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RE: Notification of Director / PDMR Holding

SCHEDULE 11

This form is intended for use by an issuer to make a RIS notification required by the Market Abuse Rules and section 53 (as extended by section 64 of the Companies Act 1990) or entered into the issuer’s register in accordance with section 59 of the Companies Act 1990.

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete the boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

All relevant boxes should be completed in block capital letters

1 Name of the Issuer Irish Continental Group

2 State whether the notification relates to: (i) a transaction notified in accordance with Market Abuse Rules; (ii) a disclosure made in accordance with section 53 (as extended by section 64 of the Companies Act 1990) or entered into the issuer’s register in accordance with section 59 of the Companies Act 1990; or (iii) both (i) and (ii). (iii) both

3 Name of person discharging managerial responsibilities/director Mr. Gearoid O’Dea

4 State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person Not Applicable

5 Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest Not Applicable

6 Description of shares (including class) debentures or derivatives or financial instruments relating to shares ICG Unit

7 Name of registered shareholder(s) and, if more than one, number of shares held by each of them Mr. Gearoid O’Dea

8 State the nature of the transaction (i) Exercise of share options (ii) Sale of shares

9 Number of shares, debentures or financial instruments relating to shares acquired 18,700

10 Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 0.08%

11 Number of shares, debentures or financial instruments relating to shares disposed 18,700

12 Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) 0.08%

13 Price per share or value of transaction (i) €7.35 / unit (ii) €11.415 / unit

14 Date and place of transaction (i) 11 May 2006 (ii) 11 & 12 May 2006

15 Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 179,377 / .73%

16 Date issuer informed of transaction 12 May 2006 If a person discharging managerial responsibilities has been granted options by the issuer, complete the following boxes:

17 Date of grant Not Applicable

18 Period during which or date on which it can be exercised Not Applicable

19 Total amount paid (if any) for grant of the option Not Applicable

20 Description of shares or debentures involved (class and number) Not Applicable

21 Exercise price (if fixed at time of grant) or indication that the price is to be fixed at the time of exercise Not Applicable

22 Total number of shares or debentures over which options are held following notification 173,800

23 Any additional information

24 Name of contact and telephone number for queries Mr. Tom Corcoran Tel +353 1 8552222

Name and signature of duly designated officer of issuer responsible for making notification Tom Corcoran , Company Secretary Date of notification 12 May 2006