.	 	Two originals of a signed bring-down English legal opinion of Herbert Smith LLP, as English
legal advisers to the Underwriters, addressed to the Managers and to be dated the date of the
closing of the rump, in the agreed form.
	 
	11.	 	Two originals of a signed bring-down Irish legal opinion of Arthur Cox, as Irish legal
advisers to BoI, addressed to the Managers and to be dated the date of the closing of the
rump, in the agreed form.
	 
	12.	 	Two originals of a signed bring-down Irish legal opinion of A&L Goodbody, as Irish legal
advisers to the Underwriters, addressed to the Managers and to be dated the date of the
closing of the rump, in the agreed form.

The Joint Bookrunners may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part F of Schedule 6 may be deferred and in lieu of any such delivery
require delivery of the relevant document in a form reasonably satisfactory to them at a later time
specified by the Joint Bookrunners.

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SCHEDULE 7

Undertakings of BoI

	1.	 	COMMITMENTS AND ARRANGEMENTS
	 
	 	 	BoI undertakes to each of the Managers that it will not (and BoI will use all reasonable
endeavours to procure that each Group Member will not), at any time during the Restricted
Period, without the prior written consent of the Joint Bookrunners, enter into any
agreement, commitment or arrangement, or put itself in a position where it is obliged to
announce that any agreement, commitment or arrangement may be entered into, which is or
would reasonably be considered to be material in the context of the Placing, the Rights
Issue, the Debt for Equity Offers, the underwriting of the Underwritten Stock, Placing
Admission or Admission, save in each case for any agreement, commitment or arrangement
described in or clearly envisaged by the Press Announcement, the Prospectus or the Debt for
Equity Offer Documents.
	 
	2.	 	PUBLIC ANNOUNCEMENTS
	 
	2.1	 	BoI undertakes not to circulate, distribute, publish, issue, make or despatch (and will not
authorise any other person to circulate, distribute, publish, issue, make or despatch) any
public announcement or public communication relating to (i) the Placing and/or the Rights
Issue without having first furnished to each of the Managers a copy of each such proposed
announcement or communication as far in advance of the announcement as reasonably practicable
to enable them to comment thereon and to consult with them and having obtained the prior
written consent of the Joint Bookrunners as to its contents and the timing and manner of its
release at any time during the Restricted Period; or (ii) otherwise relating to the assets,
liabilities, profits, losses, financial or trading conditions or the earnings, business
affairs or business prospects of BoI which is or would reasonably be considered to be material
in the context of the business or affairs of the Group at any time during the Restricted
Period, other than BoI’s interim results announcement for the six months ending 30 June 2010,
without having first furnished, so far as it is reasonably practicable to do so in the
circumstances, to each of the Managers a copy of each such proposed announcement or
communication as far in advance of the announcement as reasonably practicable to enable them
to comment thereon and to consult with them as to its contents and the timing and manner of
its release.
	 
	2.2	 	BoI undertakes to make all such announcements concerning the Placing, the Rights Issue and/or
the Debt for Equity Offers as shall be necessary to comply with the Exchange Act, the Listing
Rules, the Disclosure and Transparency Rules, the Transparency Regulations, the Transparency
Rules, the Market Abuse Regulations, the Market Abuse Rules, the Admission and Disclosure
Standards, the Admission to Trading Rules, the Prospectus Rules, the Irish Prospectus
Regulations, the Companies Acts and FSMA or which the Joint Bookrunners otherwise reasonably
consider to be necessary or desirable (including for the purposes of procuring any
sub-underwriters or potential subscribers for any units of Underwritten Stock in accordance
with this Agreement) and each of the Joint Bookrunners shall be entitled (following
consultations with the other parties to this Agreement where practicable) to make any such
announcement if BoI fails (in the opinion of such the Joint Bookrunners, acting in good faith)
promptly to fulfil its obligations under this paragraph 2.2.
	 
	2.3	 	BoI will consult with the Joint Bookrunners with respect to public releases concerning the
Placing, the Rights Issue or the Debt for Equity Offers prior to the fifth Dealing Day after
the Acceptance Date and will not make any material public statement concerning the Placing or
the Rights Issue or the Debt for Equity Offers prior to the fifth Dealing Day after the
Acceptance Date without the prior consent of the Joint Bookrunners, such consent not to be
unreasonably withheld or delayed.

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	3.	 	DEVELOPMENTS
	 
	3.1	 	During the Restricted Period, BoI shall to the extent permitted by law or regulation and,
subject to the Joint Bookrunners keeping any such information confidential, discuss with each
of the Joint Bookrunners:

	 	3.1.1	 	any major new developments in its sphere of activity which are not public
knowledge which are reasonably likely, by virtue of the effect of those developments on
its assets and liabilities or financial position or on the general course of its
business, to lead to substantial movement in the price of its listed securities; and
	 
	 	3.1.2	 	any change in BoI’s financial condition or in the performance of its business
or in BoI’s expectation of its performance which, if made public, would be likely to
lead to substantial movement in the price of its listed securities.

	4.	 	RESTRICTIONS IN RELATION TO THE ORDINARY STOCK
	 
	4.1	 	BoI undertakes to each of the Managers that it will not, without the prior written consent of
the Joint Bookrunners, during the period commencing on the date of this Agreement and ending
on the date which is 180 days from, the first to occur of, the Acceptance Date or the date on
which the Underwriters’ obligations under this Agreement cease in accordance with clauses 9.4
or 14.1, directly or indirectly, issue, offer, sell, lend, pledge, contract to sell or issue,
grant any option, right or warrant to purchase or otherwise dispose of any Ordinary Stock (or
any interest therein or in respect thereof) or other securities of BoI exchangeable for,
convertible into or representing the right to receive Ordinary Stock or any substantially
similar securities or otherwise enter into any transaction (including any derivative
transaction), directly or indirectly, permanently or temporarily, to dispose of any Ordinary
Stock or undertake any other transaction with the same economic effect as any of the foregoing
or announce an offering of Ordinary Stock or any interest therein or to announce publicly any
intention to enter into any transaction described above.
	 
	4.2	 	The undertaking in paragraph 4.1 above shall not apply to:

	 	4.2.1	 	the granting or exercise of options or other rights to subscribe for Ordinary
Stock or rights related to Ordinary Stock pursuant to the share options or other
incentive schemes of the Group in existence at the date of this Agreement and described
in paragraph 6 of Part XVIII “Additional Information” of the Prospectus;
	 
	 	4.2.2	 	the issue by BoI of any Ordinary Stock upon the exercise of any right or
option or the conversion of a security in existence on the date of this Agreement; or
	 
	 	4.2.3	 	the issue and offer by BoI of New Stock pursuant to the Placing and the Rights
Issue or the Debt for Equity Offers, subject to the terms of this Agreement and as set
out in the Offering Documents.

	5.	 	PROVISION OF INFORMATION
	 
	 	 	During the Restricted Period, BoI undertakes to furnish to the Joint Bookrunners copies of
all reports or other communications (financial or other) furnished to stockholders.
	 
	6.	 	SUPPLEMENTARY PROSPECTUS OR OFFERING DOCUMENT
	 
	6.1	 	Without prejudice to the termination rights of the Joint Bookrunners pursuant to clauses 9.4
or 14.1, BoI agrees with and undertakes to the Managers that:

	 	6.1.1	 	if so required by the Listing Rules, the Prospectus Rules, the Irish
Prospectus Regulation, the Companies Acts and FSMA Rules; or

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	 	6.1.2	 	if any event shall have occurred at any time before the fifth Dealing Day
after the Acceptance Date as a result of which the Prospectus as then amended or
supplemented would include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading,

	 	 	it will notify the Joint Bookrunners and promptly prepare, submit to the ISE for approval,
file, publish and make available in a manner specified in the Prospectus Rules and the Irish
Prospectus Regulations a Supplementary Prospectus and any supplement or amendment to the
other Offer Documents as may be necessary to make the Prospectus and such other Offer
Documents comply with such requirements, making sufficient written and electronic copies
available (at BoI’s expense) to the Managers, as they reasonably request, and the purchasers
and subscribers for the New Stock (in each case in such form and in such manner as the Joint
Bookrunners shall approve) in order to comply with United States securities laws and the
Listing Rules, the Disclosure and Transparency Rules, the Transparency Regulations, the
Transparency Rules, the Prospectus Rules and the Irish Prospectus Regulation.
	 
	6.2	 	If at any time between 11.00 am on the Acceptance Date until the fifth Dealing Day after the
Acceptance Date, the Prospectus, as then amended or supplemented would include any untrue
statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they are made, not
misleading; BoI shall notify the Joint Bookrunners and upon request of the Joint Bookrunners
prepare and furnish without charge to Managers as many electronic copies as they may from time
to time reasonably request of such amendments or supplements (in form of a satisfactory to the
Joint Bookrunners) which will correct such statement or omission, provided that nothing in
this paragraph 6.2 shall require a Supplementary Prospectus to be prepared, submitted to the
ISE or the UKLA for its approval or published.
	 
	6.3	 	BoI will involve the Managers in the preparation of any Supplementary Prospectus and/or any
amendment or supplement to any other Offer Document. Before publishing a Supplementary
Prospectus and/or amending or supplementing any other Offer Document, BoI will furnish each of
the Managers with a copy of the proposed Supplementary Prospectus and/or each such proposed
amendment or supplement to any other Offer Document and will not publish any proposed
Supplementary Prospectus and/or any such proposed amendment or supplement to any other Offer
Document without the prior consent of the Managers. Nothing in this paragraph 6.3 shall
prevent BoI from complying with its obligations at law or under FSMA or the Listing Rules, the
Disclosure and Transparency Rules, the Transparency Regulations, the Transparency Rules, the
Prospectus Rules and the Irish Prospectus Regulations.
	 
	6.4	 	BoI undertakes to bring promptly to the notice of the Managers any matter of which it is, or
becomes, aware on or before to the Acceptance Date or any other event or circumstance
occurring on or before the Acceptance Date as a result of which it will be necessary to amend
or supplement the Prospectus in order to comply with the requirements of United States
securities laws or the Listing Rules, the Disclosure and Transparency Rules, the Transparency
Regulations, the Transparency Rules, the Prospectus Rules and the Irish Prospectus
Regulations.
	 
	6.5	 	If BoI fails to comply with any such requirement, the relevant Manager may require that BoI
shall (a) cease to communicate any Offer Document which contains any reference to such Manager
and/or (b) notify any person to whom any Offer Document has been despatched, and any other
person known to be relying on any Offer Document, of the relevant circumstances which render
such Offer Document untrue, inaccurate or misleading or not in compliance with applicable
legal or regulatory requirements.

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	7.	 	WEBSITE
	 
	7.1	 	Without prejudice to clause 3.4, on and from the Publication Date, BoI shall make the
Prospectus and the documentation incorporated by reference therein available on a web page:

	 	7.1.1	 	with appropriate security measures to ensure that the Prospectus is only
available to Qualifying Stockholders who, subject to certain exemptions, do not have
registered addresses in, and are not resident or located in, the United States and the
Excluded Territories; and
	 
	 	7.1.2	 	which is linked to BoI’s main home page.

	8.	 	NOTIFICATION OF EXERCISE OF STATUTORY WITHDRAWAL RIGHTS
	 
	 	 	BoI undertakes promptly to notify the Joint Bookrunners if it comes to its attention at any
time on or before the Acceptance Date that any person wishes to exercise statutory
withdrawal rights after the issue by BoI of a Supplementary Prospectus.
	 
	9.	 	SELLING RESTRICTIONS
	 
	9.1	 	BoI undertakes to observe and comply with the provisions in respect of overseas shareholders
set out in Part IX of the Prospectus.
	 
	9.2	 	In connection with the offer and sale of Securities, BoI undertakes that (i) inside the
United States, it will offer and sell the Securities only to those persons who are reasonably
believed to be QIBs from whom a signed QIB Letter will be received prior to their taking up of
the Securities, and (ii) outside the United States, it will offer and sell the Securities only
in offshore transactions in compliance with Regulation S under the Securities Act.

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SCHEDULE 8

Certificate from BoI

[Letterhead of BoI]

[Date] 2010

			
	To:	 	Citigroup Global Markets U.K. Equity Limited

Credit Suisse Securities (Europe) Limited

Deutsche Bank AG, London Branch

J&E Davy

UBS Limited

Dear Sirs

Proposed Offer

We refer to the Placing and Rights Issue Underwriting and Sponsors’ Agreement dated 26 April 2010
in which a draft of this letter appears as Schedule 8 (the “Underwriting Agreement”). Words and
expressions defined in the Underwriting Agreement have the same meanings herein.

We confirm that (subject only to the giving of this letter):

	(a)	 	we have complied with our undertakings and obligations under the Underwriting Agreement in
all respects to the extent that they fall due for performance on or before the date of this
letter; and
	 
	(b)	 	none of the representations, warranties or undertakings referred to in clause 12 of the
Underwriting Agreement has been breached or was untrue, inaccurate or misleading when made and
none of such representations, warranties or undertakings would be breached or be untrue,
inaccurate or misleading were it to be repeated by reference to the facts and circumstances
subsisting at the date hereof; and
	 
	(c)	 	since the date of the Underwriting Agreement, there has been no Material Adverse Change.

This letter shall be governed by and construed in accordance with English law.

Yours faithfully

 

Director

for and on behalf of BoI

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SCHEDULE 9

Selling Restrictions

General

	1.	 	Each of the Underwriters severally represents, warrants and undertakes to BoI that:
	 
	1.1	 	no Offer Document will be sent directly or indirectly by it to Excluded Territories
Shareholders (in the case of such shareholders who hold their Ordinary Shares in certificated
form), with the exception of persons reasonably believed to be QIBs in the United States, who
have not given BoI an address in the United Kingdom or Ireland for the service of notices on
them;
	 
	1.2	 	it has complied and will comply with all applicable provisions of FSMA with respect to
anything done by it in relation to the New Stock, the Provisional Allotment Letters, the Nil
Paid Rights and the Fully Paid Rights in, from or otherwise involving the United Kingdom;
	 
	1.3	 	it has complied and will comply with all applicable provisions of Irish Central Bank Acts
with respect to anything done by it in relation to the New Stock, the Provisional Allotment
Letters, the Nil Paid Rights and the Fully Paid Rights in, from or otherwise involving
Ireland; and

United States

	2.	 	Each of the Underwriters severally represents, warrants and undertakes to BoI that:
	 
	2.1	 	it understands that the offer and sale of the New Stock, the Provisional Allotment Letters,
the Nil Paid Rights and the Fully Paid Rights have not been and will not be registered under
the Securities Act and may not be offered or sold within the United States except pursuant to
an exemption from the registration requirements of the Securities Act;
	 
	2.2	 	neither it, its affiliates nor any persons acting on its or their behalf have engaged or will
engage in any directed selling efforts (as defined in Regulation S) with respect to the New
Stock, the Provisional Allotment Letter, the Nil Paid Rights or the Fully Paid Rights;
	 
	2.3	 	neither it, its affiliates (as defined in Rule 501(b) of Regulation D), nor any person acting
on its or their behalf has engaged or will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with any offer and sale
of the New Stock, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid
Rights in the United States;
	 
	2.4	 	neither it, its affiliates, nor any person acting on its or their behalf, have or will make
any offer or sale of the New Stock, the Provisional Allotment Letters, the Nil Paid Rights or
the Fully Paid Rights, except:

	 	(i)	 	inside the United States, only to persons reasonably believed to be QIBs, in a
transaction exempt from the registration requirements of the Securities Act and from
whom a signed QIB Letter will be received prior to their taking up of the Securities;
and
	 
	 	(ii)	 	outside the United States, only in offshore transactions within the meaning of
and in accordance with the provisions of Rule 903 or Rule 904 under Regulation S.

Ireland

	3.	 	Each of the Joint Bookrunners and Underwriters severally agrees, represents, warrants and
undertakes to BoI that it has not offered or sold and will not offer or sell any Rights Issue
Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights to the public in Ireland nor
requested the admission of the New Stock, Nil Paid Rights or Fully Paid Rights to trading on a
regulated market situated or operating in Ireland prior to the Prospectus having been approved
by the

93

 

	 	 	Financial Regulator and published in accordance with the Prospectus Rules except that it may
make an offer of any units of Rights Issue Stock, Placing Stock, Nil Paid Rights or Fully
Paid Rights to the public in Ireland at any time under the following exemptions under the
Prospectus Directive:

	 	(a)	 	to legal entities which are authorised or regulated to operate in the financial
markets or, if not so authorised or regulated, whose corporate purpose is solely to
invest in securities;
	 
	 	(b)	 	to any legal entity which has two or more of (i) an average of at least 250
employees during the last financial year; (ii) a total balance sheet of more than
€43,000,000; and (iii) an annual turnover of more than €50,000,000, as shown in its
last annual or consolidated accounts;
	 
	 	(c)	 	to fewer than 100 natural or legal persons (other than “qualified investors”)
as defined in the Prospectus Directive) subject to obtaining the prior written consent
of the Joint Bookrunners; and
	 
	 	(d)	 	in any other circumstances falling within Article 3(2) of the Prospectus
Directive,

	 	 	provided that no such offer of Rights Issue Stock, Placing Stock, Nil Paid Rights or Fully
Paid Rights shall result in a requirement for the publication of a prospectus pursuant to
Article 3 of the Prospectus Directive.
	 
	4.	 	Each of the Joint Bookrunners and Underwriters severally agrees, represents, warrants and
undertakes to BoI that it has complied and will comply with all applicable provisions of the
Irish Central Bank Acts with respect to anything done by it in relation to the Rights Issue
Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights and the Prospectus in, from or
otherwise involving Ireland.

United Kingdom

	5.	 	Each of the Joint Bookrunners and Underwriters severally agrees, represents, warrants and
undertakes to BoI that it has not offered or sold and will not offer or sell any Rights Issue
Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights to the public in the United Kingdom
nor requested the admission of the New Stock, Nil Paid Rights or Fully Paid Rights to trading
on a regulated market situated or operating in the United Kingdom prior to the Prospectus
having been approved by the Financial Regulator, published in accordance with FSMA and the
Prospectus Rules and passported in accordance with the Prospectus Directive as implemented in
the United Kingdom.
	 
	6.	 	Each of the Joint Bookrunners and Underwriters severally agrees, represents, warrants and
undertakes to BoI that it has complied and will comply with all applicable provisions of FSMA
with respect to anything done by it in relation to the Rights Issue Stock, Placing Stock, Nil
Paid Rights or Fully Paid Rights and the Prospectus in, from or otherwise involving the United
Kingdom.
	 
	7.	 	Each of the Joint Bookrunners and Underwriters severally agrees, represents, warrants and
undertakes to BoI that it has only communicated or caused to be communicated and will only
communicate or cause to be communicated an invitation or inducement to engage in investment
activity (within the meaning of section 21 of FSMA) received by them in connection with the
issue or sale of the Rights Issue Stock or the Placing Stock, in circumstances in which
section 21(1) of FSMA does not apply.

European Economic Area

	8.	 	In relation to each member state of the European Economic Area which has implemented the
Prospectus Directive (each, a “Relevant Member State”) each of the Joint Bookrunners and

94

 

	 	 	Underwriters severally agrees, represents, warrants and undertakes it has not made and will
not make an offer of any units of Rights Issue Stock, Placing Stock, Nil Paid Rights or
Fully Paid Rights to the public in that Relevant Member State other than the offers
contemplated in the Prospectus in Ireland and the United Kingdom once the Prospectus has
been approved by the Financial Regulator, published in accordance with the Prospectus Rules
and passported in accordance with the Prospectus Directive as implemented in the United
Kingdom, except that it may make an offer of any units of Rights Issue Stock, Placing Stock,
Nil Paid Rights or Fully Paid Rights to the public in that Relevant Member State at any time
under the following exemptions under the Prospectus Directive, if they have been implemented
in that Relevant Member State:

	 	(a)	 	to legal entities which are authorised or regulated to operate in the financial
markets or, if not so authorised or regulated, whose corporate purpose is solely to
invest in securities;
	 
	 	(b)	 	to any legal entity which has two or more of (i) an average of at least 250
employees during the last financial year; (ii) a total balance sheet of more than
€43,000,000; and (iii) an annual turnover of more than €50,000,000, as shown in its
last annual or consolidated accounts;
	 
	 	(c)	 	to fewer than 100 natural or legal persons (other than “qualified investors”)
as defined in the Prospectus Directive) subject to obtaining the prior written consent
of the Joint Bookrunners; and
	 
	 	(d)	 	in any other circumstances falling within Article 3(2) of the Prospectus
Directive,

	 	 	provided that no such offer of Rights Issue Stock, Placing Stock, Nil Paid Rights or Fully
Paid Rights shall result in a requirement for the publication of a prospectus pursuant to
Article 3 of the Prospectus Directive.
	 
	 	 	For the purposes of this provision, the expression an “offer of any Rights Issue Stock,
Placing Stock, Nil Paid Rights or Fully Paid Rights to the public” in relation to any Rights
Issue Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights in any Relevant Member
State means the communication in any form and by any means of sufficient information on the
Rights Issue Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights and the terms on
which they are to be offered so as to enable an investor to decide to purchase any Rights
Issue Stock, Placing Stock, Nil Paid Rights or Fully Paid Rights, as the same may be varied
in that Relevant Member State by any measure implementing the Prospectus Directive in that
Relevant Member State and the expression “Prospectus Directive” means Directive 2003/71/EC
and includes any relevant implementing measures in each Relevant Member State.

95

 

SCHEDULE 10

Pricing Memorandum

14 May 2010

Further to the Placing and Rights Issue, Underwriting and Sponsors’ Agreement dated 26 April 2010
in which a draft of this pricing memorandum appears as Schedule 10 (the “Underwriting Agreement”).
Words and expressions defined in the Underwriting Agreement have the same meanings herein.

For the purposes of the Rights Issue, the following is hereby determined:

	 	 	 

	Rights Issue Price

	 	€[•]
	 
	 	 
	Number of units of Rights Issue Stock to be
issued

	 	[•]
	 
	 	 
	Number of units of Underwritten Stock

	 	[•]
	 
	 	 
	Number of units of Debt for Equity Stock to
be issued

	 	[•]
	 
	 	 
	Qualifying basis on which number of units of
Rights Issue Stock to be issued for units of
Ordinary Stock held on the Record Date and
units of Placing Stock held at the time of
Placing Admission

	 	[•] units of Rights
Issue Stock for [•]
units of Ordinary Stock
held on the Record Date
[•] units of Placing
Stock held at the time of
Placing Admission
	 
	 	 
	Discount which the Rights Issue Price
represents to price of a unit of Ordinary
Stock as derived from the Daily Official
List on the date hereof.

	 	[•]%

	 	 	 	 	 	 	 

	Signed for and on behalf of

	 	 	)	 	 	 
	The Governor and

	 	 	)	 	 	 
	Company of the Bank of Ireland

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	by:

	 	 	)	 	 	Name
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	Citigroup Global Markets U.K. Equity

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Limited

	 	 	)	 	 	Name
	by:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	Credit Suisse Securities (Europe)

	 	 	)	 	 	 
	Limited

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	by:

	 	 	)	 	 	Name

96

 

	 	 	 	 	 	 	 

	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Deutsche Bank AG, London Branch

	 	 	)	 	 	Name
	by:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	J&E Davy

	 	 	)	 	 	Name
	by:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	UBS Limited

	 	 	)	 	 	Name
	by:

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	)	 	 	Name

97

 

IN WITNESS whereof this Agreement has been entered into on the date stated at the beginning.

	 	 	 	 	 	 	 

	Signed for and on behalf of

	 	 	)	 	 	 
	The Governor and

	 	 	)	 	 	 
	Company of the Bank of Ireland

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	by:

	 	 	)	 	 	Name
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	Citigroup Global Markets U.K. Equity

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Limited

	 	 	)	 	 	Name 
	by:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	Credit Suisse Securities (Europe)

	 	 	)	 	 	 
	Limited

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	by:

	 	 	)	 	 	Name
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Deutsche Bank AG, London Branch

	 	 	)	 	 	Name
	by:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name 
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	J&E Davy

	 	 	)	 	 	Name 
	by:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name 
	 
	 	 	 	 	 	 
	Signed for and on behalf of

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	UBS Limited

	 	 	)	 	 	Name 
	by:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name 

98Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This employment agreement is made and entered into as of this 8th day of June, 2010, by and between
Unilife Corporation (“Unilife”) and Richard Wieland (“Wieland”). The term “Unilife”
shall include its subsidiaries, affiliates, assigns and successors in interest under Sections 7, 8,
and 13.

WHEREAS, Unilife wishes to employ Wieland as Executive Vice President and Chief Financial Officer,
and Wieland wishes to enter into this agreement to formalize his employment agreement; and

WHEREAS, Unilife is engaged in the business of designing, developing, manufacturing and supplying
innovative healthcare safety products for medical device and pharmaceutical industries; and

WHEREAS, Wieland will develop valuable relationships by virtue of his employment with Unilife, and
Wieland will have access to valuable confidential and proprietary information and trade secrets
belonging to Unilife; and

WHEREAS, Unilife and Wieland desire to set forth the terms of their employment relationship
in this agreement;

NOW, THEREFORE, in consideration of the promises and covenants set forth herein, and intending to
be legally bound hereby, the parties agree as follows:

1. Term. This agreement shall be effective upon the counter-execution of this agreement and is for
an initial multi-year term commencing on the effective date and expiring on June 30, 2012. This
agreement will automatically renew for one-year periods annually thereafter, unless either party
gives the other party thirty (30) days written notice in advance of the relevant expiration date of
its intention not to renew the agreement. Upon expiration or earlier termination of this employment
relationship, the parties will be relieved of their duties and obligations under this agreement,
except that the rights and obligations of Unilife under Section 6 below shall remain in full force
and effect until all appropriate payments have been made to Wieland and the rights and obligations
of Wieland set forth in Sections 7 and 8 below shall remain in full force and effect and shall
survive the expiration or termination of this agreement, regardless of the reason(s) for
termination.

2. Position and Duties.

(a) Unilife will employ Wieland as Executive Vice President and Chief Financial Officer,
and Wieland agrees to serve in such capacity for Unilife with responsibility for Unilife’s Finance
and Administration Department and such other duties as are assigned to him by the Chief Executive
Officer of Unilife, and shall have vested in him the authority and duties typically held by an
employee in such position. Wieland shall report to the Chief Executive Officer, with respect to the
performance of these

Page 1 of 14

 

 

 

duties, and shall be a member of the Executive Team. In the performance of these duties, Wieland
shall devote his knowledge, skill, attention, energies and all of his business time, and shall
comply with all of Unilife’s policies, rules, and procedures, as they may be amended from time to
time. Wieland shall not engage in any endeavor that would conflict with the rendition of his
services to Unilife, either directly or indirectly, without the prior written consent of Unilife;
provided, however, Wieland may participate in civic, charitable, educational, industry and
professional organizations, to the extent that such participation does not interfere with the
performance of his duties hereunder; and Wieland may also serve on corporate boards and committees,
but only with the prior written consent of Unilife.

(b) Notwithstanding the responsibilities and duties contained in Section 2(a) above,
Wieland acknowledges that all material decisions relating to the management of Unilife’s business
will be made by the Board of Directors of Unilife. In addition, any decisions which have the
capacity to affect significantly the financial standing of Unilife must be referred to the Board of
Directors of Unilife which will have ultimate control in respect of these matters.

3. Compensation.

(a) Base Salary. Wieland shall be paid an annual base salary of Two Hundred Forty-Five
Thousand Dollars ($245,000.00) payable in accordance with Unilife’s standard payroll practices.
Wieland’s base salary will be subject to the customary withholding and employment taxes, as
required by law, with respect to compensation paid by an employer to an employee. At the discretion
of the Board of Directors of Unilife, Wieland shall be eligible for increases in base salary.
Further, Unilife will not reduce Wieland’s base salary to less than what is agreed to herein.

(b) Bonus. Wieland shall be eligible to participate in Unilife’s Incentive Bonus Plan in
amounts and percentages as annually determined by Unilife’s Board of Directors and Chief Executive
Officer. For calendar year 2010, the potential cash bonus amount will be forty percent (40%) of
base salary, prorated based on the number of days employed in 2010. For calendar years 2011 and
2012, Wieland’s annual target cash bonus shall be a minimum of forty percent (40%) of base salary.
Bonuses are subject to achievement of such goals and objectives as the Compensation Committee of
the Board of Directors, upon recommendation of the Chief Executive Officer, determines in a set of
Key Performance Indicators. Any bonus payable for a calendar year shall be paid in a lump-sum
payment in the following calendar year on or before March 15. Wieland’s bonuses will be subject to
the customary withholding and employment taxes, as required by law, with respect to compensation
paid by an employer to an employee.

Page 2 of 14

 

 

 

4. Benefits.

(a) Benefits Generally Available to Unilife Employees. Wieland shall be eligible to
participate in Unilife’s benefits programs (including any equity incentive plan of Unilife or its
affiliates), as they may change from time to time. The benefits provided
to Wieland will be the same as the benefits provided to other similarly situated Unilife employees,
and may be changed upon expiration or other termination of the current benefits contracts. For
further information, Wieland should review any applicable benefit plan documents, which will govern
the terms of the benefits. Not withstanding the above, Unilife agrees
to request a waiver of the waiting period for health benefits for
Wieland and his spouse and will repay Wieland for any negative tax
consequences of such waiver.

(b) Vacation. Wieland shall also receive four (4) weeks of paid vacation per calendar year.
Any unused vacation days may be carried over or paid in lieu thereof, to the extent allowed by
Unilife’s policy for similarly situated employees.

(c) Equity Plans. All incentive compensation and stock-based compensation that Wieland may
receive from Unilife shall be subject to any policy adopted by Unilife, now or hereafter existing,
that imposes on Wieland stock ownership requirements, stock holding requirements, stock liquidation
restrictions or recoupment provisions provided that such requirements, restrictions and recoupment
provisions also apply to similarly situated members of senior management. Any stock options and
other stock-based awards that Wieland may receive from Unilife shall be governed by the applicable,
underlying award agreement.

(d) Expenses. Unilife shall reimburse Wieland for all reasonable and necessary expenses
incurred by him in carrying out his duties under this Agreement in accordance with Unilife’s
business expense policies, including without limitation, requirements with respect to reporting,
documentation and payment of such expenses. All such expenses shall be paid no later than December
31st of the calendar year following the year in which such expenses were incurred.

5. Indemnification. Unilife agrees to provide Wieland with indemnification equivalent to that
provided to other members of senior management and pursuant to Unilife’s Directors and Officers
insurance policies, as amended from time to time.

6. Termination and Pay Upon Termination.

(a) General Rule. In the event that Unilife terminates this agreement and Wieland’s
employment without Cause as defined herein, including employment termination due to Unilife’s
election not to renew this agreement where Wieland was willing and able to continue performing
services under the terms of this agreement, Unilife will pay Wieland:

(i) his base salary, at the rate in effect immediately before the date that
Wieland’s employment terminates, for twelve (12) months, in accordance with Unilife’s
standard payroll practices then in effect, commencing on the fifteenth (15th) day after the
date that Wieland’s employment terminates and the General Release provided for in Section 10
of this Agreement becomes irrevocable; and

Page 3 of 14

 

 

 

(ii) provided that Wieland is eligible for and timely elects to receive COBRA
health care continuation coverage, the cost of Wieland’s COBRA health care continuation
coverage premiums for twelve (12) months, commencing on the first of the month immediately
after the month which includes the date that Wieland’s employment terminates and the General
Release provided for in Section 10 of this Agreement becomes irrevocable.

In the event that Wieland terminates this agreement for any reason, including Wieland’s election
not to renew the agreement, Wieland shall not receive any compensation or benefits from the time
that he ceases to devote full time and attention to Unilife’s business, and, if Wieland terminates
this agreement prior to June 30, 2012, Wieland shall repay Unilife an amount equal to the aggregate
cost incurred by Unilife under Section 9 of this Agreement in connection with Wieland’s relocation
to Pennsylvania. This provision may be waived by the Compensation Committee of the Board of
Directors in its sole discretion. In addition, Wieland agrees to provide Unilife with thirty (30)
days advance written notice of his intent to terminate his employment, whether during the initial
term or any renewal thereof. Upon termination of this agreement, the parties will be relieved of
their duties and obligations, except that the rights and obligations of Unilife under this Section
6(a) shall remain in full force and effect until all appropriate payments have been made to Wieland
and the rights and obligations of Wieland set forth in Sections 7 and 8 below shall remain in full
force and effect and shall survive the expiration or termination of this agreement, regardless of
the reason(s) for termination. Upon termination of this agreement, Wieland shall not have any
further contact with any customers of Unilife until the expiration of the conditions of Section 8
of this Agreement.

(b) Termination Following a Change in Control.

(i) Termination Pay. Notwithstanding paragraph (a) immediately above, in the
event that Wieland’s employment is terminated coincident with a Change in Control as defined
in subparagraph (iii) immediately below, then Unilife in lieu of and not in duplication of
the severance compensation provided for in paragraph (a) immediately above, shall pay
Wieland:

(A) his base salary, at the rate in effect immediately before the date that
Wieland’s employment terminates, for eighteen (18) months, in accordance with
Unilife’s standard payroll practices then in effect, commencing on the fifteenth
(15th) day after the date that Wieland’s employment terminates and the General
Release provided for in Section 10 of this Agreement becomes irrevocable,

(B) provided that Wieland is eligible for and timely elects to receive COBRA
health care continuation coverage, the cost of Wieland’s COBRA health care
continuation coverage premiums for eighteen (18) months, commencing on with the
first of the month immediately after the
month which includes the date that Wieland’s employment terminates and the General
Release provided for in Section 10 of this Agreement becomes irrevocable,

Page 4 of 14

 

 

 

(C) payment of a lump-sum amount, equal to the amount of the bonus, if any,
earned by and paid to Wieland for the last completed fiscal year prior to the year
in which his employment terminates, which will be payable on the fifteenth (15th)
day after the date that Wieland’s employment terminates and the General Release
provided for in Section 10 of this Agreement becomes irrevocable, and

(D) notwithstanding anything to the contrary, all of his outstanding and
unvested options and other stock-based awards shall vest immediately upon such
termination of employment following the Change in Control.

Notwithstanding anything to the contrary, if the Change in Control trigger is a change in Alan
Shortall no longer being Chief Executive Officer of Unilife, Wieland shall have the option to
voluntarily resign in the event of such a Change in Control, and receive the severance benefits set
forth in this Section 6(b)(i), however, Wieland must exercise such resignation right in writing
within one hundred and eighty (180) days of such Change in Control event or, in the absence of such
written resignation, he shall be deemed to have acknowledged that no Change in Control has occurred
for purposes of this Section 6(b)(i).

(ii) Definition of “Cause”. “Cause” will mean any one or more of the following:

(A) material neglect of assigned duties, willful misconduct in connection with
the performance of duties, or refusal to perform assigned duties (other than by
reason of disability) which continues uncured for . thirty (30) days following
receipt of written notice of such deficiency from the Chief Executive Officer,
specifying the scope and nature of the deficiency;

(B) an act of dishonesty;

(C) engaging in illegal conduct;

(D) committing a crime relating to an act of dishonesty or fraud;

(E) engaging in any act of moral turpitude that causes material
harm to Unilife or its reputation;

(F) breaching, in any material respect, the terms of any
agreement with Unilife; or

Page 5 of 14

 

 

 

(G) commencement of employment with any other employer while an employee of
Unilife without the prior written consent of the Chief Executive Officer.

Any determination of “Cause” as used herein will be made in good faith by the Chief
Executive Officer.

(iii) Definition of “Change in Control”. “Change in Control” means a: (i) Change
in Ownership of Unilife Corporation, (ii) Change in Effective Control of Unilife
Corporation, (iii) Change in the Ownership of Assets of Unilife Corporation, all as
described herein and construed in accordance with section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), or (iv) a change in the Chief Executive Officer whereby
the position is no longer held by Alan Shortall.

(A) A Change in Ownership of Unilife Corporation shall occur on the date that
any one Person acquires, or Persons Acting as a Group (or Group) acquire, ownership
of the capital stock of Unilife Corporation that, together with the stock held by
such Person or Group, constitutes more than fifty percent (50%) of the total fair
market value or total voting power of the capital stock of Unilife Corporation.
However, if any one Person is, or Persons Acting as a Group are, considered to own
more than fifty percent (50%) of the total fair market value or total voting power
of the capital stock of Unilife Corporation, the acquisition of additional stock by
the same Person or Persons Acting as a Group is not considered to cause a Change in
Ownership of Unilife Corporation or to cause a Change in Effective Control of
Unilife Corporation. An increase in the percentage of capital stock owned by any one
Person, or Persons Acting as a Group, as a result of a transaction in which Unilife
Corporation acquires its stock in exchange for property will be treated as an
acquisition of stock.

(B) A Change in Effective Control of Unilife Corporation shall occur on the
date a majority of members of the Board of Directors of Unilife Corporation is
replaced during any twelve (12)-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board of Directors of
Unilife Corporation before the date of the appointment or election.

(C) A Change in the Ownership of Assets of Unilife Corporation shall occur on
the date that any one Person acquires, or Persons Acting as a Group acquire (or has
or have acquired during the twelve (12)-month period ending on the date of the most
recent acquisition by such Person or Persons), assets (including tangible/real
property and intangible property (such as goodwill)) from Unilife Corporation the
total gross fair market value of which is more than fifty percent (50%) of the
total gross fair

Page 6 of 14

 

 

 

market value of all of the assets of Unilife Corporation immediately before such acquisition or
acquisitions. For this purpose, gross fair market value means the value of the assets of Unilife
Corporation, or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets.

(D) The following rules of construction apply in interpreting the
definition of Change in Control:

(I) A Person means any individual, entity or group within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than
employee benefit plans sponsored or maintained by Unilife Corporation and by entities
controlled by Unilife Corporation or an underwriter of the capital stock of Unilife
Corporation in a registered public offering.

(II) Persons will be considered to be Persons Acting as a Group if they are owners of a
corporation that enters into a merger, consolidation, purchase or acquisition of stock, or
similar business transaction with the corporation. If a Person owns stock in both
corporations that enter into a merger, consolidation, purchase or acquisition of stock, or
similar transaction, such shareholder is considered to be acting as a Group with other
shareholders only with respect to the ownership in that corporation before the transaction
giving rise to the change and not with respect to the ownership interest in the other
corporation. Persons will not be considered to be acting as a Group solely because they
purchase assets of the same corporation at the same time or purchase or own stock of the
same corporation at the same time, or as a result of the same public offering.

(III) For purposes of this Section 6(b), fair market value shall be determined in
accordance with Code Section 409A.

(IV) A Change in Control shall not include a transfer to a related person as described
in Code section 409A or a public offering of capital stock of Unilife Corporation.

(E) For purposes of this Section 6(b), Code section 318(a)
applies to determine stock ownership. Stock underlying a vested option is
considered owned by the individual who holds the vested option (and the
stock underlying an unvested option is not considered owned by the
individual who holds the unvested option). For purposes of the preceding
sentence, however, if a vested option is exercisable for stock that is not
substantially vested (as defined by Treasury Regulation §1.83-3(b) and (j),
the stock underlying the option is not treated as owned by the individual
who holds the option.

Page 7 of 14

 

 

 

7. Confidential Information.

(a) Wieland acknowledges that Unilife has a valuable property interest in all aspects of its
business relationships with its customers, clients, vendors and suppliers. In the course of
Wieland’s work with Unilife, Wieland has become aware of and familiar with secret and confidential
information of Unilife relating to its customers, clients, vendors and suppliers, and its internal
business operations. Secret and confidential information includes, but is not limited to, Unilife’s
business plans, customer lists, customer data, marketing plans, supplier and vendor lists and cost
information, software and computer programs, data processing systems and information contained
therein, financial statements, financial data, acquisition and divestiture plans, and any other
trade secrets or confidential or proprietary information, documents, reports, plans, or data, of or
about Unilife that is not already available to the public.

(b) Wieland agrees that he will not, without the written consent of Unilife, during the term
of this agreement or thereafter, disclose or make any use of secret and confidential information,
except as may be required in the performance of his duties under Section 2 of this agreement.
Wieland agrees that, following the termination of his employment with Unilife for any reason, he
will never use secret and confidential information to compete with Unilife in any manner, and he
will never disclose any secret and confidential information to any other business or individual,
unless such secret or confidential information is: (i) publicly known through no breach of the
provisions of this Section 7 by either party, (ii) lawfully disclosed by a third party, or (iii)
disclosed pursuant to legal requirement or court order. In no event shall any disclosure made to
investment banking firms or private equity firms at the request of Unilife and as part of Wieland’s
duties ever be considered a violation of this Section 7.

(c) Upon termination of this agreement, Wieland shall surrender to Unilife all records and all
paper and/or electronic copies made of those records that pertain to any aspect of the business of
Unilife, including all secret and confidential information.

8. Agreement Not To Compete.

(a) In consideration for continued employment by Unilife and the benefits of this agreement,
Wieland agrees to be bound by the covenant not to compete as set forth in Section 8 of this
agreement below.

(b) Wieland agrees that during the term of this agreement and for a period of two (2) years
following the termination of this agreement for any reason, he will not, directly or indirectly:

(i) render services to, become employed by, be engaged as a consultant by, own, or have
a financial or other interest in (either as an individual, partner, joint venture, owner,
manager, employee, partner, officer, director, independent
contractor, or other similar role) any business that is engaged in any business activity
that is in competition with the activities of Uniiife.

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(ii) induce, offer, assist, encourage, or suggest that another business or enterprise
offer employment to or enter into a consulting arrangement with any individual who is
employed by Uniiife, or induce, offer, assist, encourage, or suggest that any Uniiife
employee terminate her or her employment with Uniiife, or accept employment with any other
business or enterprise.

(c) In the event that Wieland commits any breach of Section 8(b) above, Wieland acknowledges
that Uniiife would suffer substantial and irreparable harm and damages. Accordingly, Wieland hereby
agrees that in such event, Uniiife shall be entitled to temporary and/or permanent injunctive
relief, without the necessity of proving damage, to enforce the provisions of this Section, all
without prejudice to any and all other remedies that Uniiife may have at law or in equity and that
Uniiife may elect or invoke. Wieland agrees that if any of the provisions of this Section are or
become unenforceable, the remainder hereof shall nevertheless remain binding upon him to the
fullest extent possible, taking into consideration the purposes and spirit of this agreement. Any
invalid or unenforceable provision is to be reformed to the maximum time, geographic and/or
business limitations permitted by applicable laws, so as to be valid and enforceable.

(d) Wieland expressly acknowledges and agrees that the restrictive covenants set forth in
Sections 7 and 8 above are absolutely necessary to protect the legitimate business interests of
Uniiife, because he is employed in a position of trust and confidence and is provided with
extensive access to Unilife’s most confidential and proprietary trade secrets, and has significant
involvement in important business relationships, which constitute the goodwill of Uniiife. Wieland
further agrees and acknowledges that these restrictive covenants are reasonable, will not restrict
him from earning a livelihood following the termination of employment, and are intended by the
parties to be enforceable following termination of employment for any reason.

(e) In the event that Uniiife must bring legal action to enforce or seek a remedy for any
breach of the provisions of Sections 7 or 8 of this agreement and Wieland is found by a court to
have breached any of these provisions, Wieland agrees to reimburse Uniiife for any and all
expenses, including attorneys’ fees and court costs, incurred by it in enforcing the terms of these
Sections of the agreement.

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9. Relocation and Temporary Housing Expenses.

(a) Uniiife shall pay Wieland $100,000 (the “Relocation Payment”), to assist Wieland in
paying Wieland’s relocation expenses associated with his move to Pennsylvania in connection with
his employment by Uniiife. The Relocation Payment will be paid in a lump sum to him on or before
July 7, 2010. If Wieland incurs actual, reasonable and customary relocation expenses during the
first year of his employment that exceed $100,000 (for items such as closing costs relating to the
sale of Wieland’s
current house, payment for moving Wieland’s household goods to Pennsylvania, including packing,
unpacking, and insurance, storage of Wieland’s household goods for a maximum of six months while
Wieland and his family are in temporary housing, and the cost of moving up to two vehicles)
(“Excess Relocation Expenses”), he may provide the Chief Executive Officer with documentation of
such Excess Relocation Expenses, and the Chief Executive Officer may elect, in his discretion, to
reimburse Wieland for all or part of such Excess Relocation Expenses. In addition to the Relocation
Payment and Excess Relocation Expenses, Unilife will reimburse Wieland for the reasonable cost of
temporary housing in Pennsylvania for up to six months and will reimburse Wieland for the
reasonable expenses associated with two house-hunting trips by Wieland and his spouse.
Reimbursement of such costs and expenses will be made upon the request of Wieland, subject to
Wieland’s providing reasonable documentation of the reimbursable costs and expenses.

(b) Any taxes payable with respect to the payments made by Unilife to Wieland pursuant to
this Section 9, including without limitation the Relocation Payment, shall be the sole
responsibility of Wieland, and Unilife will follow federal, state and local tax regulations with
regard to the reporting of such payments.

10. General Release. As a condition of receiving the severance compensation and benefits described
in Section 6, Unilife and Wieland will execute a mutual general release of claims (which is in a
form acceptable to Unilife). Such general release would not include rights to previously vested
options or claims for any compensation earned (including, without limitation, accrued vacation), or
reimbursement of expenses incurred, through the date of termination. Such release must be agreed
to, executed and irrevocable no later than 30 days following Wieland’s termination date.

11. Dispute Resolution. Any controversy, claim or dispute involving the parties (or their
affiliated persons) directly or indirectly concerning this agreement shall be finally settled by
binding arbitration held in Harrisburg, Pennsylvania by one arbitrator (who is mutually acceptable
to both parties as well as licensed to practice law in the Commonwealth of Pennsylvania) in
accordance with the rules of employment arbitration then followed by the American Arbitration
Association or any successor to the functions thereof. The arbitrator shall apply Pennsylvania law
in the resolution of all controversies, claims and disputes and shall have the right and authority
to determine how his or her decision or determination as to each issue or matter in dispute may be
implemented or enforced. Any decision or award of the arbitrator shall be final and conclusive for
both Wieland and Unilife (and its affiliates), and there shall be no appeal there from other than
causes of appeal allowed by the Federal Arbitration Act. Unilife shall bear all costs of the
arbitrator in any action brought under this agreement. The arbitrator shall have the power to award
attorney’s fees and arbitration costs to the prevailing party, if the award of attorney’s fees and
litigation costs would be permitted by a court. The parties hereto agree that any action to compel
arbitration may be brought in the appropriate Pennsylvania state or federal court, and in
connection with such action to compel, the laws of the Commonwealth of Pennsylvania and the Federal
Arbitration Act shall
control. Application may also be made to such court for confirmation of any decision or award of
the arbitrator, for an order of the enforcement and for any other remedies, which may be necessary
to effectuate such decision or award. The parties hereto hereby consent to the jurisdiction of the
arbitrator and of such court and waive any objection to the jurisdiction of such arbitrator and
court.

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12. Non-waiver. A waiver of any provision of this agreement by either party shall not prevent
either party from enforcing that provision or any other provision hereof.

13. Assignment. This agreement is personal and may not be assigned by Wieland. Any assignment of
this agreement between Unilife (or its successor) and its affiliates (and their successors) shall
not constitute a termination of Wieland’s employment hereunder. This agreement (including the
Restrictive Covenants set forth in Sections 7 and 8) shall inure to the benefit of and be binding
upon any successor to Unilife. The parties specifically understand and agree that the non-compete
provisions of Section 8 will inure to the benefit of a successor and that Wieland will remain bound
by these provisions in the event of a sale or corporate reorganization of Unilife.

14. Severability. Each provision of this agreement is severable and distinct from, and independent
of, every other provision hereof. If one provision hereof is declared void, the remaining
provisions shall remain in effect. Any provision of this agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent
of such prohibition or unenforceability without invalidating or affecting the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

15. Entire Agreement. This agreement contains the entire agreement of the parties concerning the
employment relationship and supersedes any prior agreements or understandings between the parties
concerning the terms and conditions of Wieland’s employment, whether oral or written; provided,
however, that Wieland’s equity grants shall be governed by the equity grant documents and will be
in such amounts as stated in Wieland’s offer letter dated June 2, 2010; provided further, that any
stock options or other stock-based awards provided to Wieland shall be governed by Unilife’s stock
incentive plans as they are amended from time to time, except as provided herein. The parties
acknowledge, in entering into this agreement that they have not relied upon any promise or
inducement not specifically set forth herein. Any changes to this agreement must be in writing and
signed by both parties.

16. Section 409A.

(a) This agreement is intended to comply with, or otherwise be exempt from, Code section
409A and any regulations and Treasury guidance promulgated thereunder, and Unilife shall be
required to interpret the terms of this agreement as necessary to comply with the requirements of
Code section 409A.

Page 11 of 14

 

 

 

(b) Unilife shall undertake to administer, interpret, and construe this agreement in a
manner that does not result in the imposition on Wieland of any additional tax, penalty, or
interest under Code section 409A.

(c) Unilife and Wieland agree that they will execute any and all amendments to this agreement
permitted under applicable law as they mutually agree in good faith may be necessary to ensure
compliance with the distribution provisions of Code section 409A or as otherwise needed to ensure
that this agreement complies with that section.

(d) The preceding provisions, however, shall not be construed as a guarantee by Unilife of any
particular tax effect to Wieland under this agreement. Unilife shall not be liable to Wieland for
any payment made under this agreement that is determined to result in an additional tax, penalty,
or interest under Code section 409A, nor for reporting in good faith any payment made under this
agreement as an amount includible in gross income under that section.

(e) For purposes of Code section 409A, the right to a series of installment payments under
this agreement shall be treated as a right to a series of separate payments.

(f) With respect to any reimbursement of future expenses of, or any provision of in-kind
benefits to, Wieland, as specified under this agreement, such reimbursement of expenses or
provision of in-kind benefits shall be subject to the following conditions: (i) the expenses
eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not
affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any
other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Code section 105(b); (ii) the reimbursement of an eligible
expense shall be made no later than the end of the year after the year in which such expense was
incurred; and (iii) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit. Any tax gross-up payment shall be made by no later
than the end of the calendar year following the year in which Wieland remits the taxes.

(g) “Termination of employment,” “resignation,” or words of similar import, as used in this
agreement means, for purposes of any payments under this agreement that are payments of deferred
compensation subject to Code section 409A, Wieland’s “separation from service” as defined in that
section.

(h) If a payment obligation under this agreement arises on account of Wieland’s
separation from service while Wieland is a “specified employee” (as defined under Code section 409A
and determined in good faith by the Unilife), any payment of “deferred compensation” (as defined
under Treasury regulation section 1.409A-1 (b)(1), after giving effect to the exemptions in
Treasury regulation sections 1.409A-1 (b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such separation from service shall accrue without interest and shall be paid
within 15 days after the end
of the six-month period beginning on the date of such separation from service or, if
earlier, within 15 days after the appointment of the personal representative or executor of
Wieland’s estate following his death.

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17. Excise Tax on Parachute Payments. Wieland shall bear all expense of, and be solely
responsible for, all federal, state, local or foreign taxes due with respect to any payment
received hereunder, including, without limitation, any excise tax imposed by Code section 4999; provided,
however, that any payment or benefit received or to be received by Wieland in connection with a
Change in Control or the termination of Wieland’s employment (whether payable pursuant to the terms
of this Agreement (“Contract Payments”) or any other plan, arrangements or agreement with Unilife
or any affiliate (collectively with the Contract Payments, the “Total Payments”) shall be reduced
to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by
Code section 4999 but only if, by reason of such reduction, the net after-tax benefit received by
Wieland shall exceed the net after-tax benefit that would be received by Wieland if no such
reduction was made.

For purposes of this Section 17, “net after-tax benefit” shall mean (i) the total of all
payments and the value of all benefits which Wieland receives or is then entitled to receive from
Unilife that would constitute “excess parachute payments” within the meaning of Code section 280G,
less (ii) the amount of all federal, state, local and foreign income taxes payable with respect to
the foregoing calculated at the maximum marginal income tax rate for each year in which the
foregoing shall be paid to Wieland (based on the rate in effect for such year as set forth in the
Code or other applicable tax law as in effect at the time of the first payment of the foregoing),
less (iii) the amount of excise taxes imposed with respect to the payments and benefits described
in (i) above by Code section 4999.

The foregoing determination shall be made by a nationally recognized accounting firm (the
“Accounting Firm”) selected by Unilife and reasonably acceptable to Wieland (which may be, but will
not be required to be, Unilife’s independent auditors). The Accounting Firm shall submit its
determination and detailed supporting calculations to both Wieland and Unilife within fifteen (15)
days after receipt of a notice from either Unilife or Wieland that Wieland may receive payments
which may be “parachute payments.” If the Accounting Firm determines that a reduction is required
by this Section 17, the Contract Payments consisting of cash severance shall be reduced to the
extent necessary so that no portion of the Total Payments shall be subject to the excise tax
imposed by Code section 4999, and Unilife shall pay such reduced amount to Wieland in accordance
with the terms of this agreement. If the Accounting Firm determines that none of the Total
Payments, after taking into account any reduction required by this Section 17, constitutes a
“parachute payment” within the meaning of Code section 280G, it will, at the same time as it makes
such determination, furnish Wieland and Unilife an opinion that Wieland has substantial authority
not to report any excise tax under Code section 4999 on his federal income tax return.

Page 13 of 14

 

 

 

Wieland and Unilife shall each provide the Accounting Firm access to and copies of any books,
records, and documents in the possession of Wieland or Unilife, as the case may be, reasonably
requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection
with the preparation and issuance of the determinations and calculations contemplated by this
Section 17. The fees and expenses of the Accounting Firm for its services in connection with the
determinations and calculations contemplated by this Section 17 shall be borne by Unilife.

18. Counterparts. This agreement may be executed on separate counterparts, each of which is
deemed to be an original and all of which taken together constitute one and the same agreement.

19.
Interpretation. The captions and headings of this agreement are not part of the provisions
hereof and shall have no force or effect.

20. Notices. Any notices, requests, demands and other communications provided for by this agreement
shall be sufficient if in writing and if hand delivered, sent by overnight courier, or sent by
registered or certified mail to Wieland at the last address he has filed in writing with Unilife
or, in the case of Unilife, to Unilife’s Chief Executive Officer at Unilife’s principal executive
offices.

21.
Governing Law. The terms of this agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania without giving effect to provisions thereof
regarding conflict of laws.

22. Legal
Review Reimbursement. Unilife agrees to reimburse Wieland for the legal costs associated
with having this Agreement reviewed by legal counsel prior to execution. Such reimbursement must be
submitted within thirty (30) days of his employment commencement date and will be reimbursed by
Unilife within thirty (30) days of the receipt of the request; provided however, that such amount
does not exceed $3,500.

IN WITNESS WHEREOF, and wishing to be legally bound, the parties have executed this
agreement as of the date first above written.

	 	 	 	 	 
	UNILIFE CORPORATION 

 	 	Richard Wieland:
	By:  	/s/ Alan Shortall	 	/s/ Richard Wieland
	 	Name:  	Alan Shortall 	 	 
	 	Title:  	Chief Executive Officer 	 	 
	 

Page 14 of 14

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