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Charter Renewal

Irish Continental Group plc, announces that P&O European Ferries Ltd (‘P&O’) has exercised its option to extend the charter of the 1986 built cruise ferry “Pride of Bilbao” from 15th October 2007 to 15th October 2010.

P&O retains one further option to extend the charter from 2010 to 2013.  P&O previously exercised the option to renew the 1995 built “Kaitaki” also from 2007 to 2010.

The combined charter income from the two vessels on a full year basis and at current exchange rates is 80% of the current rates.