AIBApril 2021Green Bond Framework Investor Presentation

Sustainability in Ireland

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Ireland and Sustainability

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• Ireland is committed to the transition to a low carbon, climate resilient and environmentally sustainable economy by 2050

• Ireland has a strong statutory, policy and investment framework in place in order to achieve this transition

• Ireland believes green finance, including Irish Sovereign Green Bonds (“ISGBs”) will play a key role in financing transition to a low carbon, climate resilient and environmentally sustainable economy

“ This Government fully recognises

the challenge we face in relation to Climate Action and has set out a clear strategy to address this challenge through the National Mitigation Plan and National Adaptation Framework. Our ambition to fund these strategies through the National Development Plan is clearly outlined and this includes a commitment to invest in achieving a transition to a low carbon and climate resilient

economy. ” Minister for Finance

Paschal Donohoe

Green Bond Framework

Irish National Mitigation Plan

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National Policy Position objective for 2050:• Reduction in carbon emissions of at least 80%

(compared to 1990) by 2050 across electricitygeneration, built environment and transportsectors

• An approach to carbon neutrality in theagriculture and land use sector, includingforestry, which does not compromise capacityfor sustainable food production

To ensure that progress in implementing the NMPis robust, a progress report will be published eachyear under the 2015 Act, to be included in theAnnual Transition Statement

NMP recognised by IMF PIMA Report (2017) asgood practice example of investment-relevantinformation

901 new dwelling completions in2018

7 new schools were delivered in 2018

The North-East

Ireland and Sustainability (Project Ireland 2040)

177 social housings built in 2018 1,148 new dwellings in 2018

630 new social housings built in2018

Currently 26 water and wasteprojects 426 new social housings built in 2018

1,363 new dwelling completions in 2018

Project Ireland 2040 is the Government’s long-term overarching strategy to make Ireland a better country for all of its people and Ireland’s Climate Action Policy

681 new dwelling completions in2018

Currently 25 water and wasteprojects

968 new dwelling completions in2018

8 healthcare projects will bedelivered in 2019

600 new dwelling completions in2018

Currently 15 water and wasteprojects

6,924 new dwelling completions in2018

11 healthcare projects will bedelivered in the in 2019

627 new social housings built in 2018 Currently 15 water and waste

projects

Dublin

The Mid-East

The Midlands

The South-East

The South-West

The Mid-West

The West

The North-West

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Sustainability at AIB

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We’re actively reducing our own carbon footprint and commit to being Net Zero by 2030. We’re supporting our customers and communities in their transition to a low-carbon economy with an ambition that green products will account for 70% of all our new lending by 2030.

We aspire to a fairer society that is socially and economically inclusive. We do this by investing and raising awareness in access, education and innovation for our customers, our colleagues and our communities.

We want to give our customers the best possible banking experience – we’re always learning and improving. In an increasingly digitalised world, we are focused on keeping our systems resilient and our data secure.

CLIMATEACTION

ECONOMIC &SOCIAL INCLUSION

FUTURE-PROOFBANK

ENSURING A GREENER TOMORROW BY BACKING THOSE BUILDING IT TODAY

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US

Sustainable Communities Strategy

2023

€5BN IN NEW CLIMATE ACTION LENDING

2030

NET ZERO1 IN OUR OWN OPERATIONS

AMBITION OF 70% OF NEW LENDING TO BE GREEN2

2040

NET ZERO AMBITIONCUSTOMER PORTFOLIO LENDING (AGRI 2050)

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TAR

GET

S

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€300MFINANCE FOR SOCIAL HOUSING

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500,000CUSTOMERS SUPPORTED – FINANCIAL LITERACY

ONGOINGFOCUS ON

AIB TOGETHER PROGRAMME

2023TRANSACTIONAL NPS3

53+

2023

>2.25MDIGITALLY ACTIVE CUSTOMERS

ONGOING

GENDER BALANCEDBOARD & EXCO

1.Include scope 1 & 2 emissions2.Green includes Transition Lending3. Transactional Net Promoter Score (NPS) is an aggregation of 20 Homes, Personal, SME, Digital , Retail, Direct and Day-to-Day Banking Journeys

Board of Directors

Sustainable Business Advisory Committee

CEO and Executive Committee

Sustainability Implementation Group (SIG)

Sustainability Team

AIB’s Board of Directors established a number of Board Committees and Board AdvisoryCommittees to oversee specific areas of the Group’s operations while the Board retainsultimate responsibility, ensuring a robust approach

The Sustainable Business Advisory Committee is chaired by a Non-Executive Director. Itsmembership includes Non-Executive Directors and members of Senior Management, includingthe Chief Executive Officer, the Chief People Officer and the Director of Corporate Affairs,Strategy and Sustainability. The Chief Sustainability Officer is also in attendance. SBAC meets aminimum of four times every year and met six times during 2019

The Sustainability Implementation Group (SIG) supports SBAC in the implementation of AIB’ssustainability strategy. SIG’s membership is drawn from senior officials across all areas of thebank, including Sustainability, Risk, IR, Treasury, Data & Analytics, Retail, Energy Climate &Infrastructure, Corporate, Institutional & Business Banking and UK

AIB’s Sustainability team works across the bank to provide direction and focus for oursustainability agenda. The team also supports our CEO and the executive committee on thedevelopment and execution of this agenda.

The Executive Committee was constituted on 1 November 2018 and is established by, andaccountable to, the Chief Executive Officer to assist with the day to day operations of, and thedevelopment of strategy for AIB Group

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Sustainability Governance at AIB

Supported by:

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Sustainability leader

• Set Net Zero targets & ambition

• €1.5bn Green Lending in 2020

• 1st Irish Bank Green Bond issue €1bn

• 1st disclosures under TCFD & UNEP FI PRB(1)

Environment Social Governance

• €300m social housing fund launched

• Backing entrepreneurs

• Financial literacy focus(2)

• AIB Together Community partnerships

• Embedded into Strategy 2023

• ESG training – Board, Executive, Employee

• Excluded activities list(3)

• Signatory for UN Global Compact & enhanced

policies(4)

(1) Task Force on Climate-related Financial Disclosures; UN Environment Programme Finance Initiative Principles for Responsible Banking

(2) AIB Schools Programme, Vulnerable Customer Training, Fraud Prevention training and alerts

‘Ensuring a greener tomorrow by

backing those building it today’‘Backing economic & social inclusion’ ‘At the heart of our business’

(3) Excluded Activities list published - see https://aib.ie/corporate/sector-expertise/excluded-activities

(4) Responsible Supplier Code, Refreshed Code of Conduct and Human Rights Commitment Statement published

CDP Leadership A Rating(Leadership Rating for last 5 years)

Sustainability Awards(Large Green Organisation 2020, Outstanding Achievement in

Sustainability)

Enhanced ESG Ratings(Sustainalytics, SAM, MSCI)

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COVID-19 response – action when and where most needed

SUPORTING OUR CUSTOMERS

SUPPORTING OUR COLLEAGUES

SUPPORTING OUR COMMUNITIES

Donated €2.4m to Trinity College Dublin to set up the AIB COVID-19 Research Hub

>66,000 payment breaks granted in Retail Banking; 88% returned

to terms

First Irishbank to offer SME Credit Guarantee

Scheme

>99% ofbranches kept

open during the pandemic

>80% of employees working from home

Regular check in survey to ensure

employee voice is heard

‘Right to Disconnect’ Policy launched to ensure people can

“switch off”

30th year of partnership with

the GAA

Fundraising through our AIB Together

community programme

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ESG Propositions

Green Mortgage for

higher energy efficiency homes

Green Personal Loan for

retrofitting homes and Electric Vehicles

Electric Vehicle 0% Finance for Nissan Leaf (plus

free charging unit)

Project Finance for

renewable energy projects & commercial real estate

Sustainability Linked Loans for Corporate

customers who commit to ESG targets

Green Bond - largest Green

Tier 2 issue in Europe in 2020

SRI bond portfolio to

fund domestic and international projects aimed at

global sustainability, carbon emission reduction & social

improvement

Climate Finance Week –sponsoring thought leadership

and collaboration

ESG Commitments

TCFD

UNEP FI – Principles for Responsible Banking

UN Global Compact

Low Carbon Pledge

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Embedding Climate Risk across the Organisation

Our progress in 2020

• Identification of risks and opportunities for keysectors using the TCFD’s physical and transition riskcategorisations and qualitative scenarios aligned tothe NGFS recommendations

• Exclusions list for a defined list of lending activitiesfor customers with an exposure greater than €300kintegrated into our Group Credit Risk policy &published externally

• Integration of ESG considerations in Corporate andInstitutional Banking credit applications

• ESG Training at Board, ExCo & Employee level

• Quantification of emissions intensity for loan book

• Ambitious targets set – Net Zero

• Multi-year programme stood up to deliver onemerging regulatory requirements and climate riskambition, including integration into the RiskManagement Framework

Focus for 2021

• Science Based Targets – work with the SBTi to define science based targets

• Sector Risk heat-mapping and quantification of sector risks for key sectors

• Definition of Green Lending Framework and Activities

• Climate Risk KPIs defined and integrated

• ESG factors in credit applications for Business Customers in High Risk Sectors

• Climate Risk Training for specific teams

• ESG Data capture programme of work

• Integration of changes into Enterprise Risk Framework policies and procedures

• Enhanced disclosures for TCFD, UNEP FI and Regulatory Programmes

AIB was rated as AA (Leader) on 22 Jan 2021, up from A (Average) in 2019*

In SAM’s 2020 Corporate Sustainability Assessment AIB achieved an increase in our score 61/100 (2019: 35/100), placing us in the 78th percentile of banks(2019: 39th percentile). On 19th Apr 2021 AIB received an ESG Risk

Rating of 14.5 and was assessed by Sustainalytics to be at Low risk of experiencing material financial impacts from ESG factors. At the time our ESG Risk Rating placed AIB 53rd out of 1,047 banks with Sustainalytics.

Since July 2020 AIB is a member of the FTSE4 Good Index Series which identifies companies demonstrating strong environmental, social and governance practices measured against globally recognised standards.

The international environmental impact non-profit organisation CDP highlighted AIB as leader in corporate climate action. AIB has achieved the leadership A rating for the last 5 years. To achieve this we’ve reduced our carbon footprint in our business and continue to do so.

AIB Ratings

AIB Green Bond Framework

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Green Bond Framework

Rationale

• Align our funding strategy with our sustainability strategy• Funding projects or assets that mitigate climate change by reducing emissions, protecting ecosystems or having a positive

environmental impact (Project Ireland 2040)• Issuing Green Bonds serve as a testament to AIB’s leadership and commitment to sustainability and society

Use of Proceeds

1Project Evaluation &

Selection

2Management of

Proceeds

3Reporting

4Second Party Opinion

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• AIB allocates the net proceeds of the Green Bonds to a loan portfolio of new and existing loans, the “Eligible Green Project Portfolio”

Green Commercial and Residential Buildings

Renewable Energy

• Projects financed and/or refinanced are evaluated and selected based on compliance with the Green Bond eligibility criteria described in Use of Proceeds

• A core team assesses project eligibility and allocation of proceeds to Eligible Green Projects

• AIB allocates the proceeds from the Green Bonds to an Eligible Green Project Portfolio, selected in accordance with the use of proceeds criteria and evaluation and selection process

• AIB tracks investments in eligible projects

• Allocation reporting: AIB prepares an annual report with the status of AIB’s Green Bond proceeds allocation a

• Impact reporting: Where feasible, AIB reports on the impact of the Eligible Green Project Portfolio

• AIB’s Green Bond Framework has been reviewed by Sustainalytics who has issued a Second Party Opinion

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Use of Proceeds

Alignment with international initiatives & involved parties

ICMA GBP category UN SDG EU Taxonomy Technical Screening Criteria xxxx Consultants & Third Parties

Renewable Energy• Facilities operating at life cycle emissions lower than 100gCO2e/kWh,

declining to net-0gCO2e/kWh by 2050• No threshold on life cycle emissions applies for AD of bio-waste

Green Buildings

• Top 15% approach for buildings built up until end 2020• ≥30% improvement in Primary Energy Demand for refurbishments; • AIB aims to implement NZEB criteria for buildings built from 2021, on a

best efforts basis

Eligible use of proceeds categories

Green Commercial Buildings

Use of Proceeds

Green Residential BuildingsRenewable Energy

Use of Proceeds

• Green Commercial Buildings in Ireland- New or existing commercial buildings, belonging to the top

15% low carbon buildings in the local context- Refurbished commercial buildings with at least a 30%

improvement in energy

• Green Commercial Buildings in UK- New or existing commercial buildings in the UK, belonging

to the top 15% low carbon buildings in the local context(i.e. England & Wales – EPC “A” and “B” and Scotland –EPC “A, B and C”)

- Refurbished commercial buildings with at least a 30%improvement in energy efficiency

• Green Commercial Buildings in Ireland and the UK- Commercial buildings classifications, such as:• BREEAM ‘Very Good’ or higher• LEED ‘Gold’ or higher• DGNB ‘Gold’ or higher

Use of Proceeds

• Green Residential Buildings- New or existing residential buildings, belonging to the top

15% low carbon buildings in Ireland:- BER label of B3 or better- Built from 2015 and later

- Refurbished residential buildings with at least a 30%improvement in energy efficiency

• Renewable energy- Loans to finance or refinance equipment, development,

manufacturing, construction, operation, distribution andmaintenance of renewable energy generation and storage(i.e. battery storage). Eligible renewable energy sourcesinclude:

a) Solar Energy: Photovoltaics (PV), concentrated solarpower (CSP) and solar thermal facilities

b) Wind Energy: Onshore and offshore wind energygeneration facilities and other emerging technologies,such as wind tunnels and cubes

c) Anaerobic digestion of bio-waste: treatment of bio-waste through anaerobic digestion (AD) with resultingproduction and energetic utilization of biogas(electricity / heat generation). Energy crops and non-waste feedstock are excluded

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Project evaluation / Selection Process

Process for Project Evaluation and Selection

Compliance with the Green Bond Eligibility Criteria

Alignment with AIB’s sustainability strategy

Compliance with official and international environmental and social standards and local laws and regulation

Sustainability Implementation Group

(SIG)

• Sustainability; Risk; IR, Treasury; Data & Analytics; Retail, Energy, Climate Action & Infrastructure, CorporateInstitutional & Business Banking and UK.

SIG responsibilities • The SIG manages annual updates to the Green Bond Framework

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Mitigation of ‘DNSH’ concerns

»

»

Management of Proceeds

Eligible Loan Portfolio

€2.235bn

Outstanding green

bonds

€1bn

Aggregated portfolio approach used to manage the

proceeds

Additional eligible green projects will be added to the

Eligible Green Project Portfolio to the extent required

Any assets that become ineligible are removed and

replenished where necessary

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AIB issued its first Green Bond in Sep’20. A €1bn Tier 2

Transaction which was fully allocated on Day 1. See

Appendix 1 for deal summary.

Reporting / Impact

Allocation reporting Impact reporting

The total amount of proceeds allocated to eligible loans

The number of eligible loans

The balance of unallocated proceeds

The amount or the percentage of new financing and refinancing

The geographical distribution of the assets (at country level)

Green Buildings

Renewable Energy*

Ex-ante annual energy consumption or energy savings in MWh

Annual reduced and/or avoided in tons of CO2 equivalent

Total installed capacity in MWh

Annual avoided in tons of CO2 equivalent

• AIB makes and keeps readily available reporting on the allocation of net proceeds to Eligible Green Projectsand reporting on the impact of the Eligible Green Project Portfolio

• AIB does align, on a best effort basis, the impact reporting with the portfolio approach described in "Green Bonds - working towards a Harmonized Framework for Impact Reporting (June 2019)

• AIB engaged Mazars to complete an assurance report on our FY20 pool. This will be an annual process and the report is made available on our website alongside the impact and allocation reports.

19*Estimated impact is based on the PCAF methodology for wind and solar energy, and relevant EU guidelines for anaerobic digestion

Green Bond Portfolio & Impact FY20

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Impact Reporting FY20

Total Portfolio Size €2.235 bn

Total Est. Avoided Emissions 1,228,992 ton CO2eq/yr

Renewable Energy € 1.161 bn

Est. Avoided Emissions 1,166,624 ton CO2eq/yr

Commercial Buildings € 1.074 bn

Est. Avoided Emissions 62,368 ton CO2eq/yr

Avoided Emissions per mil € invested 550 ton CO2eq/yr

AIB Green Bond Portfolio

# € %

Wind 38 1,062m c. 48%

Solar 2 46m c. 2%

Anaerobic

Digestion2 57m c. 2%

Commercial

Buildings72 1,074 m c. 48%

Total 84 2.235 bn 100%

Geographic/Sector split

Allocation & Impact Reports: https://aib.ie/investorrelations/debt-investor/green-bonds/impact-and-allocation-reports

0% 20% 40% 60% 80% 100%

Ireland

UK

Other

Renewables Commercial Buildings

Second-Party Opinion

Sustainalytics has issued a positive Second Party Opinion on AIB’s Green Bond Framework

Use of Proceeds: Sustainalytics considers that financing for renewable energy projects and green commercial and residential buildings will lead to positive environmental impacts and advance the UN Sustainable Development Goals, in particular Goals 7, 9 and 11

Project Evaluation and Selection: Sustainalytics considers the project selection process to be in line with market practice

Management of Proceeds: AIB intends to allocate the proceeds from the Green Bond to an Eligible Green Project Portfolio. AIB will ensure that the value of its portfolio matches or exceeds the outstanding balance of green bonds. Sustainalytics considers this is in line with market practice

Reporting: AIB intends to report allocation proceeds in their Eligible Green Project Portfolio on an annual basis to be renewed every year until maturity of the instruments. In addition, AIB intends to report on the impact including relevant quantitative metrics, calculated by specialist third-party consultants. Sustainalytics views AIB’s allocation and impact reporting as aligned with market practice

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Updated - 2021

Further AIB’s commitment towards addressing both pressing current and emerging societal issues via the

issuance of a green bond that will allocate the net proceeds to eligible green projects

Make further progress towards completing the optimisation of the capital stack by filling AT1 and Tier 2 buckets

This transaction represents the fourth capital issuance out of AIB Group plc, having previously issued two

AT1’s and one Tier 2

Prior to this issuance AIB had a Tier 2 ratio of 2.2% versus it’s optimised Tier 2 bucket (including P2R) of 2.75%,

allowing for around €275m capacity alongside the upcoming €750m T2 call date in November

The long 10.5NC5.5 structure aims to help smooth the capital instrument refinancing profile in 2025 & 2026

58%12%

11%

10%4%4%1%

UK / Ireland

Nordics

France

SouthernEurope

Throughout the first half of September AIB met (virtually) with a series of ESG investors on a non-deal basis to

provide an update both on the credit as well as their ESG framework

On Wednesday 23rd September, AIB announced a new green € benchmark 10.5NC5.5 Tier 2 transaction with

IPTs of MS+360a

The orderbook grew quickly, reaching €1.5bn in just over an hour before hitting a peak of over €2.5bn before

guidance was announced at around 11.45am UK

The orderbook saw some price sensitivity around the m/s+340bps mark, but as the book continued to grow it

was clear that the majority of interest lay well inside of this number

Syndicates announced guidance of m/s+335/340 just after 11.45am UK and highlighted that books remained

comfortably over €2.5bn for a maximum €1bn transaction size

Shortly thereafter syndicates launched a €1bn transaction at m/s+330bps with an orderbook that remained

stable post guidance as some order increases balanced out the ~€100m of attrition

AIB Group plc €1bn Long 10.5NC5.5 Green Tier 2 Notes

Issuer AIB Group plc

Securities Long 10.5NC5.5 Fixed Rate Reset Subordinated Green Tier 2 Notes

Issuer Ratings Baa2 (Stable) / BBB- (Negative) / BBB (Negative)

Instrument Ratings Baa3 / BB / BB+

Ranking Direct and unsecured obligations of the Issuer ranking subordinated to the claims of all Senior Creditors; pari passu with holders of Tier 2 Capital; and senior only to the claims of holders of Tier 1 Capital as further described in the Base Prospectus

Currency / Size € 1,000,000,000

Pricing Date 23rd September 2020

Settlement Date 30th September 2020

Maturity Date 30th May 2031

Optional Redemption Date 30th May 2026 (one time call option at par)

Coupon 2.875%

Re-offer Spread MS+330

Re-offer Yield / Price 2.886% / 99.952%

Sub& Variation Tax Event or Capital Disqualification Event

Waiver Set-off No Noteholder may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Issuer in respect of, arising under, or in connection with the Notes

Use of ProceedsAn amount equal to the net proceeds from the issue of the Green Bonds will be allocated to an Eligible Green Project Portfolio

Denominations € 100,000 x € 1,000

Listing / Format Irish Stock Exchange Regulated Market (Euronext Dublin)

DocumentationAIB Group plc’s €10bn Euro Medium Term Note Programme Base Prospectus dated 21 September 2020

Governing Law Irish Law

Bookrunners Citi + 5

On 23rd September 2020, AIB Group plc (AIB) successfully priced an inaugural green €1bn long 10.5NC5.5 Tier 2 transaction at MS+330bps or a

coupon of 2.875%. The transaction attracted significant interest from high quality real money investors, with the orderbook peaking at over €2.5bn.

The Green format proved impactful in maximising depth of demand and book quality. Citi acted as Joint Lead Manager

Rationale

Priced a €1bn transaction at MS+330bps or a coupon of 2.875%

Attracted an orderbook that peaked at over €2.5bn, with 9 investors leaving indications of over €50mn at the re-

offer spread

The presence of enhanced continental European interest as well as the significant UK investor demand

highlights the benefit of the green issuance format

Depending on the method of classification up to 20-25% of the final book could be categorised as Green specific

investors/mandates which helped drive the final outcome on the transaction

In terms of fair value, the existing AIB 29NC24 € Tier 2 security was trading at I+311 prior to the announcement

of the transaction. After adjusting for the curve out to 5.5yrs this led to a fair value for the new transaction at

I+325bps

At a re-offer spread of MS+330, this would imply a final new issue concession of 5bps

Results

By Investor Type

Execution Highlights

80%

7%5%4%4%

Asset Manager

Central Bank /Official InstitutionBanks & PrivateBanksInsurance &Pension Fund

THIS DOCUMENT IS INTENDED TO PROVIDE NON-EXHAUSTIVE, GENERAL INFORMATION. THIS DOCUMENT MAY CONTAIN OR INCORPORATE BY REFERENCE PUBLIC INFORMATION NOTSEPARATELY REVIEWED, APPROVED OR ENDORSED BY AIB AND ACCORDINGLY, NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS GIVEN BY OR ON BEHALFOF AIB OR ANY OF THEIR RESPECTIVE MEMBERS, DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES OR ANY OTHER PERSON AS TO, AND NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BYAIB AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, REASONABLENESS OR COMPLETENESS OF SUCH INFORMATION.

THIS DOCUMENT MAY CONTAIN STATEMENTS ABOUT FUTURE EVENTS, PLANS, OBJECTIVES, GOALS, STRATEGIES AND EXPECTATIONS THAT ARE FORWARD LOOKING STATEMENTS. THESEFORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE ONLY TO HISTORICAL OR CURRENT FACTS. FORWARD LOOKING STATEMENTS SOMETIMESUSE WORDS SUCH AS ‘AIM’, ‘ANTICIPATE’, ‘TARGET’, ‘EXPECT’, ‘ESTIMATE’, ‘INTEND’, ‘PLAN’, ‘GOAL’, ‘BELIEVE’, ‘MAY’, ‘COULD’, ‘WILL’, ‘SEEK’, ‘CONTINUE’, ‘SHOULD’, ‘ASSUME’, OROTHER WORDS OF SIMILAR MEANING. NONE OF THE FUTURE PROJECTIONS, EXPECTATIONS, ESTIMATES OR PROSPECTS IN THIS DOCUMENT SHOULD BE TAKEN AS FORECASTS ORPROMISES NOR SHOULD THEY BE TAKEN AS IMPLYING ANY INDICATION, ASSURANCE OR GUARANTEE THAT THE ASSUMPTIONS ON WHICH SUCH FUTURE PROJECTIONS, EXPECTATIONS,ESTIMATES OR PROSPECTS HAVE BEEN PREPARED ARE CORRECT OR EXHAUSTIVE OR, IN THE CASE OF THE ASSUMPTIONS, FULLY STATED IN THIS DOCUMENT. AIB HAS AND UNDERTAKESNO OBLIGATION TO UPDATE, MODIFY OR AMEND THIS DOCUMENT, THE STATEMENTS CONTAINED HEREIN TO REFLECT ACTUAL CHANGES IN ASSUMPTIONS OR CHANGES IN FACTORSAFFECTING THESE STATEMENTS OR TO OTHERWISE NOTIFY ANY ADDRESSEE IF ANY INFORMATION, OPINION, PROJECTION, FORECAST OR ESTIMATE SET FORTH HEREIN CHANGES ORSUBSEQUENTLY BECOMES INACCURATE.

THIS DOCUMENT IS NOT INTENDED TO BE AND SHOULD NOT BE CONSTRUED AS PROVIDING LEGAL OR FINANCIAL ADVICE. IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SELLOR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE FOR OR PURCHASE OR A RECOMMENDATION REGARDING ANY SECURITIES. NOTHING CONTAINED HEREIN SHALL FORM THE BASISOF ANY CONTRACT OR COMMITMENT WHATSOEVER AND IT HAS NOT BEEN APPROVED BY ANY SECURITY REGULATORY AUTHORITY.

THE DISTRIBUTION OF THIS DOCUMENT AND OF THE INFORMATION IT CONTAINS MAY BE SUBJECT TO LEGAL RESTRICTIONS IN SOME COUNTRIES. PERSONS WHO MIGHT COME INTOPOSSESSION OF IT MUST INQUIRE AS TO THE EXISTENCE OF SUCH RESTRICTIONS AND COMPLY WITH THEM.

THE INFORMATION IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED.

THE ADDRESSEE IS SOLELY LIABLE FOR ANY USE OF THE INFORMATION CONTAINED HEREIN AND AIB AND ANY OF THEIR RESPECTIVE MEMBERS, DIRECTORS, OFFICERS OR EMPLOYEES ORANY OTHER PERSON SHALL NOT BE HELD RESPONSIBLE FOR ANY DAMAGES OR LOSS, DIRECT, INDIRECT OR OTHERWISE, ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENTSOR OTHERWITH ARISING IN CONNECTION WITH THIS DOCUMENT BY THE ADDRESSEE.

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Disclaimer (1/2)

THIS DOCUMENT REPRESENTS CURRENT AIB POLICY AND INTENT, ARE PROVIDED AS AT THE DATE OF THIS DOCUMENT AND IS SUBJECT TO CHANGE WITHOUT NOTICE AND IS NOTINTENDED NOR CAN BE RELIED ON, TO CREATE LEGAL RELATIONS, RIGHTS OR OBLIGATIONS.

ANY DECISION TO PURCHASE ANY AIB GREEN BONDS SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION TO BE CONTAINED IN ANY OFFERING DOCUMENT ORPROSPECTUS PRODUCED IN CONNECTION WITH THE OFFERING OF SUCH BONDS.

PROSPECTIVE INVESTORS ARE REQUIRED TO MAKE THEIR OWN INDEPENDENT INVESTMENT DECISIONS.

NO REPRESENTATION IS MADE AS TO THE SUITABILITY OF ANY AIB GREEN BONDS TO FULFIL ENVIRONMENTAL AND SUSTAINABILITY CRITERIA REQUIRED BY PROSPECTIVE INVESTORS.EACH POTENTIAL PURCHASER OF AIB GREEN BONDS SHOULD DETERMINE FOR ITSELF THE RELEVANCE OF THE INFORMATION CONTAINED OR REFERRED TO IN THIS DOCUMENT OR THERELEVANT BOND DOCUMENTATION FOR SUCH AIB GREEN BONDS REGARDING THE USE OF PROCEEDS AND ITS PURCHASE OF AIB GREEN BONDS SHOULD BE BASED UPON SUCHINVESTIGATION AS IT DEEMS NECESSARY.

AIB HAS SET OUT ITS INTENDED POLICY AND ACTIONS IN THIS DOCUMENT IN RESPECT OF USE OF PROCEEDS, PROJECT EVALUATION AND SELECTION, MANAGEMENT OF PROCEEDSAND INVESTOR REPORTING, IN CONNECTION WITH AIB GREEN BONDS. HOWEVER, IT WILL NOT BE AN EVENT OF DEFAULT OR BREACH OF CONTRACTUAL OBLIGATIONS UNDER THETERMS AND CONDITIONS OF ANY AIB GREEN BONDS IF AIB FAILS TO ADHERE TO THIS DOCUMENT, WHETHER BY FAILING TO FUND OR COMPLETE ELIGIBLE GREEN PROJECTS OROTHERWISE.

IN ADDITION, IT SHOULD BE NOTED THAT ALL OF THE EXPECTED BENEFITS OF THE PROJECTS AS DESCRIBED IN THIS DOCUMENT MAY NOT BE ACHIEVED. FACTORS INCLUDING (BUTNOT LIMITED TO) MARKET, POLITICAL AND ECONOMIC CONDITIONS, CHANGES IN GOVERNMENT POLICY (WHETHER WITH A CONTINUITY OF THE GOVERNMENT OR ON A CHANGE INTHE COMPOSITION OF THE GOVERNMENT), CHANGES IN LAWS, RULES OR REGULATIONS, THE LACK OF AVAILABLE SUITABLE PROJECTS BEING INITIATED, FAILURE TO COMPLETE ORIMPLEMENT PROJECTS AND OTHER CHALLENGES, COULD LIMIT THE ABILITY TO ACHIEVE SOME OR ALL OF THE EXPECTED BENEFITS OF THESE INITIATIVES, INCLUDING THE FUNDINGAND COMPLETION OF ELIGIBLE GREEN PROJECTS. IN ADDITION, EACH ENVIRONMENTALLY FOCUSED POTENTIAL PURCHASER OF AIB GREEN BONDS SHOULD BE AWARE THAT ELIGIBLEGREEN PROJECTS MAY NOT DELIVER THE ENVIRONMENTAL OR SUSTAINABILITY BENEFITS ANTICIPATED, AND MAY RESULT IN ADVERSE IMPACTS. ON THIS BASIS, ALL AND ANYLIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE WHICH ANY PURCHASER OF AIB GREEN BONDS OR ANY OTHER PERSON MIGHT OTHERWISE HAVE IN RESPECT OFTHIS DOCUMENT OR ANY AIB GREEN BONDS AS A RESULT OF ANY FAILURE TO ADHERE TO OR COMPLY WITH THIS DOCUMENT IS HEREBY DISCLAIMED TO THE FULLEST EXTENTPERMITTED BY LAW.

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Disclaimer (2/2)