Allied Irish Banks announces exchange ratio for Dauphin Deposit shareholders as acquisition date nears.

NEW YORK--(BUSINESS WIRE)--July 1, 1997--Allied Irish Bank, plc (AIB) (NYSE: AIB; AIBPR; FMBPR) and Dauphin Deposit Corporation today announced the official exchange ratio under the previously announced Agreement and Plan of Merger between Dauphin, Allied Irish and First Maryland Bancorp.

As provided in the Merger Agreement, Dauphin shareholders who elect to receive stock, rather than cash, for their Dauphin common stock will receive one Allied Irish American Depositary Share (ADS) for each share of Dauphin common stock. The exchange ratio is based on the average closing price on the New York Stock Exchange of Allied Irish ADSs for the 10 trading days ending June 30, 1997, which average closing price was $46.925. The Merger Agreement provides for a 1:1 exchange ratio if the average closing price of Allied Irish ADSs is $43 or higher.

Allied Irish Depositary Shares are listed and traded on the New York Stock Exchange, and each ADS represents six Allied Irish ordinary shares. Allied Irish ordinary shares are traded on the Irish and London Stock Exchanges.

The election deadline for Dauphin shareholders to elect to receive Allied Irish ADSs or cash is 5:00 p.m. EDT, July 3, 1997. The exchange agent is The Bank of New York.

Approval of the Allied Irish acquisition of Dauphin was received in recent days from the Central Bank of Ireland, the final key regulatory body which needed to approve the transaction. The transaction is anticipated to be completed on July 8, 1997.

CONTACT: Mr. Conor Herlihy, Mr. Clyde Walton

Group Investor Relations Manager, C. Walton & Co.

AIB Group, 122 East 42nd Street

Bankcentre, Suite 3902

Ballsbridge, Dublin 4. New York, NY 10168

Tel: [phone] Extn: 14191 Tel: [phone]