Noteholder Notification

Irish Life & Permanent plc

Issue of EUR 16,440,000 Notes due 2011 linked to a synthetic fund portfolio

Under the EUR 12,000,000,000

Euro Note Programme

This notice should be read in conjunction with the final terms dated 6 December 2005 (the "Final Terms").

Terms used herein shall have the meaning attributed to them in the Final Terms.

Due to a Defeasance Event the following amendments have been made to the Dynamic Basket:

Affected Fund: MSMM Global Bond Euro Hedged Fund has been replaced by

Replacement Fund: RIC II Global Bond Euro Hedged Fund

All other conditions as stated in the Final Terms remain unchanged.

For and on behalf of the Irish Life & Permanent Plc