EA's Jeremy Dalberg has posted
another one of his "Five on Friday" Q&A features on the official Ultima Online website.
"How, exactly, does the talisman bonus % to success and exceptional work?"
It's additive - so if you have a 50% chance of success (or exceptional) and put on a +25% talisman, you'd have a 75% chance of success (or exceptional.)
The altered percentage should be displayed in the crafting menu - however, if you are looking at an item's page and you add or remove a talisman, you will have to refresh the page (by going back to the main menu or closing/reopening the window) in order to see the change.
Ultima Online Five on Friday Q&A 
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