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We received very positive feedback from staff and customers to Sean’s New Year message and his interview with Tommie Gorman on RTE in January. The Group is pleased that this has gone some way to correct some of the unbalanced and inaccurate media coverage in recent months. We appreciate your feedback and as you will now see, we have updated our Corporate website to give greater visibility of our overall Group activities. The new site also now includes a feedback section and we would be delighted to get any comments you may have at any time.

New Non-Executive Directors – Quinn Group

We are very pleased to announce the appointment to two new independent Non-Executive Directors to the Quinn Group Board.

1. Brendan Tuohy has had an extremely successful career as one of Ireland’s most senior civil servants, holding the post of Secretary General of the Department of Public Enterprise and Department of Communications, Energy and Natural Resources from 2000-2007. Brendan also served as a member of the National Economic and Social Council and the United Nations Task Force on Information and Communications Technology for Development.
2. Pat O’Neill is a former Group Managing Director of Glanbia plc. and former Chairman of the Irish Sports Council. In the past, he was Director of Administration and Secretary of the Irish Dairy Board and has held many senior and advisory roles including the position of Chairman of Campbell Bewley Group Ltd. At present, Pat is Chairman of Natures Best Limited and of the G.A.A.’s National Audit Committee, as well as being a Member of the Steering Committee of NUI Maynooth’s Outreach Campus in Kilkenny. He has long had an interest in both Education and the Arts, being a former Chairman of Dublin City University’s Education Trust and of the JFK Trust, and a Trustee of Kilkenny School of Music. At national level, Pat has acted as Chairman of the Taxation Committee of the Institute of European Affairs.

Business Overview

While the deteriorating economic situation continues to be of concern, we are pleased that in the first two months of the year we have been able to maintain or improve on our market position in key segments. The efficiency of the new packaging division and the economies of scale associated within our modern container glass plants in particular, are driving significant benefits vis-à-vis our competitors at this time.

Building Products

Construction related product demand in Ireland is down in line with expectation but on the positive side we have also seen a substantial increase in exports to the UK, particularly for QUINN-lite Thermal block and QUINN-therm insulation. This increase in demand, in part, follows the very successful launch last year of the Quinn Wall Solution at the Royal Society of Ulster Architects Autumn Dinner in Belfast.

The Quinn Wall Solution provides a range of flexible, highly thermal-efficient construction solutions incorporating QUINN-therm PIR insulation with the QUINN-lite Thermal block to produce a very cost-effective build solution with thermal-bridging properties surpassing any equivalent product in the market and this has been recently verified by an independent report by BESRaC.

Glass

The automated filling and bonding service offered by QUINN-glass in Elton continues to offer significant savings and quality assurance improvements to the drinks industry in the UK and we have seen a sustained increase in demand for this solution as providers seek to reduce operational costs. In addition the Company has been successful in securing new business in France and North Africa and further discussions are nearing conclusion for the supply of glass bottles into the United States.

Radiators

QUINN-radiators is pleased to announce that it has been selected as exclusive radiator supplier to the Olympic Village for the London 2012 games. The superior quality control and automated casting process associated with our new facility in Newport were key to the successful bid for this contract and we are delighted that our product has been chosen. Following the closing ceremony at the Olympics, the units will then be used within an extensive regeneration scheme in East London in association with East Thames Housing Association.

Insurance

The efficient processing model that is inherent within QUINN-Insurance has allowed the Company to become the Number Two provider of general insurance in Ireland in a relatively short space of time. The rapid response claims model and the pro-active approach to fighting fraud are the two areas that have received the most favorable comment from customers and claimants over the years. We feel that the continued adoption of this approach will allow QUINN-Insurance to maintain its position as the fastest insurer to settle claims in the market.
Internet take-up for new business continues to increase with full life-cycle policy management now possible for personnel lines products through the Quinn Insurance website. This is particularly important for our UK business where the associated cost-savings have allowed continued competitive pricing and hence greater take-up of our products. There has also been very strong take-up of our bundled All-In-One and Combined Package product offerings and this has encouraged the future development of this approach in future offerings.

As outlined in our previous communications the fight against fraudulent and exaggerated claims continues and we remain determined to keep prices as low as possible by challenging fraud or exaggeration where we have evidence to believe it exists. We note that other insurers have now indicated their intention to concentrate in this area and we encourage and support that approach. We feel that a balanced, adequately resourced and consistent fraud prevention policy is an important feature of a functional insurance market, and this is all the more important in times of economic stress.

Healthcare

QUINN-healthcare membership continues to grow each week in response to the excellent quality cover we provide with significant savings available to customers who switch from VHI. This is particularly relevant for the corporate sector where there has been a major uplift in interest as companies seek to improve the products offered to their staff while managing costs more efficiently. As an example of this we are delighted to welcome Vistakon (part of Johnson and Johnson Group in Limerick) who have recently become a customer with nearly 2,000 members switching.

We have also received very positive response to the decision to cover Point Of Care clinics and the introduction the Tropical Medical Bureau which provide members with cervical cancer vaccines at a reduced cost.

Having insured the Irish League of Credit Unions in Ireland for many years on the general insurance side we also very pleased to announce the introduction of two excellent schemes exclusive for Credit Union members: Credit Union Starter and Credit Union Family, provide comprehensive hospital cover and money back on everyday medical expenses and in addition Countdown members can also enjoy discounts on shopping, travel, leisure and much more.

The new €25m purpose built office facility in Eastgate, Cork is now fitted out and we are looking forward to a smooth transition from Fermoy. The new facilities will provide a much enhanced working environment for staff, will enable a higher level of service delivery for the company overall and will provide greater capacity for expansion in the future.

Packaging

QUINN-packaging has in recent weeks increased food container production from its facility in Cavan. A wide range of meat & poultry trays are now supplied to many of the major producers throughout Ireland and the UK and our packaging is now on display in the meat and poultry sections of most major retail outlets including Asda, Sainsbury, Lidl, Dunnes Stores, Supervalu and many more. It is expected to further increase sales of similar products over the coming months into other major retailers through the successful conclusion of discussions which are currently at an advanced stage.

The division has also made a major impact in the area of protective industrial packaging which is used in a wide range of manufacturing and beverage applications. A further increase in the output and sales of both films and strapping which are currently produced at the site is also expected over the coming months.

Throughout the Group we remain deeply indebted to all our management and staff who have pro-actively refocused their energies as necessary in response to the current economic circumstances in Ireland and around the world. The increased level of export related activity that the Group has been able to achieve recently should assist it in maintaining employment levels into the future. We remain focused on developing our business in all segments and we greatly appreciate the continued loyalty and support of customers and staff.