The Bespokein 2011 in Emerging Markets versus only 1.90% in Developed Markets. The BRIC nations have the potential to continue growing at a faster pace than their Developed Market

Also available to SSAP,Self Invested Personal Pension (SIPP)& ARF/AMRF InvestorsClosing Date: March 31st 2011

The Bespoke Split Deposit BRIC Currency Bond

3

CONTENTS

1 Introduction 04

2 ExecutiveSummary 05

3 TheEconomicRationale 06

4 KeyFeatures 10

5 Risk&WealthWarnings 15

6 Terms&Conditions 16

7 DataProtection 20

8 ApplicationForm 21

4 The Bespoke Split Deposit BRIC Currency Bond

Itisverydifficulttopredictwithcertaintyexactlywhatthefutureholds

fortheEuro,orindeedanyothercurrencyorassetclass,however

weatBespokerecognizethattheEurozoneisencounteringsignificant

challengesoverthemediumterm,whichmayplacesignificantdownward

pressureontheEuro.Bespokebelievesitisadvisabletobothprotect

aportionoftheirinvestmentagainstEurodevaluationrisks,aswelltaking

advantageofasignificantprofitopportunity,whilstlimitingriskexposure

atalltimes.TothisendBespokeInvestmentsLimitedhaslaunched

TheBespokeSplitDepositBRICCurrencyBond(the“Bond”).

Oneofthemanychallengesfacinginvestorsinrecenttimesisthe

combinationoflowdepositrates,whichmanyareforcedtoaccept

astheymaybe,understandably,reluctanttotakeanyriskwiththeir

capitalgiventheuncertainmarketenvironmentoverthelastnumberof

years.Bespokehaverecognizedtherequirementforcertaintyregarding

returnsoverandaboveinitialcapital,manyinvestorspreferencefor

shorttomediumtermtimeframes,togetherwithadesireforstrong

returnpotentialoverandabovetheprevailingrateofinflation.Bespoke

believesthatthisBondsatisfiesalloftheabovecriteria.

InvestorsintheBond,whetherinvestingintheProtectedOption

ortheAcceleratedOption,willbenefitfromtwodistinctelements;

(1)providingashorttermreturnofcapitalon25%offundsinvested

atanexceptional,fixeddepositratecombinedwith(2)amediumterm

investmentwithstrongreturnpotential.Thisisbrokendownasfollows

forasample€100,000investment:

Both Options €25,000placedona1yearfixeddepositat6%

FixedRateofReturn.This€25,000willbepaid

backtotheinvestorwith6%grossinterestafter

1year.DIRTwillbedeductedwhereapplicable.

Protected Option €75,000willbeinvestedina3year9monthfixed

terminvestmentoffering100%ofthefall,ifany,

intheEuroversusanequallyweightedbasket

ofthecurrenciesofBrazil,Russia,Indiaand

China(the“ReferenceBasket”)betweenthestart

dateandmaturitydateoftheBond.100%capital

protectionappliesatmaturity.

Accelerated Option €75,000willbeinvestedina3year9monthfixed

terminvestmentoffering250%(2.50times)ofthe

fall,ifany,intheEuroversusanequallyweighted

basketofthecurrenciesofBrazil,Russia,India

andChina(the“ReferenceBasket”)betweenthe

startdateandmaturitydateoftheBond.90%

capitalprotectionappliesatmaturity.

TheBespokeSplitDepositBRICCurrencyBondoffersinvestors

anattractivecombinationbetweenanenhanced1yearfixedterm

depositaccountandacapitalprotectedmediumterminvestment,

offeringexcellentmediumtermreturnpotentialwithcapitalprotection

atmaturity.BespokealsobelievethatthisBondofferstheideal

protectionagainstpotentialdevaluationoftheEurocurrencyoverthe

mediumtermandistheoptimuminvestmentproductforthecurrent

marketenvironment.

1 Introduction

BespokeInvestmentsLimitedisdelightedtolaunchitstenthinvestmentproductTheBespokeSplitDepositBRICCurrencyBond.WithseeminglyconstantmediareportssuggestingpotentialsovereigndebtdefaultsaswellaspredictingthepotentialdemiseoftheEurocurrency,manyinvestorsarenervousregardingwhatthefutureholdsfortheEuro,andconsequentlytheirsavingsandinvestments.

5

• The Economic Rationale:TheBRICnationshavethepotential

tocontinuegrowingatafasterpacethantheirdevelopedmarket

peers.Oneofthewaysofaddressingthisimbalanceisforthe

currenciesoftheBRICcountriestoappreciateversusdeveloped

marketcurrenciessuchastheEuro.

• The Investment Rationale:Theinvestmentrationalecanbe

summarisedas:

– EconomicOutperformanceandTradeImbalances:

ThedevelopingBRICeconomiesarealreadyexperiencing

significantfinancialsurplusesandhavebuiltupconsiderable

reservesofforeigncurrencyasaresult.

– CapitalFlowbetweenEastandWest:Theglobalfinancial

imbalanceexhibitedbylargesurplusesintheBRICcountries

andhugedeficitsintheUSandEuropehascausedtheglobal

economysomeconcerninrecentyears.

– PurchasingPowerParity:Currenciestendtoriseashigher

productivityleadseconomiestoconvergeonPurchasingPower

Parity(PPP)exchangerates.

• The Deposit Element:25%oftheBondwillbeplacedina1yearfixed

ratedepositpaying6.00%gross/AER.Thisportionoftheinvestment

plusthe6%(gross)fixeddepositratewillbepaidtotheinvestorafter

1year.

• The Investment Element:75%oftheBondisinvestedinthefall

intheEuroversusanequallyweightedbasketoftheBRICcurrencies

(the“ReferenceBasket”).

• Thereare2 OptionsforinvestorsinthisBond,The Bespoke Split

Deposit BRIC Currency Bond Protected OptionandThe Bespoke

Split Deposit BRIC Currency Bond Accelerated Option.

• TheInvestmentElementoftheBespokeSplitDepositBRICCurrency

BondProtectedOptionis100% Capital ProtectedbyUlsterBank

IrelandLimitedatMaturity.TheInvestmentElementoftheBespoke

SplitDepositBRICCurrencyBondAcceleratedOptionis90%

Capital ProtectedbyUlsterBankIrelandLimitedatmaturity.Ulster

BankIrelandLimitedisregulatedbytheCentralBankofIreland.

• InvestorsintheBespokeSplitDepositBRICCurrencyBond

ProtectedOptionwillreceive100% Participationinthefall,ifany,

oftheReferenceBasketattheendoftheterm.Investorsinthe

BespokeSplitDepositBRICCurrencyBondAcceleratedOptionwill

receive250% Participationinthefall,ifany,oftheReferenceBasket

attheendoftheterm.Thereisnomaximumreturnorcaponthe

potentialreturnachievedbytheBond.

• TheInvestmentElementoftheBondhasafixed3 years, 9 months

term.Althoughprovisionhasbeenmadeforinvestorstoaccesstheir

moniesinvestedbeforetheendofthis3years,9monthsterm,this

investmentshouldonlybeconsideredbyinvestorswhoarecontent

toadopta3years,9monthstermfortheinvestmentelementofthis

investment.

• ThereisnoAnnualManagementFee.

• TheMinimum Investmentis€25,000.

• TheClosing Dateforapplicationsis31 March 2011.

• TheBespokeSplitDepositBRICCurrencyBondisalsoavailable

tomembersofSmallSelfAdministeredPensionSchemes(SSAP),

SelfInvestedPersonalPension(SIPP)andARF/AMRFInvestors.

• ThebasecurrencyoftheBondisEuro.

• Investorswillbeabletokeep updated on the indicative performance

of their investmenteachcalendarquarterorintermittentlybyrequest

toBespokeInvestmentsLimited.

• TheBondisexclusivetoAuthorisedInvestmentAdvisorsofBespoke

InvestmentsLimitedandtheirclients.

• UlsterBankIrelandLimitedacceptsnoresponsibilityforthe

accuracyorotherwiseoftheinformationsetoutinthisbrochure

norhasitverifiedtheaccuracyofsuchinformationotherthanthe

informationdirectlyrelatingtotheBank.

2 ExecutiveSummary

TheBespokeSplitDepositBRICCurrencyBond(theBond)isaninnovative Investment Strategydesignedforprivate investorswhowishtocombineanenhanceddepositrateandcapitalprotectionwithanexposuretothedeclineintheEuroversusthecurrenciesofBrazil,Russia,IndiaandChina(BRIC).Themainfeaturesareasfollows:


TheBondhastwopartsasdescribedinthetablebelow:

The Deposit Element

25%oftheBondwillbeplacedina1yearfixedratedepositpaying6.00%gross/AER.

The Investment Element

75%ofthebondwillbeinvestedinthe“ReferenceBasket”(theEuroversusanequallyweightedbasketofBRICcurrencies).

3.1TheEconomicRationale

Therehasbeenincreasinginvestorinterestintheeconomicprogress

thatisunderwayindevelopingnationslikeBrazil,Russia,Indiaand

Chinaoverthelastnumberofyears.Thisattentionbeganfollowing

afamousGlobalEconomicPaperissuedbyGoldmanSachsinOctober

2003.Thispaperentitled“DreamingwithBRICs:ThePathto2050”

waswrittentohighlighttheopportunitiespresentedbytheworld’s

fourlargestdevelopingeconomiesandiswherethephraseBRICwas

firstcoined.

ThisGlobalEconomicPaperhelpedchangethewaymanyfinancial

marketparticipantsthoughtaboutthedevelopingworld.Instead

ofjustrecognisingtheeconomicpotentialthatwouldsomedaychange

theglobaleconomyatsomedistanttimeinthefuture,theinvestment

communitybegantorealisethattheshiftindominanceoftheworld

economyfromthecurrentG7wealthynationstothedevelopingBRIC

nationsandotherdevelopingnationshadalreadystartedandwould

becompletedmuchfasterthanmanyhadoriginallyanticipated.

MuchoftheincreaseintheBRICeconomiesisexpectedtocomefrom

realeconomicgrowth.Thetablebelowshowsthe2011projectedGDP

GrowthRateforeachoftheBRICnationsandforEurope:

Country GDP Growth Rate

Brazil 4.45%

Russia 4.20%

India 8.50%

China 9.01%

EuroArea 1.50%

Source:BloombergComposite

MarketanalystsforecastcombinedrealGDPgrowthof5.80%

in2011inEmergingMarketsversusonly1.90%inDevelopedMarkets.

TheBRICnationshavethepotentialtocontinuegrowingatafaster

pacethantheirDevelopedMarketpeers.Oneofthewaysofaddressing

thisimbalanceisforthecurrenciesoftheBRICcountriestoappreciate

versusdevelopedmarketcurrenciessuchastheEuro.

3.2TheInvestmentRationale

Economic Outperformance and Trade Imbalances

Theeconomicoutperformanceofthedevelopingworldinrecentyears

hasplaceditinastrongfinancialpositionrelativetotheeconomies

ofthedevelopedworld.ThedevelopingBRICeconomiesarealready

experiencingsignificantfinancialsurplusesandhavebuiltup

considerablereservesofforeigncurrencyasaresult.Theeconomic

outperformancetheyareexpectedtocontinuetoexhibitformanyyears

tocome,mayfurtherinflatethesefinancialsurplusesandreserves

astheycontinuetoenjoyanexcessofexportsoverimports.

Capital Flow between East and West

Theglobalfinancialimbalanceexhibitedbylargesurplusesinthe

BRICcountriesandhugedeficitsintheUSandEuropehascaused

theglobaleconomysomeconcerninrecentyears.Asolutiontothese

imbalancesisariseinspendingintheBRICeconomiesorasignificant

increaseinthevalueofthecurrenciesinthesecountries.Bothofthese

areconsideredlikelytohappenwithcurrencyappreciationthoughtto

potentiallybeoneofthemostimportantingredientsinbringingthe

financialpositionoftheglobaleconomybackintoequilibrium.

Purchasing Power Parity

Currenciestendtoriseashigherproductivityleadseconomiesto

convergeonPurchasingPowerParity(PPP)exchangerates.There

isacleartendencyforcountrieswithhigherincomepercapita(i.e.

developedcountries)tohaveexchangeratesclosertoPPP.TheBRIC

economiesallhaveexchangeratesthatarealongwaybelowPPP

rates.TheselargedifferencesbetweenPPPandactualexchangerates

comeaboutbecauseproductivitylevelsaremuchlowerindeveloping

economies.Astheydevelopandproductivityrises,thereisatendency

fortheircurrenciestorisetowardsPPP.Inotherwords,asproductivity

improvesintheBRICeconomies,theircurrencieswillincreasetowards

PPPexchangeratesasisalreadythecaseinthedevelopedworld.

Summary

TheGlobalEconomy’srequirementforagreaterfinancialbalance

betweenthedevelopedanddevelopingworldsandthefactthat

currenciesinacountrytendtoriseastheproductivityofthecountry

3 DescriptionoftheBond

7

risesarethemaininvestmentrationale.Thesecompellingeconomic

argumentsarecompoundedbythefactthatcurrencyappreciationhas

historicallybeenalargecontributortotheGDPgrowthoffastgrowing

economiesastheyconvergewithlargereconomicpartners.TheUS

andEuropealsoneedtheBRICCurrenciestoappreciatetoeasethe

competitivepressureontheirbeleagueredexporters.MostoftheBRIC

economieswouldsimilarlyviewcontrolledexchangerateadvancesas

anadvantageindampeninginflationarypressureswithintheirown

economiesespeciallyincommodityprices.

3.3TheUnderlyingInvestmentStrategy

TheUnderlyingInvestmentStrategyoftheInvestmentElement

isinvestedinthefalloftheEuroversusanequallyweightedbasket

thefollowingcurrencies(the“ReferenceBasket”):

• BrazilianReal(ISOCode:BRL)

• RussianRuble(ISOCode:RUB)

• IndianRupee(ISOCode:INR)

• ChineseRenminbi(ISOCode:CNY)

Thechartbelowshowstheperformanceofthebasketofthe4BRIC

currenciesversustheEurooverthelast10years:

3.4HowtheInvestmentReturnsarecalculated

TherearetwoelementstotheBond,theDepositElementand

theInvestmentElement.Thetablebelowillustrateshowthereturn

iscalculatedonasampleinvestmentof€100,000:

The Deposit Element

25%oftheBondwillbeplacedina1yearfixedratedepositpaying

6.00%gross/AER.

Deposit Term Year1

Amount on Deposit €25,000

Guaranteed Interest Rate 6%

Gross Interest €1,500

DIRT @ 27% €405

Net Interest €1,095

Timing of Payment EndofYear1

Amount Paid Out €26,095

Warning:PastPerformanceisnotareliableguidetofutureperformance.

Source:Bloomberg(1October2000to31December2010)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

900

850

800

750

700

650

600

550

500

602.93

Last Price 602.9386High on 10/20/00 893.8836Average 614.5319Low on 03/20/09 518.3588


The Investment Element

TheBespokeSplitDepositBRICCurrencyBondProtectedOption

75%oftheinitialcapitalisinvestedintheReferenceBasket.Atmaturity,investorswillreceiveback100%ofthe75%oftheirinitialcapitalinvested

intheInvestmentElement,plus100%ofthefall,ifany,oftheReferenceBasket.Anyinvestmentreturnachievedoverandabovetheinitialcapital

investedwillbesubjecttoDepositInterestRetentionTax(DIRT)atsource.Thetablebelowillustrateshowthereturniscalculatedin4different

investmentreturnconditions:

DescriptionExample 1: Positive Return

Example 2: Positive Return

Example 3: Neutral Return

Example 4: Negative Return

Initial Amount Invested €75,000.00 €75,000.00 €75,000.00 €75,000.00

Projected Fall in the Reference Basket 20% 30% 0% -20%

Participation Rate 100% 100% 100% 100%

Projected Investment Return €15,000.00 €22,500.00 €0.00 €0.00

Return of Capital Protected Amount €75,000.00 €75,000.00 €75,000.00 €75,000.00

Projected Value before DIRT €90,000.00 €97,500.00 €75,000.00 €75,000.00

Compound Annual Return before DIRT 4.97% 7.23% 0.00% 0.00%

Projected DIRT @ 30% Withheld -€4500.00 -€6,750.00 €0.00 €0.00

Projected Net Return €88,500.00 €90,750.00 €75,000.00 €75,000.00

Compound Annual Return after DIRT 3.55% 5.21% 0.00% 0.00%

Warning:Thesefiguresareestimatesonly.Theyarenotareliableguidetothefutureperformanceofthisinvestment.

Warning:Thevalueofyourinvestmentcangodownaswellasup.

Warning:Ifyoucashinyourinvestmentbefore8January2015youmaylosesomeorallofthemoneyyouputin.

Warning:ThisillustrationisbasedonourunderstandingofcurrentIrishtaxlawandpracticewhichissubjecttochangewithoutnoticeanddoesnotconstitutetaxadvice.

9

TheBespokeSplitDepositBRICCurrencyBondAcceleratedOption

75%oftheinitialcapitalisinvestedintheReferenceBasket.Atmaturity,investorswillreceiveback90%ofthe75%oftheirinitialcapitalinvested

intheInvestmentElement,plus250%ofthefall,ifany,oftheReferenceBasket.Anyinvestmentreturnachievedoverandabovetheinitialcapital

investedwillbesubjecttoDepositInterestRetentionTax(DIRT)atsource.Thetablebelowillustrateshowthereturniscalculatedin4different

investmentreturnconditions:

Warning:Thesefiguresareestimatesonly.Theyarenotareliableguidetothefutureperformanceofthisinvestment.

Warning:Thevalueofyourinvestmentcangodownaswellasup.Youmaygetbacklessthanyouputin.

Warning:Ifyouinvestinthisproductyoucouldlose7.5%ofthemoneyyouputin.


Warning:ThisillustrationisbasedonourunderstandingofcurrentRevenuelawandpracticewhichissubjecttochangewithoutnoticeanddoesnotconstitutetaxadvice.

DescriptionExample 1: Positive Return

Example 2: Positive Return

Example 3: Neutral Return

Example 4: Negative Return

Initial Amount Invested €75,000.00 €75,000.00 €75,000.00 €75,000.00

Projected Fall in the Reference Basket 20% 30% 0% -20%

Participation Rate 250% 250% 250% 250%

Projected Investment Return €37,500.00 €56,250.00 €0.00 €0.00

Return of Capital Protected Amount €67,500.00 €67,500.00 €67,500.00 €67,500.00

Projected Value before DIRT €105,000.00 €123,750.00 €67,500.00 €67,500.00

Compound Annual Return before DIRT 9.37% 14.26% -2.77% -2.77%

Projected DIRT @ 30% Withheld -€9,000.00 -€14,625.00 €0.00 €0.00

Projected Net Return €96,000 €109,125.00 €67,500.00 €67,500.00

Compound Annual Return after DIRT 6.79% 10.50% -2.77% -2.77%


HowdoestheBondwork?

1.ThePartiesInvolvedintheBondareasfollows:

The Deposit Taker is:

UlsterBankIrelandLimited(TheBank)

UlsterBankGroupCentre

George’sQuay

Dublin2

The Product Producer is:

DugganAssetManagement

Suite170IvyExchange

GranbyPlace

Dublin1

The Arranger and Lead Distributor is:

BespokeInvestmentsLimited

16RodenPlace

Dundalk

CoLouth

2.BriefDescriptionoftheBenefitsoftheBond:

TheBondhasthefollowingbenefits:

Thereare2OptionsforinvestorsinthisBondasfollows:

Option 1: The Bespoke Split Deposit BRIC Currency Bond

Protected Option

The Deposit Element:25%oftheBondwillbeplacedina1yearfixed

ratedepositpaying6.00%gross/AER.Attheendofthefirstyear,annual

interestisaddedtothepartialreturnofcapitalduethatyear.

The Investment Element:75%oftheBondisinvestedintheReference

Basket.Investorswillparticipatein100%ofthefall,ifany,ofthe

ReferenceBasket.

Capital Protection:100%oftheinitialamountinvestedintheDeposit

Elementand100%oftheinitialamountinvestedintheInvestment

ElementisprotectedattherelevantMaturityDates.

Term:3years,9months.Thematuritydatesareasfollows:

The Deposit Element:10April2012.

The Investment Element:8January2015

Underlying Investment of the Investment Element:TheEuroversusan

equallyweightedbasketofBRICcurrencies.

Initial Price:TheInitialPriceisthelevelofeachcurrencypair

intheReferenceBasketon8April2011asdescribedinCondition5

oftheTermsandConditions.TheInitialPriceswillbeprovidedinthe

ConfirmationLettersenttoeachinvestor.


Accelerated Option

The Deposit Element:25%oftheBondwillbeplacedina1yearfixed

ratedepositpaying6.00%gross/AER.Attheendofthefirstyear,annual

interestisaddedtothepartialreturnofcapitalduethatyear.

The Investment Element:75%oftheBondisinvestedintheReference

Basket.Investorswillparticipatein250%ofthefall,ifany,ofthe

ReferenceBasket.

Capital Protection:100%oftheinitialamountinvestedintheDeposit

Elementand90%oftheinitialamountinvestedintheInvestment

ElementisprotectedattherelevantMaturityDates.



The Investment Element:8January2015

Underlying Investment of the Investment Element:TheEuroversusan

equallyweightedbasketofBRICcurrencies.

Initial Price:TheInitialPriceisthelevelofeachcurrencypairin

theReferenceBasketon8April2011asdescribedinCondition5of

theTermsandConditions.TheInitialPriceswillbeprovidedinthe

ConfirmationLettersenttoeachinvestor.

4 KeyFeatures

11

3.ClosingDate:

Theclosingdateforapplicationsis31March2011.

4.Fees&Charges

DugganAssetManagementwillreceiveacommissioninrelation

toitsarrangementoftheBond.Thiscommissionwillbedependent

onthetotalamountinvestedandonprevailingmarketconditions

ontheinvestmentdateof8April2011.Assumingthattheminimum

subscriptionamountisraisedandbasedonfinancialmarketconditions

asat18January2011,theindicativecommissionpayabletoDuggan

AssetManagementfortheBespokeSplitDepositBRICCurrencyBond

ProtectedOptionwillbe0.50%ofthetotalamountinvested.Assuming

thattheminimumsubscriptionamountisraisedandbasedonfinancial

marketconditionsasat18January2011,theindicativecommission

payabletoDugganAssetManagementfortheBespokeSplitDeposit

BRICCurrencyBondAcceleratedOptionwillbe1.50%ofthetotal

amountinvested.

BespokeInvestmentsLimitedwillreceiveadistributioncommission

inrelationtoitsdistributionoftheBond.Thiscommissionwillbe

dependentonthetotalamountinvestedandonprevailingmarket

conditionsontheinvestmentdateof8April2011.Assumingthatthe

minimumsubscriptionamountisraisedandbasedonfinancialmarket

conditionsasat18January2011,theindicativecommissionpayable

totheDistributoroftheBespokeSplitDepositBRICCurrencyBond

ProtectedOptionis1.82%to2.07%(dependingonthecommission

payabletotheinvestmentintermediary)ofthetotalamountinvested.

Assumingthattheminimumsubscriptionamountisraisedandbased

onfinancialmarketconditionsasat18January2011,theindicative

commissionpayabletotheDistributoroftheBespokeSplitDeposit

BRICCurrencyBondAcceleratedOptionis2.18%to2.43%(depending

onthecommissionpayabletotheinvestmentintermediary)ofthetotal

amountinvested.

InvestmentIntermediarieswillreceiveacommissionof3.00%to

3.25%foradvisingindividualinvestorsandforintroducingthese

investorstotheBespokeSplitDepositBRICCurrencyBondProtected

Optionandwillreceiveacommissionof3.00%to3.25%foradvising

individualinvestorsandforintroducingtheseinvestorstotheBespoke

SplitDepositBRICCurrencyBondAcceleratedOption.Thelevelof

commissionpayabletoeachInvestmentIntermediarywilldependon

thevolumeofbusinessintroducedbythatInvestmentIntermediaryto

BespokeInvestmentsLimited.

5.MinimumInvestment:

Theminimuminvestmentamountis€25,000.

6.EligibleInvestors:

TheBondisavailabletoindividualinvestorsoveraged18.Thebond

isalsoopentopension,corporate,creditunion,charity,notforprofit

andnon-residentinvestors.

7.Dividends:

TheBonddoesnotbenefitfromdividends.TheBondissuitableonly

asacapitalgrowthinvestment.

8.CurrencyRisk:

TheReferenceBasketmaybedirectlyaffectedbychangesinforeign

exchangerates.

9.CapitalProtection:


Protected Option

100%oftheinitialamountinvestedintheDepositElementisprotected

atMaturity.100%oftheinitialamountinvestedintheInvestment

ElementisprotectedatMaturity.


Accelerated Option

100%oftheinitialamountinvestedintheDepositElementisprotected

atMaturity.

90%oftheinitialamountinvestedintheInvestmentElementis

protectedatMaturity.

Warning:Ifyouinvestinthisproductyoucouldlose7.50%ofthemoneyyouputin.

Warning:YourInvestmentmaybeaffectedbychangesincurrencyexchangerates.


Wheredoesmyinvestmentgo?


Protected Option

Ifasampleinvestmentof€100,000ismade,itwillbeused,atthe

dateofinvestmenton8April2011,asfollows:

€66,090or66.09%willbeusedtosecurethepromisedpayment

of€75,000payableafter3years,9months.Thisisequivalent

toapromisedreturnonthispartoftheinvestmentof3.42%p.a.

beforetaxisdeducted(ifapplicable).

Ifthecashbonuson75%ofyourInvestmentafter3years,

9monthsiszero,thepromisedpaymentwillrepresentareturn

of0.00%p.a.,on75%ofyourtotalinvestmentovertheperiodto

thedateofthepromisedpayment,beforeanytaxisdeducted.

€25,000or25%willbeusedtosecurethepromisedpaymentof

€26,500payableafter1year.Thisisequivalenttoapromised

returnonthispartofyourinvestmentof6.00%gross/AER*fixed

paidattheendofyear1beforetaxisdeducted(ifapplicable)plus

yourinitial25%investmentinthefixedratedeposit.

€3,340or3.34%willbeusedtosecurethecashbonuswhichmay

bepayableafter3years,9months.

€5,570or5.57%willbetakenincharges.

*AERistheAnnualEquivalentRateandillustrateswhattheinterestratewouldbeifpaidandcompoundedeachyear.Grossistheinterestratepaidbeforethedeductionoftax.AnyinterestthatispayabletoyoufromyourdepositsubjecttothetermsoftheInvestmentwillbedonesoafterthedeductionofrelevanttax.


Accelerated Option

Ifasampleinvestmentof€100,000ismade,itwillbeused,atthe

dateofinvestmenton8April2011,asfollows:

€59,730or59.73%willbeusedtosecurethepromisedpayment

of€67,500payableafter3years,9months.Thisisequivalenttoa

promisedreturnonthispartoftheinvestmentof3.31%p.a.before

taxisdeducted(ifapplicable).

Ifthecashbonuson75%ofyourInvestmentafter3years,

9monthsiszero,thepromisedpaymentwillrepresentareturn

of-2.77%p.a.,on75%ofyourtotalinvestmentovertheperiodto

thedateofthepromisedpayment,beforeanytaxisdeducted.

€25,000or25%willbeusedtosecurethepromisedpaymentof

€26,500payableafter1year.Thisisequivalenttoapromised

returnonthispartofyourinvestmentof6.00%gross/AER*fixed

paidattheendofyear1beforetaxisdeducted(ifapplicable)plus

yourinitial25%investmentinthefixedratedeposit.

€8,340or8.34%willbeusedtosecurethecashbonuswhichmay

bepayableafter3years,9months.

€6,930or6.93%willbetakenincharges.

*AERistheAnnualEquivalentRateandillustrateswhattheinterestratewouldbeifpaidandcompoundedeachyear.Grossistheinterestratepaidbeforethedeductionoftax.AnyinterestthatispayabletoyoufromyourdepositsubjecttothetermsoftheInvestmentwillbedonesoafterthedeductionofrelevanttax.

13

DoIhaveaccesstomyinvestment?

TheBondhasbeendesignedasamediumterminvestmentandshould

onlybeconsideredbyinvestorswhodonotrequireaccesstotheir

investmentbeforetheendoftheterm.Earlyencashmentrequestswill

onlybepermittedinexceptionalcircumstances.Investorsshouldalso

notethatthe100%CapitalProtectionthatappliestotheInvestment

ElementoftheBespokeSplitDepositBRICCurrencyBondProtected

Optionandthe90%CapitalProtectionthatappliestotheInvestment

ElementoftheBespokeSplitDepositBRICCurrencyBondAccelerated

Optionwillapplyonlyonthematuritydateattheendofthe3years,

9monthsterm.



The Investment Element:8January2015.

WhathappensifIdiebeforetheBondmatures?

Intheeventofthedeathofasoleinvestororsurvivingjointaccount

holderpriortotheexpiryoftheterm,theaccountwillcontinue

tothematuritydateinthenameoftheexecutororadministrator.

Alternatively,subjecttotheBank’sdiscretion,thebondmay

beredeemedpriortomaturity,subjecttonormalprobateregulations,

atitsrealisablevaluewhichmaybelowerthantheoriginalamount

investedandlowerthantheprincipalprotectedamount.

Warning:TheBondhasa3years,9monthsterm.Itisonlysuitableforinvestorswhoarewillingtoinvesttheircapitalforthis3years,9monthsterm.


Warning:Deductionsforchargesandexpensesarenotmadeuniformlythroughoutthelifeoftheproduct,butareloadeddisproportionatelyontotheearlyperiod.Ifaninvestorwithdrawsfromthebondpriortotheendofthe3years,9monthsterm,thepracticeoffront-endloadingwillimpactontheamountofmoneythattheinvestorreceives.


Whatabouttax?

Ourunderstandingisthatthetaxationtreatmentofaninvestment

inthisstrategyforprivateindividuals,basedoncurrenttaxlaw,

isasfollows:

• YourinvestmentissubjecttothedeductionofDepositInterest

RetentionTax(DIRT)fromanyinterestaddedtoyourinvestmentat

maturity(i.e.theexcessof(i)therelevantCapitalProtectedAmount

plustherelavantVariableAmountover(ii)theInvestmentElement

amount).Undercurrentlegislation,theeffectiveDIRTrateonthe

InvestmentElementoftheBondis30%.Thisissubjecttochange

withoutnotice.

• UndercurrentlegislationinterestontheDepositElementofthe

BondissubjecttoDIRT,currently27%,whereapplicableatthetime

ofmaturity.

• Youwillbeobligedtoincludethisinterestamount,beforeDIRT,in

yourincometaxreturnfortheyearinwhichtheinvestmentmatures.

• Youwillhavenofurtherpersonaltaxliabilityonreturnsfromthis

investmentonceDIRThasbeendeductedatmaturity.

• Someinvestors,suchasindividualsover65andthosewhoare

permanentlyincapacitated,maybeabletoreclaimfromtheRevenue

anyDIRTdeductedfromtheinvestmentatmaturity,iftheyarenot

otherwiseliabletotaxonthisinvestment.

• Companies,PensionFunds,Non-ResidentInvestors,CreditUnions

andRegisteredCharitiesmaybeentitled,incertaincircumstances,to

bepaidtheinterestwhentheinvestmentmatures,withoutdeduction

ofDIRT.

• TheinterestmayalsobesubjecttotheUniversalServiceCharge

(USC)inyourhandsintheyearinwhichtheinvestmentmatures.

ThismaychangeasthedetailsoftheDecember2010budgetare

implemented.

• TheinterestmayalsobesubjecttoPRSIinyourhandsinthetaxyear

inwhichthebondmatures.

Warning:TheaboveinformationrepresentsourunderstandingofthetaxationtreatmentoftheBondbutdoesnotconstitutetaxadvice.InvestorsshouldsatisfythemselvesindependentlyofthetaxationtreatmentoftheBond,inrelationtorevenuereportingrequirementsandtheimplicationsofnon-disclosureintheirownpersonalcircumstances.

Warning:ThisdocumentisbasedonourunderstandingofcurrentIrishtaxlawandpracticewhichissubjecttochangewithoutnotice.

15

CounterpartyRisk

PastPerformance

Volatility

InvestmentRisk

CurrencyExchangeRateRisk

SimulatedPerformance&Illustrations

InvestmentTerm

Charges

Taxation

CapitalProtection

5 Risk&WealthWarnings

Warning:IfeitherUlsterBankIrelandLimitedorSocieteGeneraleisnotinapositiontoperformitsroleintheBondasdefinedintheTerms&Conditionsatmaturity,thismayimpacteithertheCapitalProtectionorpotentialinvestmentreturnpayabletotheinvestor.

Warning:PastPerformanceisnotareliableguidetofutureperformance.

Warning:ThecurrencieswithintheReferenceBasketcanbevolatile.

Warning:Thevalueofyourinvestmentmaygodownaswellasup.

Warning:YourInvestmentmaybeaffectedbychangesincurrencyexchangerates.

Warning:Thesefiguresareestimatesonly.Theyarenotareliableguidetothefutureperformanceofyourinvestment.

Warning:Thisisa3years,9monthsinvestment.ThereisnoguaranteethattheReferenceBasketintheInvestmentElementwillhavedepreciatedsufficientlyoverthisinvestmenttermtogenerateapositivereturn.

Warning:TheBondhasa3years,9monthsterm.TheBondisonlysuitableforinvestorswhodonotrequireaccesstotheirinvestmentpriortotheendofthis3years,9monthsterm.


Warning:Deductionsforchargesandexpensesarenotmadeuniformlythroughoutthelifeoftheproduct,butareloadeddisproportionatelyontotheearlyperiod.Ifaninvestorwithdrawsfromthebondpriortotheendofthe3years,9monthsterm,thepracticeoffront-endloadingwillimpactontheamountofmoneythattheinvestorreceives.

Warning:ThisdocumentisbasedonourunderstandingofcurrentIrishtaxlawandpracticewhichissubjecttochangewithoutnoticeanddoesnotconstitutetaxadvice.

Warning:Ifyouinvestintheacceleratedoptionofthisproductyoucouldlose7.50%ofthemoneyyouputin.

Warning:Thevalueofyourinvestmentmaygodownaswellasup.Youmaygetbacklessthanyouputin.



Thefollowingdocumentationisrequiredbypersonalinvestorsfor

antimoneylaunderingpurposes:

Proof of Identity

Certifiedcopyofpassportordriverslicenseforeachpersonsigning

theapplicationformcertifiedbyanyofthefollowing:Garda,Accountant,

Solicitor,designatedbody.

Proof of address

Certifiedcopyofutilitybill,bankstatementorrevenuedocumentation

foreachpersonsigningtheapplicationformandlessthan6monthsold.

Otherdocumentationwillberequiredforcorporate,pension,credit

unionandcharitableorganisationapplicants.Pleaserefertoyour

financialadvisorformoredetails.

Non-residentclientswillberequiredtopresentverificationofidentity

fromareputablefinancialinstitutionintheclient’scountryofresidence.

Thefollowingdocumentationisrequiredbyallinvestorsfortaxation

purposes:

Personal Investors:

DocumentaryevidenceofPPSNumberforeachpersonsigningthe

applicationform(CertifiedcopyofP60,companypayslip(ifthecompany

isregisteredfortax)orofficialcorrespondencefromtheRevenue

Commissionerslessthan6monthsold).

Non-Personal Investors:

DocumentaryevidenceofTaxReferenceNumber[Certifiedcopy

ofofficialcorrespondencefromtheRevenueCommissionerslessthan

6monthsold].

1.Definitions

‘Bespoke’meansBespokeInvestmentsLimitedintheircapacity

asArrangerandLeadDistributoroftheBond.BespokeInvestments

LimitedisregulatedbytheCentralBankofIreland.

‘DAM’meansDugganAssetManagementLimitedtradingasDuggan

AssetManagementanditssuccessors,assignsandtransferees.Duggan

AssetManagementLimitedtradingasDugganAssetManagementis

regulatedbytheCentralBankofIreland.

‘Bank’meansUlsterBankIrelandLimited.Aprivatecompanylimited

byshares,tradingasUlsterBank,UlsterBankGroupandBancUladh.

RegisteredintheRepublicofIrelandNo25766.RegisteredOffice:

UlsterBankGroupCentre,George’sQuay,Dublin2.UlsterBankIreland

LimitedisamemberofTheRoyalBankofScotlandGroupofCompanies

andisregulatedbytheCentralBankofIreland.

‘Bond’meanstheBespokeSplitDepositBRICCurrencyBond.

‘Account’meansthefixedtermdepositaccountinyournameopenedby

theBankforthepurposesofCondition4below.

‘Deposit Element’meansthe1yearfixedratedepositasdescribed

in5(a)below.

‘Investment Element’meansthe3years,9monthsdepositasdescribed

in5(b)below.

‘You/your’meanstheperson(s)(naturalorcorporate)investingmoney

intheBondinaccordancewiththeseTermsandConditionsandincludes

theirsuccessors.

‘Capital Protected Amount’means100%oftheInvestmentElementor

100%oftheDepositElementinthecaseofTheBespokeBRICCurrency

BondProtectedOptionand90%oftheInvestmentElementor100%of

theDepositElementinthecaseofTheBespokeBRICCurrencyBond

AcceleratedOption.

‘Variable Amount’shallmeantheinvestmentreturnpayableinaddition

totheCapitalProtectedAmountinrespectoftheInvestmentElementin

accordancewithClause5.

‘Term’meanstheperiodfromandincludingtheStartDatetothe

MaturityDate,foreithertheDepositElementortheInvestmentElement

asthecasemaybe.

‘Reference Basket’ meansanequalweightingofthefollowingcurrency

pairs,Euro/BrazilianReal,Euro/RussianRuble,Euro/IndianRupeeand

Euro/ChineseRenminbi.

‘Start Date’ means8April2011.

‘Final Valuation Date’means5January2015.

‘Maturity Date’means10April2012inrelationtotheDepositElement

and8January2015inrelationtotheInvestmentElement.

‘Closing Date’means31March2011.

‘Counterparty’meansSocieteGenerale.

‘Deposit Amount’meanstheamountinvestedbyyouintheBond.

6 Terms&Conditions

17

2.Availability

a) TheBondisavailabletopersonalcustomers(aged18orover)

whetherintheirownnameorinjointnames.Pensionfunds,

companies,creditunionsandotherinstitutions/entitiesmayalso

investintheBond.Theminimumdepositis€25,000.

b) Theclosingdateforapplicationsis31March2011orearlier

iffullysubscribed.DAMacceptsnoresponsibilityforapplications

(i.e.completedapplicationform(s)plusclearedfundsandanyother

appropriatedocumentationifrequired)untiltheyarephysically

receivedbyDAM.Applicationswillnotbeacceptedafterthe

closingdate.

c)AllpaymentsinrelationtotheBondwillbedenominatedinEuro.

d)NointerestwillbepaidtoyouintheperioduptotheStartDate

of8April2011.

3.DocumentationRequirements

IfyouarenotinvestingintheBondonanexecutiononlybasisorifyou

arebeingadvisedbyanauthorisedinvestmentintermediary,youmust

completeafullfact-findforyourfinancialadvisorwhichisrequiredin

ordertoenableyourfinancialadvisortofulfilitsobligationsinassessing

thesuitabilityofthisproductforyourneeds.Inaddition,youwillneedto

satisfytheanti-moneylaunderingrequirementsoutlinedabove.

4.Yourinvestment

100%oftheInvestmentElementand100%oftheDepositElement

arecapitalprotectedattherelevantMaturityDateinthecaseofthe

BespokeSplitDepositBRICCurrencyBondProtectedOption.90%of

theInvestmentElementand100%oftheDepositElementarecapital

protectedattherelevantMaturityDateinthecaseoftheBespokeSplit

DepositBRICCurrencyBondAcceleratedOption.DAMwillplaceyour

investmentintheAccountwiththeBank.Thematurityproceedsofyour

investmentwillbereturnedtoyouattheendoftheTermtogetherwith

anyVariableAmountpayablebytheBank.

5.Interest

a) 25%ofyourInvestmentwillbeplacedintheDepositElementandwill

payinterestof6.00%gross/AERfixedwithin5workingdaysofthe

maturitydate:10April2012.YourInvestmentintheDepositElement

willalsobereturnedtoyouonthisdate.

b) 75%ofyourInvestmentwillbeplacedintheInvestmentElementof

theBond.ThepotentialVariableAmountpayableontheInvestment

ElementwillbedeterminedontheMaturityDateoftheBond.

ThevariableamountpayableatmaturityinrespectoftheInvestment

ElementoftheBespokeSplitDepositBRICCurrencyBondProtected

Optionwillbe100%ofthefall,ifany,intheReferenceBasketandwill

beaddedtothecapitalprotectedlevelof100%oftheamountinitially

investedintheInvestmentElement.

TheVariableAmountpayableatmaturityinrespectoftheInvestment

ElementoftheBespokeSplitDepositBRICCurrencyBond

AcceleratedOptionwillbe250%ofthefall,ifany,intheReference

Basketandwillbeaddedtothecapitalprotectedlevelof90%ofthe

amountinitiallyinvestedintheInvestmentElement.

Thefall,ifany,intheReferenceBasketiscalculatedasfollows:

c) WhilsttheInvestmentElementoftheBespokeSplitDepositBRIC

CurrencyBondProtectedOptionis100%capitalprotectedbythe

BankandtheInvestmentElementoftheBespokeSplitDepositBRIC

CurrencyBondAcceleratedOptionis90%capitalprotectedbythe

Bank,anyreturnthattrackstheperformanceoftheReferenceBasket

isnotcertain.TheVariableAmount,ifany,isprovidedfromthe

payoutofafinancialderivativepurchasedbytheBankfromSociete

Generale(the“Counterparty”)beforetheStartDate.

Basket Return

Initial Price1 i=1-4

FixingpublishedonthePriceSourceforCurrencyPair,asoftheStartDate

Final Price1 i=1-4

FixingpublishedonthePriceSourceforCurrencyPair,asoftheFinalValuationDate

Reference Basket

i Currency Pair Price Source

1 EUR/RUBEUR/USDfixingpublishedat2.15FrankfurttimepublishedonpageECB37*USD/RUBpublishedonpageEMTA1:00PMMoscowtime

2 EUR/BRLEUR/USDfixingpublishedat2.15FrankfurttimepublishedonpageECB37*USD/BRLpublishedonpageBRFRPTAX(offerside)6:00PMSaoPaolotime

3 EUR/INREUR/USDfixingpublishedat2.15FrankfurttimepublishedonpageECB37*USD/INRpublishedonpageRBIB12:00AMMumbaitime

4 EUR/CNYEUR/USDfixingpublishedat2.15FrankfurttimepublishedonpageECB37*USD/CNYpublishedonpageSAEC9:15AMBeijingtime


AnyinvestmentreturnpayableontheAccountatthematurityofthe

TermisconditionalonthefulfilmentoftheCounterparty’sobligations

totheBank.

Incertain,albeitunexpectedcircumstances,theCounterpartymay

terminateordefaultonthederivativecontractbeforeitsnatural

expiry.Ifthisweretohappen,thereturnontheAccounttosuch

terminationwillbecalculatedusingbestmarketpracticeandno

furtherinvestmentreturnwillbeearnedontheBond.

Investmentreturnearnedtothedateofterminationwillbeheldinan

interestbearingdepositaccountandwillbecreditedtotheAccount

ontheMaturityDate.Youwillbeentitledtothereturnoftherelevant

CapitalProtectedAmountplusanyvariableamountearned,payable

onmaturity.IntheeventoftheCounterpartybeingunabletofulfilits

obligationstotheBank,yourreturnsmaybelimitedtothereturnof

yourCapitalProtectedAmountonly.

d)IfanydatementionedinthisClause5doesnotfallonadayonwhich

banksareopenforbusinessinLondonandDublin,unlessotherwise

stated,thenextfollowingdayonwhichtheyareopenwillbeusedin

itsplace.

e) InvestmentreturnearnedontheBondwillbedependanton

fluctuationsinfinancialmarketsthatareoutsideDAM’sandthe

Bank’scontrol.PastPerformanceorSimulatedPastPerformanceisnot

areliableguidetofutureperformance.

6.Withdrawals

a) YourinvestmentisafixedinvestmentfortheTermoftheBondand

isintendedonlyforinvestorswhodonotrequireaccesstotheir

investmentpriortoitsmaturity.

b) Intheeventofthedeathofasoleinvestororsurvivingjointinvestor

priortotheexpiryoftheTerm,theBondwillcontinuetotheMaturity

Dateinthenameoftheexecutororadministrator.Alternatively

andwherepossible,thefundsmaybewithdrawn,subjecttonormal

probateregulations,attherealisablevalueoftheBond(asdetermined

bytheBank)whichmaybelowerthanthelowerthantheCapital

ProtectedAmount.

NoadditionalinvestmentsintheBondareallowedduringthetermof

theBond.

7.Disclaimer

TheproviderofthePriceSourceshallnotbeliable(whetherin

negligenceorotherwise)toyouforanyerrorinanypricequotedand

shallnotbeunderanyobligationtoadviseyouofanyerrortherein.

8.Tax

Theinvestmentisheldintheformofadepositaccount.Undercurrent

legislation,theinterestontheInvestmentElement,(i.e.theexcessof

(i)therelevantCapitalProtectedAmountplustherelevantVariable

Amountover(ii)theInvestmentElementamount)ifany,paidto

investorswhoareIrishresidentatmaturitywillbesubjecttoDeposit

InterestRetentionTaxof30%,beingthestandardrateofDeposit

InterestRetentionTax(27%)plus3%.Thesetaxdeductionswillapplyat

thematurityoftheinvestmentandwillbemadeatsourcebytheBank.

Undercurrentlegislation,anyinterestearnedontheDepositElementof

theBondwillbetaxedatarateof27%.

Certainnon-residents,pensionfunds,charities,creditunionsand

companiesmayapplytoreceivereturnsgrosswithoutdeduction

oftax.Investorsareresponsibleforprovidinganyinformationor

documentationnecessarytoconfirmstatus.

Allinvestorsmustaccuratelydiscloseallmaterialfacts.Investorsare

responsibleforprovidinganyinformationordocumentationnecessary

toconfirmnon-residency,pensionfund,charity,companyetcstatus.

Investorsmustsatisfythemselvesinrelationtoallrevenuereportingand

disclosurerequirementsandtheimplicationsofanysuchnon-disclosure.

9.Maturity

Theproceedsofyourinvestmentwillbepaidonorafter8January

2015.YourFinancialAdvisorwillcontactyoubeforetheBondmatures,

advisingyouoftheforthcomingMaturityDateandadvisingyouofyour

optionswithrespecttothematuringamount.

10.RighttoTerminateContract

YouhavetherighttocancelthiscontractpriortotheStartDate

oftheBond.

11.Variation

DAMreservestherighttoamendtheseTermsandConditions,subject

tothewrittenconsentoftheBank,duringtheTermoftheBondifthere

isamaterial,legal,taxorregulatorychangeaffectingtheseTermsand

Conditions.YourFinancialAdvisorwillnotifyyouofanychangesatleast

30daysinadvanceofchangestakingeffect.

19

12.Fees

DAMreceivesafeeforarrangingthisproduct.Anauthorisedinvestment

intermediaryreceivesafeefordistributingthisproduct.Thesefeesare

setoutintheKeyFeaturespartofthisbrochureandarereflectedinthe

termsoftheinvestment.

13.Confidentiality

DAMandtheBankobserveadutyofconfidentialityaboutyour

financialaffairs.NeitherDAMnortheBankwilldisclosedetailsofyour

investmentoryournameandaddresstoanyoneelse,otherthantoany

confidentiallyappointedagentsactingontheirbehalforwhere:

• Theyarecompelledorcompelledbylawtodoso.

• Thereisadutytothepublictodisclose.

• Theirlegitimateinterestsrequiredisclosure.

• Disclosureismadeatyourrequestandwithyourconsent.

TheBankmaypassyourinformationtoothercompanieswithinthe

RoyalBankofScotlandgroupofcompanies,ofwhichitisamember.

14.Deposit

ByinvestinginthisBond,youneitherholdthecurrencieswhichare

constituentsoftheReferenceBasketnorbenefitfromanydividendspaid

onthoseassets.YourCapitalProtectedAmountisheldondepositwith

theBankatalltimes.

15.Representation

ThecontentsofthisbrochurearetheresponsibilityofBespokeand

DAM.UlsterBankIrelandLimitedisactingasadeposittakeronlyand

isnotliableforanyoftheresponsibilitiesoractionsoftheProduct

Produceroranydistributororintermediarytoaninvestorinthisproduct.

TheBankisnotofferingtoprovideandhasnotprovidedfinancialor

taxadvicetoanyinvestor,theProductProducer,anydistributoror

intermediary.Itismakingnorepresentationastothetermsofthis

productortoitslikelyfutureperformance.Anysuchstatementswillbe

thoseoftheProductProduceronly.

TheBondisproducedbyDAMandtheBankhasagreedtoprovide

servicesinrespectoftheBondassetoutintheBankingServices

AgreementbetweenDAMandtheBank.AnyotherDistributor

appointedbyBespokeorDAMisappointedbyBespokewhointurnare

appointedbyDAMonlyandisnotemployedbytheBank.

16.MarketDisruption

IfatanytimeduringtheTermanyoftheeventslistedinsub-

paragraphs(i)to(iii)occurs(eachsucheventa“MarketDisruption

Event”)intheformof:(i)adisruptionorsuspensionof,orlimitation

on,theoperationsofanyofthepartiesorentitiesconnectedwiththe

provisionofservicesaffectingtheBondforanyreasonwhatsoever;

or(ii)anymaterialdisruptionofanyoftheofthefreetradingofthe

currenciesincludedintheReferenceBasketforanyreasonwhatsoever,

includingbutnotlimitedto,devaluation,cancellation,replacement,

inconvertibility,non-transferabilityortheimpositionofdualormultiple

exchangerates,anycurrencyexchangeratepeg,orofanylimitsbyan

authorityofthefreetradingorexchangecontrolsinrespectofanysuch

currency;or(iii)thePriceSourceceasestobeavailable;thentheBank

mayadjustthevaluesusedinthecalculationoftheVariableAmountas

itdeemsappropriateinitssoleandabsolutediscretion,havingregard

totheMarketDisruptionEventinquestion.TheVariableAmount

(ifany)maybelowerasaresultoftheadjustment.Further,followinga

MarketDisruptionEvent,theBankmaysubstitutethePriceSourcewith

asimilarpricingsourceorsubstituteanycurrencyforitsreplacement

currencyasitdeemsappropriate.

17.Information

TheseTerms&Conditionsrepresentthetermsofthecontractbetween

youandDAM.Youacknowledgethatyourapplicationismadeonthe

basisofandissubjectto,theseTerms&Conditionsandtheattached

brochureandthatyouhavenotreliedonanyrepresentationsorother

information(whetheroralorwritten)otherthanassetforthherein.

Allinformationthatissuppliedtoyouandallcommunicationswithyou

willbeinEnglish.Theinformationcontainedinthisbrochureiscorrect

atthedatesenttoyou.

18.Assignment

TheAccountand/oranyinterestpayableatmaturity,maynotbe

assigned,chargedorotherwisedealtwithwithoutthepriorwritten

consentoftheBank.

19.Jurisdiction

TheTermsandConditionsshallbegovernedbyandconstruedin

accordancewiththelawsofIrelandandtheCourtsofIrelandshallhave

exclusivejurisdictiontoresolveanydisputesinconnectionwiththese

TermsandConditions.


YourPersonalData–UlsterBankIrelandLimited

1Yourinformation

1.1WhoisUlsterBankIrelandLimited?

YouraccountiswithUlsterBankIreland

Limitedwhoisadatacontroller.DAMisa

jointdatacontrollerwiththeBank.Pleaserefer

toyourbroker,distributororintermediary

forinformationonhowtheywilluseyour

information.TheBankisamemberofthe

RoyalBankofScotlandGroup(theGroup).

ForinformationabouttheGroupplease

visitpleasevisitwww.rbs.com,orforsimilar

enquiriespleasetelephone00441315568555.

1.2Yourelectronicinformation

IfyoucontacttheBankelectronically,itmay

collectyourelectronicidentifier,(e.g.Internet

Protocol(IP)addressortelephonenumber)

suppliedbyyourserviceprovider.

2HowUlsterBankIrelandLimitedusesyour

informationandwhoweshareitwith?

2.1TheBankmayuseandshareyour

informationwithothermembersofthe

GrouptohelptheBankandthem.Itwill

beused,forexample,tohelpdevelop

customerrelationsortohelptheBank

makecreditrelateddecisionsaboutyou.

Suchcredit-relateddecisionsmaybemade

solelybymeansofautomaticprocessing.

Youconsenttosuchprocessing.

2.2Yourinformationincludesinformation

aboutyourtransactions.

2.3TheBankmaylinkinformationbetween

youraccountsandotherproductsand

servicesyouholdwiththeBank.TheBank

mayalsolinkinformationbetweenyouand

otherswithwhomyouhaveafinanciallink.

Unlessyouconsent,theBankwillnotuse

thelinksformarketingpurposes.

2.4TheBankdoesnotdiscloseyour

informationtoanyoneoutsideofthe

Groupexcept:-

· WheretheBankhasyourconsent

· WheretheBankisrequiredorpermittedto

dosobylaw

· Toothercompanieswhoprovideaservice

totheBankoryou

· WheretheBankmaytransferrightsand

obligationsunderthisagreement

2.5FromtimetotimetheBankmaychange

thewayinwhichitusesyourinformation.

WheretheBankbelievesyoumaynot

reasonablyexpectthechangeitshall

notifyyou.

2.6Ifyouwouldlikeacopyoftheinformation

theBankholdsaboutyou,pleasewrite

to:UlsterBankIrelandLimited,Capital

Markets,3rdFloorUlsterBankGroup

Centre,GeorgesQuay,Dublin2.Afeemay

bepayable.

3Creditreferenceandfraudprevention

agencies

TheBankmaymakeperiodicsearchesof

andprovideinformation(includinghowyou

manageyouraccountandanyarrears)to,

creditreferenceagencies,fraudprevention

agenciesandtheGrouptomanageand

takedecisionsaboutyouraccount.Such

informationmaybeusedbyothercredit

providerstotakedecisionsaboutyouandyour

financialassociates.TheBankcanprovidethe

namesandaddressesoftheagenciesitusesif

youwouldlikeacopyofyourinformationheld

bythem,pleasecontacttheBankon01709

2099.Theagenciesmaychargeafee.

Deposit Protection Scheme

DepositswiththeBankarecoveredunder

thetermsoftheDepositProtectionScheme,

whichisadministeredbytheCentralBank

ofIrelandandisfundedbyauthorisedcredit

institutions.Thisschemeprovidesforthe

protectionofdepositsirrespectiveofcurrency.

Themaximumamountyoucangetunderthe

schemeis€100,000foreachbank,building

societyorcreditunionregulatedbythe

CentralBankofIreland.

Investor Compensation Scheme

TheInvestorCompensationAct,1998provides

fortheestablishmentofacompensation

schemeandthepayment,incertain

circumstancesofcompensationtocertain

clients(knownaseligibleinvestors*)ofDAM.

Protectionundertheschemeislimitedto

depositsheldbyonedepositorsubjecttoa

maximumcompensationpaymentof€20,000.

*Apersonisaneligibleinvestorifhe/sheisaclientofaninvestmentfirmthathasfailedandhasmadeanapplicationforpaymentunderSection34oftheInvestorCompensationAct,1998.

Complaints Procedure

Bespokeaimstoprovidethehighestquality

ofcustomerserviceatalltimes.Ifyouhave

anycomplaint,pleasecontactBespoke

InvestmentsLimited,16RodenPlace,

Dundalk,CoLouth.Ifyouaredissatisfied

withtheoutcomeofoureffortstoresolveyour

complaintyoumayreferyourcomplainttothe

FinancialServicesOmbudsman’sBureau,3rd

Floor,LincolnHouse,LincolnPlace,Dublin2.

LoCall:1890882090;Telephone(01)6620899;

Fax(01)6620890.

e-mail:[email protected]

7 DataProtection

I/We hereby apply for The Bespoke Split Deposit BRIC Currency Bond in the name(s) of:

Primary Name: Date of Birth:

Address:

Telephone Number (Home): Mobile Number:

Email Address:

PPS/Tax Reference Number (evidence required):

Secondary Name: Date of Birth:

Address:

Telephone Number (Home): Mobile Number:

Email Address:

PPS/Tax Reference Number (evidence required):

*InaccordancewithIrishRevenueCommissionersrequirements,weareobligedtoaskeverypersonopeninganaccounttoprovidetheircurrentPPS/TRNnumberandtosupplydocumentationverifyingsame.

I/Wewishtoinvest: € intheBespokeBRICCurrencyBondProtectedOption(€25,000Minimum).

€ intheBespokeBRICCurrencyBondAcceleratedOption(€25,000Minimum).

Ifyourinvestmentisbeingmadetogetherwithanotherpersonyouacknowledgethattheinvestmentwillbeajointinvestmentbetweenthepersonsnamedherein.

Please tick the appropriate box: PersonalInvestment PensionFund CompanyAccount Other Pleasespecify:

I/Wequalifyforthefollowingtaxationclassification:

Please tick the appropriate box: DIRT Other*

*Relevantdocumentationwillberequiredfortax-freestatusinthecaseofcharities,pensionfunds,creditunions,companiesandnon-Irishresidentsetc.

Declaration:I/Wedeclarethat(i)thedetailsabovearecorrect,thatI/Weareover18andconfirmthatI/WeunderstandandaccepttheKeyFeaturesandTerms&ConditionsontheBondsetoutinthisbrochure.I/Weunderstandthattheinvestmentwillnotbedeemedtohavebeenmadeuntiltheapplicationhasbeenacceptedandthat,ifandwhenaccepted,theinvestmentwillcommenceon8April2011.I/Weherebyrequestandauthorizeyou:(a)toopenandadministeranaccountforme/uswithUlsterBankIrelandLimitedand(b)togiveeffecttoanywrittenrequest,directionorinstructionrelatingtotheaccountonthesignature(s)ofme/usinaccordancewiththeTermsandConditions.BysigningthisapplicationIam/weareagreeingthatUlsterBankIrelandLimitedmayusemy/ourinformationinthewaydescribedinthisformandintheassociatedTermsandConditions.UlsterBankIrelandLtdmayobtaininformationaboutme/usfromcreditreferenceagenciesandGrouprecordstocheckmy/ourcreditstatusandidentity.I/Weunderstandthattheagencieswillrecordenquirieswhichmaybeseenbyothercompanieswhomaketheirowncreditenquiries.UlsterBankIrelandLimitedmayusecreditscoring.

Signature: Date:

Secondary Signature: Date:

ExecutionOnly(ONLYTOBECOMPLETEDBYEXECUTIONONLYINVESTORS):I/WeacknowledgethatI/wehaverequestedinformationonTheBespokeBRICCurrencyBondandconfirmthatI/wedonotwishtoprovideinformationinrespectofmy/ourfinancialhistoryandinvestmentobjectivestodeterminethesuitabilityofthisinvestmentformy/ourpurposesbutwishtoproceedwiththepurchaseoftheBondonanexecutiononlybasis.I/WeacknowledgethatinvestmentsmayfallaswellasriseinvalueandthatI/wehavenotreceivedanyadvicefromaregulatedfinancialentitywithrespecttotheBond.I/Weherebyrequestandauthorizeyou:(a)toopenandadministeranaccountforme/uswithUlsterBankIrelandLimitedand(b)togiveeffecttoanywrittenrequest,directionorinstructionrelatingtotheaccountonthesignature(s)ofme/usinaccordancewiththeTermsandConditions.BysigningthisapplicationIam/weareagreeingthatUlsterBankIrelandLimitedmayusemy/ourinformationinthewaydescribedinthisformandintheassociatedTermsandConditions.UlsterBankIrelandLtdmayobtaininformationaboutme/usfromcreditreferenceagenciesandGrouprecordstocheckmy/ourcreditstatusandidentity.I/Weunderstandthattheagencieswillrecordenquirieswhichmaybeseenbyothercompanieswhomaketheirowncreditenquiries.UlsterBankIrelandLimitedmayusecreditscoring.

Signature: Date:

Secondary Signature: Date:

ApplicationForm

Pleasecompleteinblockcapitalsandreturnalongwithyourcheque/draftmadepayabletoUlsterBankIrelandLimited.Priortoanytransactionbeingenteredinto,acompletedApplicationForm,togetherwiththerelevantdocumentationasspecifiedin‘TermsandConditions’mustbereceived.

Tear

out

Tear

out

BespokeInvestmentsLimited,16RodenPlace,Dundalk,Co.Louth

Tel: 0818306090

Email:[email protected]

Web: www.bespokeinvestments.ie

BespokeInvestmentsLimitedisregulatedbytheCentralBankofIreland.

Documents

The Bespokein 2011 in Emerging Markets versus only 1.90% in Developed Markets. The BRIC nations have the potential to continue growing at a faster pace than their Developed Market