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Offer Update Announcement

The Independent Directors of ICG have noted the announcement today from Doyle Group Limited and One Fifty One plc (the "Consortium") regarding the possible offer from the Consortium for the entire issued and to be issued share capital of the Company at a price of not less than €20.00 per ICG Unit (the "Possible Offer).

The shareholder meetings to consider the recommended offer (via a scheme of arrangement) from Aella plc of €18.50 per ICG Unit (the "Aella Offer") are due to be held on 12 April 2007. In light of the fact that the Possible Offer, if made, would be at a higher level than the Aella Offer, it is the Independent Directors intention to seek an adjournment of each of the shareholder meetings to be held on 12 April 2007. The length of the adjournment and timing for the reconvened shareholder meetings will be communicated to shareholders in due course.

The Independent Directors have had initial discussions with the Consortium regarding the Possible Offer. However, shareholders should note that the Possible Offer, is subject to the completion of confirmatory due diligence and certain other conditions, and, consequently, there can be no certainty that an offer will ultimately be forthcoming from the Consortium. Therefore, the Independent Directors continue to recommend the Aella Offer. Notwithstanding this, shareholders are advised to take no action in relation to either the Possible Offer or the Aella Offer for the present time. A further announcement will be made by the Independent Directors when appropriate.

Enquiries

Irish Continental Group plc Telephone +353 1 855 2222
Independent Directors
John B McGuckian

NCB Corporate Finance Telephone +353 1 611 5611
Liam Booth
Jonathan Simmons
Shane Lawlor

Drury Communications Telephone +353 1 260 5000
Billy Murphy

The Independent Directors of Irish Continental Group plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they take responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

NCB Corporate Finance Limited, which is authorised in Ireland by the Financial Regulator under the Investment Intermediaries Act 1995, is acting exclusively for Irish Continental Group plc and no one else in connection with the acquisition and will not be responsible to anyone other than Irish Continental Group plc for providing the protections afforded to clients of NCB Corporate Finance Limited nor for providing advice in relation to the acquisition.