Result of Placing and Open Offer

CHESNARA PLC ('the Company') Result of Placing and Open Offer On 5 May 2005 the Company announced a Placing of 18,333,333 New Shares, incorporating an Open Offer of 8,625,545 New Shares at £1.20 per share, in order to part fund the acquisition of Irish Life (UK) Holdings plc. The Open Offer closed at 3.00pm on 27 May 2005. As at that date, the Company had received valid applications in respect of 7,517,470 New Shares from Qualifying Shareholders under the terms of the Open Offer, which represents an aggregate take-up of approximately 87 per cent. The placing, incorporating the open offer, remains conditional upon shareholder approval, which is to be sought at the Extraordinary General Meeting convened for 11.00am on 31 May 2005 and upon admission of the New Shares to the Official List, which is expected to take place on Thursday, 2 June 2005. Enquiries: Chesnara plc Graham Kettleborough, Chief Executive Tel: +44 (0) 7799 407519 Cubitt Consulting (Public Relations advisers to Chesnara) Simon Brocklebank-Fowler Tel: +44 (0) 207 367 5100