Notice of EGM

29 September 2008

Irish Continental Group plc ("ICG" or the "Company")

Posting of EGM Circular

The Company has today posted a circular to shareholders convening  an
extraordinary general meeting seeking to  put in place authority  for
the Company (i) to make further allotments of redeemable shares;  and
(ii) to purchase up to 10 per cent of its issued share capital in the
market.

The Company's board is seeking  authority to make further  allotments
of redeemable shares in order to maintain its flexibility to continue
to maximise the  net return on  amounts paid to  shareholders by  the
Company by making redemptions of redeemable shares.  The authority to
make further allotments of redeemable shares requires the approval of
shareholders as an ordinary resolution.

The Company's board  is seeking  authority to  make market  purchases
because it believes that it would be in shareholders' best  interests
for the  Company to  be  able to  buy back  shares,  as and  when  it
considers it prudent to do so,  with a view to enhancing  shareholder
value.  The authority to make market purchases requires the  approval
of shareholders  as  a  special  resolution  (the  "Market  Purchases
Resolution").

South  Morston  Investment  Company  Limited  ("South  Morston")   is
interested  in  7,201,572  ICG  Units,  representing  29.25%  of  the
existing issued share capital of the Company.  Full implementation of
the  Market  Purchases  Resolution  would  result  in  a  maximum  of
2,461,670 ICG Units  being purchased  by the Company.   In the  event
that the  Company  utilised the  authority  in the  Market  Purchases
Resolution in full and assuming that South Morston did not dispose of
any ICG Units,  the South Morston  shareholding, while remaining  the
same in number of  ICG Units, would increase  as a percentage of  the
issued share  capital from  29.25%  to 32.51%.   As a  result,  South
Morston would become obliged under the Irish Takeover Panel Act 1997,
Takeover Rules 2007 (the "Takeover Rules") to extend a general  offer
to  all  shareholders  in  accordance  with  Rule  37,  unless   such
obligation was waived by the Irish Takeover Panel (the "Panel").

The Panel has  agreed to waive  this obligation on  condition that  a
majority of the shareholders of  the Company excluding South  Morston
approve the waiver on a poll  at an extraordinary general meeting  of
the Company.

The circular sets out  details of all  the resolutions which  require
the approval of ICG shareholders at an extraordinary general  meeting
of the Company  which will  take place  at the  Clarion Hotel,  IFSC,
North Wall Quay, Dublin 1, on 23 October 2008, at 11.00 am.

The forms  of  proxy  for the  extraordinary  general  meeting  which
accompany the circular sent to ICG shareholders should be returned to
Computershare Investor Services (Ireland) Limited no later than 11.00
am on 21 October 2008.  The completion and return of a form of  proxy
will not prevent ICG  shareholders from attending  and voting at  the
meeting in person if they wish to do so.

Enquiries

Irish  Continental   Group  plc
Telephone      [phone]
Eamonn Rothwell
Garry O'Dea
Tom Corcoran

NCB   Corporate    Finance
Telephone      [phone]
Liam Booth
Jonathan Simmons
Shane Lawlor

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