Mulcair Securities DAC: 21 April 2019

A stand-alone transaction where the Issuer will make payments on the Notes from payments of principal and interest on a portfolio comprising of buy-to-let loans originated by The Governor and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank and ICS Building Society (together the "Original Lenders") and secured over residential properties located in Ireland.

Note, in September 2014 the business of ICS was transferred to Bank of Ireland by way of a statutory transfer scheme under Part III of the Central Bank Act 1971. Accordingly, Bank of Ireland is the legal and beneficial owner of loans in the Mortgage Portfolio originated by ICS.

The Provisional Mortgage Portfolio (as at 31 January 2019) consists of 1,727 mortgage loans advanced on 1,386 properties to 788 borrowers. The average mortgage loan balance is Eur218,467 and the maximum is for Eur4.365mln. Repayment type: P&P – 64.68%, repayment – 19.77% and interest only – 15.55%. Interest rate type: variable – 99.20%, fixed – 0.80%. Obligor concentration: top 5 borrowers – 9.48%. The WA current indexed LTV is 81.67% (original LTV was 74.33%) and the WA seasoning is 12.44 years. Regional concentration: Dublin – 54.79%, Cork – 12.27% and Galway – 5.32%.

Significant investor: Bank of Ireland will, on the Closing Date, retain not less than 5% of the nominal value of each tranche of Notes sold or transferred to investors (including the Class Z Notes). M & G Specialty Finance (Luxembourg) 1 S.á r.l. and Prudential Loan Investments 1 S.á r.l. are expected, on the Closing Date, to purchase circa 95% of the Class Z Notes.

EU Risk Retention: Bank of Ireland will hold on the Closing Date, in the capacity of originator (as defined in the Securitisation Regulation), and retain on an on-going basis until the maturity of the Notes a material net economic interest of not less than 5% of the nominal value of the securitisation in accordance with Article 6(1) of Regulation (EU) No 2017/2402. As at the Closing Date, such interest will comprise retention by Bank of Ireland of not less than 5 percent of the nominal value of each of the tranches sold or transferred to investors.

U.S. Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the U.S. Risk Retention Rules, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Dunmore Securities No. 1, Jepson Residential 2019-1