Tender Results

BNP Paribas S.A. announces Final Results of its Tender Offers for

ESB Finance Limited's €600,000,000 6.250 per cent. Notes due 11 September 2017 and
€500,000,000 4.375 per cent. Notes due 21 November 2019

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT

10 June 2016. BNP Paribas S.A. (the Offeror) announces today final results of its separate invitations to holders of the €600,000,000 6.250 per cent. Notes due 11 September 2017 (ISIN: XS0827573766) (the 2017 Notes) and the €500,000,000 4.375 per cent. Notes due 21 November 2019 (ISIN: XS0856023493) (the 2019 Notes and, together with the 2017 Notes, the Notes), each Series of which was issued by ESB Finance Limited (the Company) and unconditionally and irrevocably guaranteed by Electricity Supply Board (the Guarantor), to tender their Notes for purchase by the Offeror for cash (each such invitation, an Offer and together, the Offers). 

The Offers were announced on 31 May 2016 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 31 May 2016 (the Tender Offer Memorandum). Capitalised terms used in this announcement have the meanings given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 7 June 2016.

New Notes Condition and Final Acceptance Amount

The Offeror announces that the New Notes Condition described in the Tender Offer Memorandum has been satisfied and that it has determined that the Final Acceptance Amount for the Offers is €284,783,000.

2017 Notes

The Offeror has determined that the 2017 Notes Acceptance Amount is zero and, accordingly, it will not accept for purchase any 2017 Notes validly tendered pursuant to the relevant Offer.

2019 Notes

The Offeror has determined that the 2019 Notes Acceptance Amount is €284,783,000 and, accordingly, it will accept for purchase all 2019 Notes validly tendered pursuant to the relevant Offer with no pro rata scaling.

The Purchase Price the Offeror will pay for the 2019 Notes validly tendered and accepted for purchase is 115.275 per cent. of the principal amount of the relevant 2019 Notes. The Offeror will also pay Accrued Interest in respect of 2019 Notes accepted for purchase pursuant to the relevant Offer.

The Settlement Date in respect of the 2019 Notes accepted for purchase pursuant to the relevant Offer is today, 10 June 2016. Following cancellation of the 2019 Notes accepted for purchase pursuant to the relevant Offer, which is expected to take place on 14 June 2016, €215,217,000 in aggregate principal amount of the 2019 Notes will remain outstanding.

BNP Paribas and Banco Bilbao Vizcaya Argentaria, S.A. are acting as Joint Dealer Managers and Lucid Issuer Services Limited is acting as Tender Agent.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire or sell any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Joint Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange