Abbey plc (ISE:DOY) commences share repurchases on January 26, 2017 under the program mandated by the shareholders in the Annual General Meeting held on October 7, 2016. As per the mandate, Abbey will repurchase up to 5% of the ordinary share capital of the company in issue. The minimum price (excluding expenses) which may be paid for any ordinary share shall be an amount equal to the nominal value thereof. The maximum price (excluding expenses) which may be paid for any ordinary share shall be the highest of either 5% above the lower of either the average of the closing prices of the company's ordinary shares taken from the Irish Stock Exchange Daily Official List and the average of the closing prices of the company's ordinary shares taken from the London Stock Exchange daily official list, in each case for the five trading days (being days on which trading occurs generally on the Irish Stock Exchange and the London Stock Exchange, respectively, as the case may be) prior to the day the repurchases is made, or if on any trading day there shall be no dealing of ordinary shares on the trading venue where the purchase is carried out, or a closing price is not otherwise available, the market purchase appropriate price shall be determined by such other method as the Directors shall determine, in their sole discretion, to be fair and reasonable. The amount stipulated by Article 3(2) of Commission Delegated Regulation (EU) 2016/1052 adopted by the European Commission pursuant to Article 5 of Regulation No. 596/2014 of the European Parliament and Council, being the higher of either the price of the last independent trade; and the highest current independent purchase bid for the company's ordinary shares on the trading venue where the purchase is carried out, including where the ordinary shares are traded on different trading venues. The shares will be repurchased on the market. The program will be valid till the next Annual General Meeting or 15 months from the date of the resolution, whichever is the earlier, unless previously varied, revoked or renewed by special resolution in accordance with the provisions of Section 1074 of the 2014 Act.