Offers and Proposals for Bond Holders

ULSTER BANK IRELAND DAC (the "Issuer")

STG £5,000,000 Floating Rate Subordinated Bonds (ISIN: IE0004325282)

IEP £30,000,000 11.375% Subordinated Bonds (ISIN: IE0004325399)

STG £20,000,000 11.75% Subordinated Bonds (ISIN: IE0004325514)

(together, the "Bonds")

which were originally issued by FIRST ACTIVE PLC in September 1998 to replace the issued STG £5,000,000 Floating Rate Permanent Interest Bearing Shares, IEP £30,000,000 11 3/8% Permanent Interest Bearing Shares and STG £20,000,000 11 3/4% Permanent Interest Bearing Shares of First National Building Society upon the vesting of its business in First Active plc

IMPORTANT NOTICE

The Issuer is currently undertaking a tender offer and consent solicitation process in respect of the Bonds.

If you are a holder of the Bonds and have not yet received any communication (which was posted on 13 September 2023) about this process then please get in touch immediately with the registrar of the Bonds:

Computershare Investor Services (Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Ireland

Telephone: +353 1447 5468