Offer Update

Irish Continental Group PLC
01 November 2007



              Irish Continental Group plc ('ICG' or the 'Company')
                                                                                
                              End of Offer Period


1 November 2007


The Independent Directors note the announcement of 24 October 2007 from the
Irish Takeover Panel.  In accordance with that announcement, as of midnight last
night ICG is no longer in an offer period.


Commenting on behalf of the Independent Directors, Chairman, John B McGuckian
said:


'The offer period for ICG commenced on 8 March 2007.  Since 8 March 2007
Moonduster has acquired an interest in approximately 25.9 per cent of the issued
share capital of the Company, South Morston Investment Company Limited, a
company controlled by Mr. Liam Carroll and associates, has acquired an interest
in approximately 26.3 per cent of the issued share capital of the Company, and
the parties interested in Aella, namely the senior management of ICG, have an
interest in approximately 16.9 per cent of the issued share capital of the
Company. These competing interests in ICG and the resulting concentration of
shareholdings has meant that it has not been possible to bring forward an offer
to shareholders through a scheme of arrangement that would obtain the necessary
75 per cent level of shareholder approval.


The aforementioned competing interests to acquire control of, or build a
substantial stake in, ICG has increased the ICG share price to €26 and
shareholders have had an opportunity to sell their ICG shares if they wished to
do so. However, looking ahead, if the shareholdings in the Company become more
concentrated, liquidity in the shares may reduce and that may have a negative
effect on the share price.


A prolonged offer period is an inevitable distraction for a company and in that
sense the ending of the near eight month offer period is, in the absence of the
likelihood of any successful offer being made to ICG's shareholders, in the best
interests of the Company.'


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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