NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR
INTO OR TO ANY PERSON LOCATED OR RESIDENT IN OR AT ANY ADDRESS IN THE
UNITED STATES OR IN OR INTO OR TO ANY PERSON LOCATED IN OR AT ANY ADDRESS IN THE REPUBLIC OF ITALY OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL
TO DISTRIBUTE THIS ANNOUNCEMENT (SEE OFFER AND DISTRIBUTION RESTRICTIONS
BELOW)
8 December 2010
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND ANNOUNCES EXCHANGE
OFFERS FOR ITS EXISTING EURO, U.S. DOLLAR AND STERLING LOWER TIER 2 NOTES
TO BE EXCHANGED INTO NEW EURO AND STERLING GOVERNMENT_GUARANTEED
NOTES
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Italy
None of the Exchange Offers, this announcement, the Exchange Offer Memorandum or any other documents or materials relating to the Exchange
Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to
Italian laws and regulations, and the Exchange Offers are not being made, and will not be made, directly or indirectly, in or into the Republic of Italy
(Italy) as a public offer (as defined in article 1, paragraph 1, letter v) of the Legislative Decree no. 58 of February 24, 1998). Accordingly, Holders of
Existing Notes are hereby notified that the Exchange Offers are not intended to be addressed, and the New Notes may not be offered, and none of this
announcement, the Exchange Offer Memorandum or any other documents or materials relating to the Exchange Offers, the Existing Notes, or the
New Notes has been prepared in order to be sent, by any means, distributed or otherwise made available, as part of the Exchange Offers, to any
person in Italy.