DAVY VIEW

The transaction will conclude the state’s sell down of its AIB Group (AIBG) share with the warrants now the remaining residual ownership interest, which we expect to be concluded shortly via a company buyback. The impact of the warrant repurchase is likely to be modestly higher than previously guided due to the recent increase in AIBG’s share price. The exit should result in some relaxation in remuneration restrictions, albeit variable remuneration remains a taxation matter and therefore is a matter for the state’s annual budget.