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Habe mal Scotchstone angemailt. Die haben gleich geantwortet und gemeint je mehr Aktionäre dem Board of Directors ihre Bedenken mailen desto besser. Sie haben auch gleich einen Beispieltext beigefügt. Wer also ILP mailen möchte aber keinen Text hat kann den folgenden Text nehmen und ggf. anpassen: An: barry.walsh@irishlife.ie (Head of Investor Relations) CC: ciaran.long@irishlife.ie (Group Secretary) Betreff: Shareholder Concerns and Request for Action to Defend Shareholder Value Dear Sir or Madam, Following the recent developments regarding Irish Life & Permanent Group Holdings plc (IL&P), I'd like to officially express to the IL&P Board of Directors a very serious and common shareholder concern that there is a real risk of an unprecedented stage-managed string of government actions whereby: 1. First, the Irish Authorities have imposed artificially high, exaggeratedly unrealistic capital requirements on IL&P (there have been no developments in IL&P since the last November’s stress tests, which would justify the more than 16-fold increase in the stress case capital requirements – from the last November’s €0.24bn to the current €4bn). As a result, the shareholders (incl. c. 100,000 individual Irish shareholders) – who have all been owners of a viable two-pillar business – are being unduly punished, as the business is now being dismantled just in case a greatly unrealistic, artificially pessimistic scenario materialises; 2. Then, the Irish Authorities are forcing the current shareholders (who are exclusive owners of IL&P and all its assets) to shed valuable assets and undertake other capital-generating measures meeting 44% (more than €1.7bn) of the artificially high additional capital requirements; BUT – improperly – the Irish Authorities may want NOT to recognise those capital measures as significant capital contributions by the current shareholders; 3. And then finally, the Irish Authorities may want to unduly disenfranchise current shareholders by inequitably, excessively diluting the shareholder ownership (in the then forcefully diminished business) significantly below the ownership level commensurate with the capital contributed by current shareholders. If such a stage-managed string of actions occurred, it would in its totality effectively mean an entirely unjustified and thinly veiled, crudely forced transfer of a huge wealth from current IL&P shareholders into the Irish Exchequer (the Government would burden the current shareholders with 44% of the required exaggeratedly / artificially high extra capital, but would benefit disproportionately itself alone from the IL&P huge over-capitalisation once it turns out (as the Irish Authorities have confirmed it likely will) that the €4bn of the enormous extra capital was in fact not needed. In such a case, the Government would simply pocket the vast majority of the over €1.7bn of capital provided by current shareholders). Such an inequitable massive wealth transfer would grossly violate shareholder ownership rights – this should be firmly opposed. The Board of Directors of IL&P continues to have a fiduciary duty to protect the shareholder value and should resist any outside pressures to give away the current shareholder wealth for nothing. I kindly ask that the Board work closely with us, the shareholders, and with the Irish Authorities so the planned significant additional over €1.7bn capital contributions by the current shareholders are properly recognised and honoured when the likely Government’s stake in IL&P is established after the full recapitalisation. If the Irish Authorities did not in advance rule out unduly disenfranchising the current IL&P shareholders by excessively improperly diluting us (as delineated above), then it would be the duty of the Board to protect thecurrent shareholder value by NOT giving away wealth via the IPO of the Life Assurance and Investment Management businesses. In such a case, it would be in the interest of current shareholders (who would be then confronted any way with an inequitable ownership dilution) to maximise the value of assets left in the IL&P businesses following the recapitalisation. In this context, in terms of actionable next steps, could this letter and the following request please be passed on to all members of the IL&P Board of Directors – could the Board please: - Contact on behalf of the current shareholders the decision makers in this regard at the Irish Central Bank and the Ministry of Finance, and represent to them the matters and arguments delineated above? - Organise a meeting for representatives of the Board and the shareholders with the respective decision makers within the Irish Authorities in order to discuss these matters? Thank you for your consideration and I look forward to the Board's feedback as soon as possible. Kind Regards XXXX
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