Result of ESOP Ballot

Following the recent series of information sessions held around the country, ESOP participants were asked to vote on the proposed amendments to the internal market rules.

Ballot papers were issued to all participants on October 10th 2008, to be returned by October 31st 2008, and the ESOP Trustee Board announced the result on November 5th 2008.

Paul Egan of Mason Hayes & Curran Solicitors acted as Returning Officer for the ballot and confirmed that votes were cast as follows:

• Number of votes cast: 6,498
• 65% of participants voted
• Number of votes rejected: 105
• Number of votes cast Yes: 6,068
  95% of votes cast
• Number of votes cast No: 325

The proposal to amend the Trust Deed rules was therefore carried, with 95% of voters voting for the amendments.

The Trustee Board was delighted to see so many participants taking part in the ballot process and attending the information sessions. The Board thanks all participants for their involvement.

Steps are now being taken to implement the amended Trust Deed rules and participants will shortly be receiving further communications on this.

Should you have any queries on the ESOP, please do not hesitate to contact either John or Fiona in the ESOP Office at esop@esb.ie or on (01) 702 7970.