Posting of Circular and Notice of EGM (1867J)

TIDMIPM

RNS Number : 1867J

Irish Life & Permanent Grp HldgsPLC

27 June 2011

IRISH LIFE & PERMANENT GROUP HOLDINGS p.l.c.

Posting of Circular

Irish Life & Permanent Group Holdings p.l.c. (the Company) has issued notice to shareholders of plans to hold an Extraordinary General Meeting (EGM) at the D4 Ballsbridge Inn Hotel (formerly Jury's Hotel), Ballsbridge, Dublin 4 on 20 July 2011 at 11.30 a.m.

The notice is contained in a circular which has been posted to shareholders today and which contains the following proposals:

(i) Proposed issue to the Minister for Finance of up to EUR3.4 billion in Ordinary Shares and of EUR0.4 billion in Contingent Capital Notes;

(ii) Proposed approval for Whitewash Waiver of obligation under Rule 9 of the Irish Takeover Panel Rules.

(iii) Proposed re-nominalisation of all Ordinary Shares, and

(iv) Proposed delisting of all Ordinary Shares from the Official List of the Irish Stock Exchange and the Official List of the UK Listing Authority.

These measures are required to enable Irish Life & Permanent p.l.c., the Company's banking subsidiary, meet the capital requirements provided for in the Financial Measures Programme Report (FMPR), issued by the Central Bank of Ireland on 31 March 2011

The Board has given this matter the most careful consideration. The Board, having taken legal and financial advice and following discussions with the State in relation to the capital requirements of the Group, believes the above measures to be in the best interests of the Company and the Shareholders as a whole, given the lack of alternative options available to raise the required capital by 31 July 2011.

Should shareholders not vote in favour of the proposals referred to above, the Directors believe that the Minister for Finance would be likely to invoke the Credit Institutions (Stabilisation) Act 2010 to ensure that Irish Life & Permanent plc would be able to meet its capital requirements. The timing of any such intervention would be at the discretion of the Minister for Finance and the Irish High Court and therefore not within the control of the Directors.

A copy of the Circular can also be accessed on the Company's website:

http://www.irishlifepermanent.ie.

A copy of the Circular, together with the ancillary documents, has also been submitted to the Irish Stock Exchange and will shortly be available for inspection at the following address:

Company Announcements Office

Irish Stock Exchange

28 Anglesea Street

Dublin 2

Ireland

Tel: 353 1 617 4200

And, will also be available shortly on the document viewing facility on the UK national storage mechanism (http://www.hemscott.com/nsm.do).

Contact details:

Investor Relations

Barry Walsh

Tel: +353 1 704 2678

Orla Brannigan