Proposed Merger Announcement - Mountmellick Credit Union and Portarlington Credit Union

We are delighted to inform you that we are currently advancing discussions

with Portarlington Credit Union in relation to combining our resources to

become an even stronger credit union. The Board of Directors are of the view

that by combining our Credit Unions we will build on our proud record to ensure

we continue making a distinct and positive contribution to the challenges and

opportunities facing our members and our community.

In summary this initiative provides assurance on the continuation and

expansion of services locally and ensures that the Credit Union will have the

combined strength to meet the very challenging times ahead for credit unions.

This announcement is made in the spirit in which our credit unions intend to

move forward with this process - honesty and transparency so that you the

member, can be sure that at all times you are fully informed. As the process

evolves each member will be provided with an information pack, which will

give details outlining the financial position of the participating credit unions

and the benefits of this initiative. Please be assured that the Board of Directors

wish to fully engage with members throughout this process. The proposed

merger will require the approval of our members and our regulator, the Central

Bank.

It is also very important to note that throughout this proposed process, it will be

business as usual with no impact on day-to-day activities for members.

Andrew Barrett, Chief Executive Officer, Mountmellick Credit Union.

Alan Dunne, Chair, Mountmellick Credit Union.