Proposed Acquisition

June 1, 2005                                                                   

NOT FOR RELEASE OR DISTRIBUTION IN THE US, CANADA, AUSTRALIA, THE REPUBLIC OF
IRELAND OR JAPAN

Chesnara plc ('Chesnara' or 'the Company')

On 5 May 2005 the Company announced the proposed acquisition of Irish Life (UK)
Holdings plc and the proposed placing and open offer of 18,333,333 New Shares,
incorporating an Open Offer of 8,625,545 New Shares at £1.20 per share.

Listing Particulars in connection with this proposed transaction were posted to
shareholders on 5 May 2005 and have been available for examination at the
Company's Registered Office (Chesnara plc, Harbour House, Portway Ashton on
Ribble, Preston, Lancashire, PR2 2PR) and at the Public Viewing Facility of the
FSA (25 The North Colonnade, Canary Wharf, London, E14 5HS).

Chesnara plc                                  Tel: [phone]                
                                                                               
Graham Kettleborough, Chief Executive                                          
                                                                               
Cubitt Consulting                             Tel: [phone]               
                                                                               
(public relations advisers to Chesnara)                                        
                                                                               
Simon Brocklebank-Fowler/Selena Hedley Lewis