IRISH LIFE PERMANENT

SHAREHOLDERS PUT CONTINUED PRESSURE ON GOVERNMENT

RE: UNFAIR MOVE AGAINST RIGHTS OF IRISH LIFE & PERMANENT SHAREHOLDERS
------ Copy of second request for action sent Sun 29/05/2011 -------

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To: Michael Noonan, TD; Patrick Honohan; John C. Corrigan; Kevin Cardiff
Copy: Enda Kenny, TD, Taoiseach; Micheál Martin, TD; Brian Lenihan, TD; Selected IL&P
shareholders (bcc-ed for the sake of privacy); IL&P Board of Directors (via Mr. Long);
Selected members of the Irish and international media

Dear Sirs,

We wrote to you last week. We are an Irish Life & Permanent (IL&P) shareholder supported
by a large group of shareholders that now seems to represent more than 12% of the IL&P
voting capital – this support is growing every day.

Attached please find our second letter to you in this dramatic time for IL&P shareholders
(including 100,000 individual Irish shareholders). This second letter has been prompted by the
current market rumours that the Irish Authorities may want to unnecessarily pump in extra
billions of Euros into IL&P -- on top of the hitherto plans -- before the IL&P shareholders have
even had a chance to orderly complete all their planned (and agreed) capital-generating
measures (currently in progress) aimed at lowering the capital injection by the State.

Unnecessarily pumping in extra billions of Euros into IL&P by the Irish Authorities -- on
top of the hitherto plans -- would be a waste of taxpayer resources, which you are
responsible for. It would cost Irish taxpayers unnecessarily millions of Euros in extra
interest.

While we would be appalled by such a waste, we would be even more appalled by the
possible deceitful trickery behind it, which would be aimed at unduly expropriating the
current IL&P shareholders. Make no mistake about it – the only acceptable and
equitable recapitalisation of IL&P would be one that would properly recognise the
planned more than €1.7bn extra cash capital contributions by the current shareholders
(amounting to 44% of the stress test capital requirements). On that basis, the stake of
the current IL&P shareholders post recapitalisation must not be lower than 44%. Any
“clever” / illegal trickery aimed at unduly expropriating the current shareholders would
be unacceptable and firmly opposed.

Leading voices in the global financial community agree with us -- the Financial Times Lex
column of 27 May 2011 stated: "[IL&P] Shareholders are right to fight back against moves
by the state.” “The investors have a case: the ILP recapitalisation looks arbitrary and
should be re-examined. Ireland’s banking collapse was an exercise in wanton value
destruction. Fixing it must not do likewise.”

We are also attaching for you an updated user-friendly presentation about 12 Myths vs. Facts
regarding the IL&P situation. For more information, please visit the website:
http://www.ilpshareholders.com/

We look forward to your constructive feedback.

Sincerely,

Piotr Skoczylas
Managing Director and Fund Manager
Scotchstone Capital Fund Ltd
Landline: + 356 2788 8840
Mobile: + 356 9953 8000

www.scotchstone-capital.com
Scotchstone Capital Fund Ltd is recognised and supervised by the Malta Financial Services Authority.