SHAREHOLDERS DEMAND ANSWERS AND IMMEDIATE MEETING WITH

IL&P EXECUTIVES BY THURSDAY, JUNE 9 2011

A growing group of angry Shareholders continue to contact the Board of

IL&P in the context of the upcoming critical announcements regarding
details of the IL&P recapitalisation and the discussions that are now
taking place in this regard.

Two letters have been sent to the Board members - one on 19 April and
the second on 12 May; altogether 10 pages of comprehensive and
insightful analyses, views, queries and requests. Shareholders have not
received any substantive replies. The only reply appears to be a short
response from the Secretary of the Board, Ciaran Long, which was
dismissive and certainly non-substantive. Many shareholders have
written to Kevin Murphy (CEO), David McCarthy (CFO) and Ciaran Long -
Company Secretary to express their sentiments and insights and to
request action.

To date, shareholders have not received any substantive reply from the
Board - other than dismissive short responses. They now demand a
substantive reply to all their letters and emails be provided by no later
than the end of Thursday, 9 June 2011.

Shareholders continue to ask for explanations to the following

questions:

+ Why is the Life Assurance business being apparently propped up at

the expense of the bank?

+ Why was the planned dividend from the Life Assurance business to
the bank lowered from €243m to €143m?

+ Why are critical and substantive funds, possibly more than €100m,
being spent on Quinn Healthcare to prop up the Life Assurance
business, when this transaction is unlikely to directly and unequivocally
benefit the current IL&P shareholders in this dramatic and unstable time
to IL&P?

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+ Why is the Liability Management Exercise undertaken now in a way
that will likely have a NEGATIVE (not a positive) immediate net effect on
the PTSB bank capital (due to substituting tier 1 for tier 2)?
Shareholders have not received any substantive answers and are now
demanding that such substantive answers be provided by no later than
the end of Thursday, 9 June 2011.

Despite the feeling of disenfranchisement felt by Shareholders, they

have remained constructive and determined to find an equitable solution
to the IL&P recapitalisation, which would safeguard the interests of the
Irish State and at the same not crudely violate basic ownership rights of
the IL&P shareholders.

They are demanding that a meeting be organised with the decision-

makers in this regard within the Irish Authorities ASAP. The growing
feeling of anger continues to mount and shareholders now demand that
the Executive now organise this meeting without any further delay. IL&P
continue to deploy stalling tactics in this regard. Shareholders demand a
substantive reply in this regard by no later than the end of Thursday, 9
June 2011.

At the AGM, constructive shareholder questions and queries were met

with dismissiveness and contempt on the part of the Board and
Chairman. The Secretary to the Board was asked a number of times to
provide shareholders with minutes from the AGM, so they could
constitute an important proof of what exactly happened at the AGM.
They continue to demand that those minutes be provided without any
undue delay.

These minutes must reflect word-for-word what was said at the AGM.

Kevin Murphy (CEO), David McCarthy (CFO) and Ciaran Long (Secretary
to the board) and all the other Board members, are personally
accountable for their actions and inactions vis-à-vis the IL&P
shareholders.

The Shareholders will do all they can to bring IL& P Executives to

account if they do not properly represent the IL&P shareholders and
properly protect common shareholder interests and rights.

More information visit: http://www.ilpshareholders.com

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