Letter to Shareholders

Friday, 8th July 2011

MCINERNEY HOLDINGS PLC

Dear Shareholder

Please find enclosed notice of extraordinary general meeting of the Company to be held on 17 August 2011 at 11 am at Radisson Blu Hotel Golden Lane. This meeting was requisitioned by a shareholder of the Company, Redmayne Bentley, and the Company is convening this meeting to fulfil its obligations in accordance with Company Law. This letter together with the notice of the meeting was published by the Company on its website on Monday, 18 July 2011.

You will previously have received a letter from me enclosing notice of a meeting to be held at 11 am on 29 July 2011. This meeting, which is being convened to consider the resolution to approve the voluntary liquidation of the Company, will proceed as originally planned. As previously indicated the decision to convene such a meeting was taken only after your Board had pursued every measure possible to safeguard your Company. Your Board regrettably believes that, given the lack of funding, the voluntary liquidation of the Company is the only realistic option available.

Ned Sullivan
Chairman