Offer Update

Irish Continental Group PLC
27 July 2007



              Irish Continental Group plc ('ICG' or the 'Company')
                                        
                                  27 July 2007
                                        
                            Offer Update Announcement
                                        

On 23 July 2007 the independent directors of ICG (the 'Independent Directors')
announced that on 19 July 2007 the Independent Directors wrote to both
Moonduster Limited ('Moonduster') and Aella plc ('Aella') requesting them to
confirm to the Independent Directors, by no later than 12.00 p.m. on 26 July
2007, the highest price per ICG Unit which they are currently prepared to offer
to acquire the Company and also their intentions in the event that the
Independent Directors recommend an offer other than their own offer.


Moonduster controls the voting of approximately 20.38 per cent. of the issued
share capital of the Company and Aella's shareholders own, or have an interest
in, approximately 17.19 per cent. of the issued share capital of the Company. As
such the Independent Directors continue to believe that on the basis of their
current shareholdings, neither the Moonduster Offer nor the Aella Offer, each at
a price of €22.00 per ICG Unit, will be capable of implementation without the
support of the other party.


Since 23 July 2007, the Company and its advisers have endeavoured to progress
matters with both Aella and Moonduster, and the Independent Directors are now of
the view that it would be in the best interests of shareholders to extend
yesterday's deadline to 5.00 p.m. on Monday 30 July 2007.


Shareholders should note that there is no guarantee that an offer with an
improved certainty of execution will be forthcoming as a result of the current
process.


A further announcement will follow in due course.


Enquiries:

Irish Continental Group plc Telephone [phone]
Independent Directors
John B McGuckian


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


Drury Communications Telephone [phone]
Billy Murphy
Paddy Hughes


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.



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