Anglo Irish Bank Corporation plc Placing to fund further business development

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

This announcement (hereafter “the Announcement”) does not represent an offer of securities for sale in the United States or Canada, and the securities may not be offered in the United States or Canada absent registration or an exemption from registration. Members of the public are not eligible to take part in the Placing. This Announcement (including the terms and conditions in the Appendix attached) is directed only at ‘qualified investors’ within the meaning of Article 2(1) of the Prospectus Directive (Directive 2003/71/EC) (“Qualified Investors”) or Investment Professionals (as defined in article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or persons who fall within article 49(2)(a) to (d) ('high net worth companies, unincorporated associations, etc') of the Order. This announcement, the Appendix and the terms and conditions set out in the Appendix must not be acted on or relied on by persons who are not either Investment Professionals or persons who fall within article 49(2)(a) to (d) of the Order.

The Placing
AIBC is pleased to announce that it is undertaking a placement of approximately 33 million new ordinary shares (‘the Placing’). The number of shares to be issued will be within AIBC's 5% placement capacity as approved by ordinary shareholders at the Annual General Meeting on 28 January, 2005.

"This Placing reflects the Board's confidence in the future" said David Drumm, Group Chief Executive. "The organic growth opportunities in each of our core markets over the medium and long term remain significant. This new capital, together with the sizeable investment we have made in our people and infrastructure, provide an excellent platform to take AIBC through its next phase of growth".

Further Details of the Placing
The Placing, by Davy as agent for AIBC, of approximately 33 million new ordinary shares of €0.16 each ('Placing Shares') represents 5 per cent of AIBC's issued share capital as at 28 January, 2005. The Placing Shares will rank pari passu with existing issued shares. Application will be made for the Placing Shares to be admitted to the Official Lists of The Irish Stock Exchange and the UK Listing Authority and to be admitted to trading by the London Stock Exchange on its main market for listed securities. Admission of the Placing Shares to the Official Lists is expected to take place on 26 January, 2006. Attention is drawn to the detailed terms and conditions of the Placing, annexed to this announcement.

The final terms of the Placing will be determined in accordance with demand to be solicited by Davy through an institutional bookbuilding process. In the light of demand the Board reserves the right to adjust the size of the placing. The number of shares and proportion of share capital to be issued as stated in this announcement are indicative and based on AIBC's shares in issue on 28 January, 2005.

The actual number of shares and proportion of share capital to be issued will be determined by the bookbuilding process.

Davy is acting for AIBC in connection with the Placing and no one else and will not regard any other person as its client in relation to the Placing and will not be responsible to anyone other than AIBC for providing the protections afforded to its respective clients nor for providing advice in relation to the Placing or any other matter referred to in this Announcement. Any prospective Placee is recommended to seek its own professional advice.

Contacts:

Anglo Irish Bank Corporation plc
Ph: +353 1 616 2001
David Drumm, Group Chief Executive
Willie McAteer, Group Finance Director
Matt Moran, Chief Financial Officer

Davy
Ph: +353 1 679 7788
Kyran McLaughlin, Head of Capital Markets

Drury Communications
Ph: +353 1 260 5000
Billy Murphy

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

This Announcement does not represent an offer of securities for sale in the United States or Canada, and the securities may not be offered in the United States or Canada absent registration or an exemption from registration.

IMPORTANT INFORMATION FOR PLACEES ONLY ON THE PLACING

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THE ANNOUNCEMENT AND THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE DIRECTED ONLY AT PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM IN ACQUIRING, HOLDING, MANAGING AND DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESS AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE (1) QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(1) OF THE PROSPECTUS DIRECTIVE (DIRECTIVE 2003/71/EC) (“QUALIFIED INVESTORS”) OR (2) WHO FALL WITHIN ARTICLE 19(5) OF THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ORDER) OR ARE PERSONS WHO FALL WITHIN ARTICLE 49(2)(A) TO (D) ('HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC') OF THE ORDER OR TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS). THE ANNOUNCEMENT AND THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THE ANNOUNCEMENT AND THIS APPENDIX DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THE PLACING SHARES THAT ARE THE SUBJECT OF THE PLACING REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) AND, SUBJECT TO CERTAIN EXCEPTIONS, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES.

Persons who are invited to and who choose to participate in the Placing by making an oral offer to subscribe for Placing Shares, will be deemed to have read and understood the Announcement (including this Appendix) in its entirety and to be making such offer on the terms and conditions, and to be providing the representations, warranties, acknowledgements, and undertakings contained in this Appendix. In particular each such Placee represents, warrants and acknowledges that it:

1.is a Relevant Person and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business; and

2.is outside the United States and is purchasing the Placing Shares for its own account or is purchasing the Placing Shares for an account with respect to which it exercises sole investment discretion and that it (and any such account) is outside the United States, within the meaning of Regulation S under the Securities Act; or if it is not outside the United States, is a qualified institutional buyer (QIB) as such term is defined in Rule 144A under the Securities Act.

The Announcement and this Appendix do not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for Placing Shares in any jurisdiction including, without limitation, the United States, Canada, Australia or Japan or any other jurisdiction in which such offer or solicitation is or may be unlawful. This Announcement and the information contained herein is not for publication or distribution, directly or indirectly, to persons in the United States, Canada, Australia, Japan or in any jurisdiction in which such publication or distribution is unlawful.

The Placing Shares referred to in this Announcement have not been and will not be registered under the Securities Act and may not be offered, sold or transferred within the United States except pursuant to an exemption from, or as part of a transaction not subject to, the registration requirements of the Securities Act. Any offering to be made in the United States will be made to a limited number of QIBs in a transaction exempt from registration under the Securities Act. The Placing Shares are being offered and issued outside the United States in accordance with Regulation S under the Securities Act.

The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority, nor have the foregoing authorities endorsed the merits of this offering or the accuracy or adequacy of any offering materials. Any representation to the contrary is unlawful.

The distribution of this Announcement and the Placing and/or issue of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or Davy that would permit an offer of such Placing Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons to whose attention this Announcement is drawn are required by the Company and Davy to inform themselves about and to observe any such restrictions.

Details of the Placing Agreement and the Placing Shares
Davy has entered into a placing agreement (the Placing Agreement) with the Company whereby Davy has, subject to the satisfaction of certain conditions set out therein, undertaken to use its reasonable endeavours as agent of the Company to seek to procure Placees for the Placing Shares.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing issued ordinary shares of €0.16 per share in the capital of the Company (Ordinary Shares).

In this Appendix, unless the context otherwise requires, Placee means a person (including individuals, funds or others) on whose behalf a commitment to acquire Placing Shares has been given.

Application for listing and admission to trading
Application will be made to the Irish Stock Exchange and the UK Listing Authority (the UKLA) for admission of the Placing Shares to the Official Lists of the Irish Stock Exchange and the UKLA and to the London Stock Exchange plc (the London Stock Exchange) for admission to trading of the Placing Shares on the London Stock Exchange's market for listed securities (together Admission). It is expected that Admission will become effective on 26 January 2006 and that dealings in the Placing Shares will commence at that time.

Bookbuild
Commencing today Davy will be conducting an accelerated bookbuilding process (the Bookbuilding Process) to determine demand for participation in the Placing by the Placees. This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares.

An institution which is a Relevant Person and which wishes to participate in the Bookbuilding Process should communicate its bid by telephone to its usual sales contact at Davy or to David Smith at Davy (+353 1 679 2816).

Davy will be entitled to effect the Placing by such alternative method to the Bookbuilding Process as it may, in its sole discretion, determine. To the fullest extent permissible by law, neither Davy nor any of its affiliates shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Davy nor any of its affiliates shall have any liability in respect of its conduct of the Bookbuilding Process or of such alternative method of effecting the Placing as Davy may determine.

Participation in, and Principal terms of, the Bookbuilding Process

In participating in the Bookbuilding Process and the Placing, Placees will be deemed to have read and understood this Announcement (including this Appendix) in its entirety and to be participating and making an offer for Placing Shares on the terms and conditions, and to be providing the representations, warranties, acknowledgements and undertakings, contained in this Appendix. AIBC will make a further Announcement following the close of the Bookbuilding Process detailing the number of Placing Shares to be issued and the price at which the Placing Shares have been placed (the Pricing Announcement).

Davy is arranging the Placing as an agent of the Company.

Davy and its respective affiliates are entitled to participate as principal in the Bookbuilding Process.

The Bookbuilding Process will establish a single price (the Placing Price) payable to Davy by all Placees. Any discount to the market price of the Ordinary Shares of the Company will be determined in accordance with the Listing Rules of the Irish Stock Exchange and the Listing Rules as published by the UKLA pursuant to Part VI of the UK Financial Services and Markets Act 2000 (FSMA) and the IAIM/IPC guidelines.

The Bookbuilding Process is expected to close no later than 4.30 p.m. Dublin time on 19 January 2006, but may be closed earlier at the sole discretion of Davy or extended following agreement between Davy and the Company. Davy may, at its sole discretion, accept bids that are received after the Bookbuilding Process has closed.

A bid in the Bookbuilding Process will be made on the terms and conditions in this Appendix and will not be capable of variation or revocation after the close of the Bookbuilding Process.

Each Placee's allocation and the Placing Price will be confirmed to Placees orally by Davy following the close of the Bookbuilding Process, and a trade confirmation will be dispatched as soon as possible thereafter. Davy's oral confirmation to such Placee will constitute an irrevocable legally binding commitment upon such Placee to subscribe for the number of Placing Shares allocated to it at the Placing Price on the terms and conditions set out in this Appendix and in accordance with the Company's Memorandum and Articles of Association.

Each Placee's obligations will be owed to AIBC and to Davy. Each Placee will also have an immediate, separate, irrevocable and binding obligation, owed to Davy, to pay to it (or as it may direct) in cleared funds an amount equal to the product of the Placing Price and the amount of Placing Shares such Placee has agreed to subscribe for. Davy will procure the allotment by AIBC of such Placing Shares to each Placee following each Placee's payment to Davy of such amount.

Any offering made in the United States will be to a limited number of QIBs in a transaction not involving any public offering. The Placing Shares will be offered and sold outside the United States in accordance with the terms of Regulation S under the Securities Act.

All obligations under the Placing will be subject to fulfilment of the conditions referred to below under 'Conditions of the Placing'.

Conditions of the Placing
The Placing is conditional upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms.

Davy's obligations under the Placing Agreement are conditional on, inter alia:

1.none of the warranties set out in the Placing Agreement being untrue, inaccurate or misleading in any respect which is, in the sole opinion of Davy acting in good faith, material in the context of the Placing as at the date of the Placing Agreement or at the date of Admission;

2.the Company not being in breach of any of its obligations under the Placing Agreement on or before the date of Admission in any respect which is, in the sole opinion of Davy acting in good faith, material in the context of the Placing;

3.the announcement of the pricing of the Placing Shares pursuant to the Placing Agreement prior to 7.00 p.m. on 19 January 2006; and

4.Admission occurring not later than 8.00 a.m. on 26 January 2005 (or such later date and/or time as Davy and the Company may agree).

If (a) the conditions contained in the Placing Agreement are not satisfied or (to the extent permitted by the Placing Agreement) waived by Davy within the stated time period (or such later time and/or date as the Company and Davy may agree), or (b) the Placing Agreement is terminated in the circumstances specified below, the Placing will lapse and the Placee's rights and obligations hereunder shall cease and determine at such time and each Placee agrees that no claim can be made by the Placee in respect thereof.

By participating in the Bookbuilding Process each Placee agrees that its rights and obligations terminate only in the circumstances described above and will not be capable of rescission or termination by it.

Davy may, at its discretion and upon such terms as it thinks fit, waive compliance by AIBC with the whole or any part of any of AIBC's obligations in relation to the conditions in the Placing Agreement. Davy reserves the right to extend the time and/or date for fulfilment of any of the conditions in the Placing Agreement. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement.

Neither Davy nor the Company shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision they may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally.

Right to terminate under the Placing Agreement
Davy in its absolute discretion may by notice to the Company at any time up to and including Admission, terminate the Placing Agreement if:

1.there shall have been a breach (by any party other than Davy) of any of the representations, warranties or undertakings contained in the Placing Agreement or there has been a breach of any other provision of the Placing Agreement or any of the warranties contained in the Placing Agreement is not or has ceased to be, true, accurate and not misleading which Davy in its sole opinion, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, considers to be material in the context of the Placing or dealing in the Placing Shares in the secondary market;

2.any statement contained in this announcement and certain other documents has become or been discovered to be untrue, inaccurate or misleading which in the sole opinion of Davy, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, is material in the context of the Placing or dealing in the Placing Shares in the secondary market;

3.no member of the Company's group (the 'Group') having, since 30 September 2005, experienced any significant adverse change; which in the sole opinion of Davy acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, is or will or may be materially adverse to the Placing or dealing in the Placing Shares in the secondary market or which makes it impracticable to proceed with the Placing or the delivery of Placing Shares on the terms and in the manner contemplated in the Placing Agreement;

4.there having occurred, or in the sole opinion of Davy, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, it being reasonably likely that there will occur: any suspension or material limitation in trading of securities generally on any stock exchange or trading facility or trading in any securities of the Company on the Irish Stock Exchange or the London Stock Exchange in the sole opinion of Davy, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, is or will or may be materially adverse to the Placing or dealing in the Placing Shares in the secondary market or which makes it impracticable to proceed with the Placing or the delivery of Placing Shares on the terms and in the manner contemplated in the Placing Agreement;

5.there having occurred or, in the sole opinion of Davy, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company it being reasonably likely that there will occur, any act of terrorism, outbreak or escalation of hostilities, war, incident of terrorism, declaration of emergency or martial law or other calamity, crisis or event, change in national or international financial, monetary, economic, political or market conditions (including fluctuation in exchange rates or exchange controls) which in the sole opinion of Davy, acting in good faith and (where Davy believes it is practicable to do so) having consulted with the Company, is or will or may be materially adverse to the Placing or dealing in the Placing Shares in the secondary market or which makes it impracticable to proceed with the Placing or the delivery of Placing Shares on the terms and in the manner contemplated in the Placing Agreement; or

6.there shall have been, occurred, happened or come into effect any event or omission which in the sole opinion of Davy and (where Davy believes it is practicable to do so) having consulted with the Company is or will be or may be materially adverse to the Placing or dealing in the Placing Shares in the secondary market, or which makes it impracticable to proceed with the Placing or the delivery of Placing Shares on the terms and in the manner contemplated in the Placing Agreement.

If Davy's obligations under the Placing Agreement are terminated in accordance with its terms the rights and obligations of each Placee in respect of the Placing as described in this Announcement (including this Appendix) shall cease and determine at such time and no claim can be made by any Placee in respect thereof.

By participating in the Placing each Placee agrees with Davy that the exercise by Davy of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Davy and that Davy need not make any reference to such Placee and shall have no liability whatsoever to the Placee (or to any other person whether acting on behalf of a Placee or otherwise) in connection with any such exercise.

No Prospectus
No offering document or prospectus has been or will be submitted to be approved by the Irish Financial Regulator in relation to the Placing and Placees' commitments will be made solely on the basis of the information contained in this Announcement (including this Appendix). Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement and the Pricing Announcement is exclusively the responsibility of the Company and confirms that it has neither received nor relied on any other information, representation, warranty, or statement made by or on behalf of Davy or the Company or any other person and neither Davy nor the Company nor any other person will be liable for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement which the Placees may have obtained or received. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Registration and Settlement
Settlement of transactions in the Placing Shares following Admission will take place within the CREST system, subject to certain exceptions. Davy reserves the right to require settlement for and delivery of the Placing Shares to Placees in such other means that it deems necessary if delivery or settlement is not possible or practicable within the CREST system within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

Each Placee allocated Placing Shares in the Placing will be sent a trade confirmation stating the number of Placing Shares allocated to it, the Placing Price, the aggregate amount owed by such Placee to Davy and settlement instructions. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with either the standing CREST or certificated settlement instructions which it has in place with Davy.

It is expected that settlement will be on 26 January 2006 on a T+5 basis in accordance with the instructions set out in the trade confirmation. Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of 5 percentage points above the prevailing EURIBOR.

If a Placee does not comply with these obligations, Davy may sell any or all of the Placing Shares allotted to that Placee on such Placee's behalf and retain from the proceeds, for Davy's account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf.

If Placing Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation.

Insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below and under current law and practice, be so registered free from any liability to stamp duty.

Representations and Warranties
By participating in the Bookbuilding Process each Placee (and any person acting on such Placee's behalf):

1.represents and warrants that it has read this Announcement (including this Appendix) in its entirety;

2.acknowledges that no offering document or prospectus has been prepared in connection with the placing of the Placing Shares and represents and warrants that it has not received a prospectus, or other offering document in connection therewith;

3.acknowledges that the content of this Announcement is exclusively the responsibility of the Company and that neither Davy nor any person acting on its behalf has or shall have any liability for any information, representation or statement contained in this Announcement or any information previously published by or on behalf of the Company and will not be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing itself to acquire the Placing Shares is contained in this Announcement (subject to the Placee making its own investigations and satisfying itself that the information is still current) and any information previously published by the Company by notification to a Regulatory Information Service, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares and that it has neither received nor relied on any other information given or representations, warranties or statements made by Davy or the Company and neither Davy nor the Company will be liable for any Placee's decision to accept an invitation to participate in the Placing based on any other information, representation, warranty or statement. Each Placee further acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in deciding to participate in the Placing;

4.acknowledges that neither Davy nor any person acting on behalf of it nor any of its respective affiliates has or shall have any liability for any publicly available or filed information or any representation relating to the Company, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

5.represents and warrants that it is entitled to subscribe for and/or purchase Placing Shares under the laws of all relevant jurisdictions which apply to it and that it has fully observed such laws and obtained all such governmental and other guarantees and other consents in either case which may be required thereunder and complied with all necessary formalities;

6.represents and warrants that it is, or at the time the Placing Shares are acquired that it will be, the beneficial owner of such Placing Shares, or that the beneficial owner of such Placing Shares is not a resident of Australia, Canada or Japan or if it is resident in Canada ( specifically in Alberta, British Columbia or Ontario) and an accredited investor as defined in National Instrument 45-106 Prospectus and Registration Exemptions (“45-106”), it is purchasing the Placing Shares as Principal for its own account, not for the benefit of any other person, and it is an ‘accredited investor’ as defined in 45-106 by virtue of being a person, company or other entity of the type indicated in the list of accredited investors contained in 45-106 ;

7.acknowledges that the Placing Shares have not been and will not be registered under the securities legislation of the United States, Australia, Canada or Japan and, subject to certain exceptions, may not be offered, sold, taken up, renounced or delivered or transferred, directly or indirectly, within those jurisdictions;

8.if the Placing Shares were offered to it in the United States, represents and warrants that in making its investment decision, (i) it has relied on its own examination of the Company and the terms of the Placing, including the merits and risks involved, (ii) it has made its own assessment of the Company, the Placing Shares and the terms of the Placing based on such information as is publicly available, (iii) it has consulted its own independent advisors or otherwise has satisfied itself concerning, without limitation, the effects of United States federal, state and local income tax laws and foreign tax laws generally and the US Employee Retirement Income Security Act of 1974, the US Investment Company Act of 1940, as amended and the Securities Act and (iv) it has received all information that it believes is necessary or appropriate in order to make an investment decision in respect of the Company and the Placing Shares;

9.acknowledges that the Placing Shares are being offered and sold to it in a transaction not involving any public offering in the United States within the meaning of the Securities Act, and represents and warrants that it is either (i) a QIB or (ii) subscribing for the Placing Shares in an 'offshore transaction' in accordance with Regulation S under the Securities Act, and if it is a QIB, (i) it is subscribing for the Placing Shares for its own account, or for one or more accounts as to each of which it exercises sole investment discretion and each of which accounts is a QIB, for investment purposes, and not with a view to any distribution or for resale in connection with the distribution thereof, in whole or in part, in the United States and (ii) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Placing Shares, and it and any accounts for which it is subscribing Placing Shares (i) are each able to bear the economic risk of its or their investment in the Placing Shares, (ii) will not look to the above-mentioned names for all or part of any such loss or losses it or they may suffer, (iii) are able to sustain a complete loss on its or their investment in the Placing Shares, (iv) have no need for liquidity with respect to its or their investment in the Placing Shares and (v) have no reason to anticipate any change in its or their circumstances, financial or otherwise, which may cause or require any sale or distribution by it or them of all or any part of the Placing Shares.

10.acknowledges that the Placing Shares have not been and will not be registered under the Securities Act or with any State or other jurisdiction of the United States, nor approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any other United States regulatory authority, and agrees not to reoffer, resell, pledge or otherwise transfer the Placing Shares except (i) outside the United States in offshore transactions in accordance with Regulation S under the Securities Act, (ii) in the United States to QIBs pursuant to Rule 144A under the Securities Act, or (iii) pursuant to Rule 144 under the Securities Act, and in any case in compliance with all applicable laws;

11.acknowledges that where it is acquiring the Placing Shares for one or more managed accounts, it represents and warrants that it is authorised in writing by each managed account to acquire the Placing Shares for each managed account. Each Placee agrees to indemnify and hold the Company and Davy harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations and warranties in this paragraph 11. Each Placee agrees that the provisions of this paragraph 11 shall survive the resale of the Placing Shares by or on behalf of the managed accounts;

12.acknowledges that no representation has been made as to the availability of Rule 144 or any other exemption under the Securities Act for the reoffer, resale, pledge or transfer of the Placing Shares;

13.acknowledges and understands that the Placing Shares offered and sold in the United States are 'restricted securities' within the meaning of Rule 144 (a)(3) under the Securities Act and represents and warrants on its own behalf and on behalf of any accounts for which it is acting that, so long as the Placing Shares are 'restricted securities', it will not deposit the Placing Shares into any unrestricted depositary facility established or maintained by any depositary bank in respect of the Ordinary Shares;

14.if in the UK, represents and warrants that the issue to it, or the person specified by it for registration as holder, of Placing Shares will not give rise to a liability under any of sections 67, 70, 93 or 96 of the UK Finance Act 1986 (depositary receipts and clearance services) and that the Placing Shares are not being acquired in connection with arrangements to transfer Placing Shares into a clearance system or to issue depositary receipts;

15.represents and warrants that it has complied with its obligations in connection with money laundering and terrorist financing under the Criminal Justice Act 1994 (Section 32) Regulations 2003 and the Criminal Justice Act 1994 (Section 32) (Amendment) Regulations 2003, (or if in the UK) the Proceeds of Crime Act 2002, the Terrorism Act 2003 and the Money Laundering Regulations 2003 ( together ”the Regulations”) and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations;

16.if in the UK, represents and warrants that it and any person acting on its behalf is a person falling within section 86(7) of FSMA, being a qualified investor, and Article 19 and/or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;

17.represents and warrants that it has not offered or sold and, prior to the expiry of a period of six months from Admission, will not offer or sell any Placing Shares to persons in Ireland or the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted and which will not result in an offer to the public in Ireland or the United Kingdom;

18.if in the UK, represents and warrants that it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) relating to the Placing Shares in circumstances in which section 21(1) of FSMA does not require approval of the communication by an authorised person;

19.if in the UK, represents and warrants that it has complied and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving the United Kingdom;

20.represents and warrants that it and any person acting on its behalf is entitled to subscribe for the Placing Shares under the laws of all relevant jurisdictions and that it has all necessary capacity and has obtained all necessary consents and authorities to enable it to commit to this participation in the Placing and to perform its obligations in relation thereto (including, without limitation, in the case of any person on whose behalf it is acting, all necessary consents and authorities to agree to the terms set out or referred to in this Announcement) and will honour such obligations;

21.undertakes that it (and any person acting on its behalf) will make payment for the Placing Shares allocated to it in accordance with this Announcement (including this Appendix) on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other subscribers or sold as Davy may in its sole discretion determine and without liability to such Placee;

22.acknowledges that Davy is not making any recommendations to it or advising it regarding the suitability of any transactions it may enter into in connection with the Placees and that participation in the Placing is on the basis that it is not and will not be a client of Davy and that Davy does not have duties or responsibilities to it for providing the protections afforded to their clients or customers or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;

23.undertakes that the person who it specifies for registration as holder of the Placing Shares will be (i) itself or (ii) its nominee, as the case may be. Neither Davy nor the Company will be responsible for any liability to stamp duty and any interest or penalties resulting from a failure to observe this requirement and it agrees to indemnify the Company and Davy in respect of the same. Each Placee and any person acting on behalf of such Placee agrees to participate in the Placing on the basis that the Placing Shares will be allotted to the CREST stock account of Davy Nominees Limited who will hold them as nominee on behalf of such Placee until settlement in accordance with its standing settlement instructions;

24.acknowledges that any agreements entered into by it pursuant to these terms and conditions shall be governed by and construed in accordance with the laws of Ireland and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the Irish courts as regards any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or Davy in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

25.agrees that the Company, Davy and others will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and undertakings which are given to Davy on their own behalf and on behalf of the Company and are irrevocable; and

26.represents that it has not relied on any investigation that Davy or any person acting on its behalf may have conducted with respect to the Placing Shares or AIBC.

The agreement to settle a Placee's acquisition (and/or the acquisition of a person for whom such Placee is contracting as agent) free of stamp duty and any interest or penalties depends on the settlement relating only to an acquisition by it and/or such person direct from the Company for the Placing Shares in question. Such agreement assumes that the Placing Shares are not being acquired in connection with arrangements to transfer the Placing Shares into a clearance service or to issue depositary receipts. If there are any such arrangements, or the settlement related to any other dealing in the Placing Shares, stamp duty may be payable, for which neither the Company nor Davy will be responsible. If this is the case, each Placee should seek its own advice and notify Davy accordingly.

In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside Ireland by them or any other person on the acquisition by them of any Placing Shares or the agreement by them to acquire any Placing Shares.

This Announcement has been issued by AIBC and is the sole responsibility of AIBC.

Davy, which is authorised by the Irish Financial Regulator, is acting for AIBC in connection with the Placing and no one else and will not regard any other person as its client in relation to the Placing and will not be responsible to anyone other than AIBC for providing the protections afforded to its respective clients nor for providing advice in relation to the Placing or any other matter referred to in this Announcement. Any prospective Placee is recommended to seek its own professional advice.

Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

All times and dates in this Announcement may be subject to amendment. Davy shall notify the Placees of any changes.

This Announcement includes 'forward-looking statements'. All statements other than statements of historical fact included in this Announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. You should not place undue reliance on forward-looking statements, which speak only as at the date of this Announcement. The Company assumes no responsibility to update any of the forward-looking statements contained herein.

Ends

19th January 2006