Offer Update

Irish Continental Group PLC
25 May 2007


ANNOUNCEMENT

25 May 2007

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

Offer Update Announcement

On 17 May 2007 the Consortium confirmed to the Independent Directors that its
confirmatory due diligence process was substantially complete. In an
announcement later that day the Independent Directors stated that discussions
were continuing with the Consortium to finalise the remaining outstanding
matters in order to progress the possible offer by the Consortium into an
announcement of a firm intention to make an offer at not less than €20.75 per
ICG Unit and that the Independent Directors and the Consortium would continue to
seek to progress these matters as expeditiously as possible.

Since 17 May 2007 the Independent Directors, the Company, and its advisers have
worked diligently with the Consortium's advisers to finalise these outstanding
matters. Moreover, since the Consortium's confirmatory due diligence process
commenced, the Independent Directors are satisfied that significant and
appropriate levels of confidential information and assistance have been provided
for the Consortium to be able to decide whether to announce a firm intention to
make an offer pursuant to Rule 2.5 of the Takeover Rules.

The Independent Directors are unable to confirm to shareholders a timeframe
within which the Consortium can finalise these outstanding matters and
consequently, until a firm intention to make an offer is announced, there can be
no guarantee that an offer will be forthcoming. In light of the significant time
which has now elapsed since the offer period commenced on 8 March 2007 and also
since 4 April 2007, the date on which the Consortium first announced its
interest in making an offer, the Independent Directors believe that it is now
appropriate to seek clarification from the Consortium without further
significant delay. In this regard, the Independent Directors have today
requested the Irish Takeover Panel to impose a deadline for the Consortium to
clarify its position.

A further announcement will be made 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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