Bank Of Ireland Regulatory News (BIRG)

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Press Release

Intention to sell shares in Bank of Ireland through a trading plan

The Minister for Finance, Paschal Donohoe TD today announces his intention to sell part of the State's 13.9% directed shareholding in Bank of Ireland ("the Company") over approximately the next six months through a pre-arranged trading plan that will be managed by Citigroup Global Markets Limited ("Citi"). Citi were appointed to the role from the Department of Finance's Panel of Financial Advisors following a mini-tender competition.

Under the trading plan, Citi have been mandated to effect a measured and orderly sell down of shares in the Company on behalf of the Minister. The Minister has instructed Citi to target that up to, but no more than, 15% of the expected aggregate total trading volume in the Company is to be sold over the duration of the trading plan. The number of shares sold will depend on market conditions, amongst other factors.

In order to ensure that the taxpayers' interest is protected, shares will not be sold below a certain price per share which the Department of Finance will keep under review. The trading plan will become operational in the coming days and will terminate no later than six months from that point, but can be renewed at the Minister's discretion.

Commenting on the news today, the Minister said:

"Today's announcement marks the start of a phased exit from the State's remaining investment in Bank of Ireland. When all cashflows are taken into account the taxpayer has already recorded a surplus on its investment in and support for the bank, even before the sales of these shares are accounted for. A trading plan enables the State to sell down its shares in a low cost carefully controlled manner while avoiding the need to try to time our disposals with market conditions".

The Minister for Finance currently owns circa 150.4 million ordinary shares in the Company through the directed portfolio of the Ireland Strategic Investment Fund (ISIF). These shares represent 13.9% of the issued share capital of the Company. The Department of Finance is being advised by N.M. Rothschild & Sons Limited ("Rothschild & Co") and William Fry in relation to this transaction.

Ends

This press release, is not for publication or distribution, in whole or in part, directly or indirectly, in, into or from the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the "United States"), Australia, Canada, Japan, the Republic of South Africa, Switzerland or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. The distribution of this press release may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This press release does not contain or constitute an offer of, or the solicitation of an offer to buy, the securities referred to herein to any person in any jurisdiction, including in the United States, Australia, Canada, Japan, the Republic of South Africa, Switzerland or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

The securities of Bank of Ireland described in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any applicable state or foreign securities laws and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There shall be no public offering of securities in the United States or any other jurisdiction.

Citigroup Global Markets Limited ("Citi"), which is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the Financial Conduct Authority (the "FCA") and the PRA, is acting exclusively for the Minister for Finance and no one else in connection with the trading plan and will not regard any other person(s) as its client in relation to the trading plan and will not be responsible to anyone other than the Minister for Finance for providing the protections afforded to clients of Citi nor for providing advice in relation to the trading plan.

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for the Minister for Finance and no one else in connection with the trading plan and will not be responsible to anyone other than the Minister for Finance for providing the protections afforded to clients of Rothschild & Co, nor for providing financial advice in connection with the trading plan. Neither Rothschild & Co nor any of its directors, officers, employees, affiliates, alliance partners and/or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person(s) who is/are not a client(s) of Rothschild & Co in connection with the trading plan.