Offer Update

Irish Continental Group PLC
21 September 2007



                                  ANNOUNCEMENT

                               21 September 2007

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

                           Offer Update Announcement


The Independent Directors of ICG have noted the announcements today by
Moonduster Limited ('Moonduster') that, on 20 and 21 September 2007, One51
Capital acquired, through contracts for difference, the voting rights over
427,392 ICG Units, representing approximately 1.8 per cent. of the issued share
capital of ICG, at prices between €25.00 and €25.20 per ICG Unit and that
accordingly the cash consideration payable pursuant to the Moonduster Scheme to
acquire the Company has increased to €25.20 per ICG Unit.

On 10 September the Company announced that the document in relation to the
recommended revised acquisition for cash of the entire issued and to be issued
share capital of ICG by Aella plc ('Aella') for cash consideration of €24.00 per
ICG Unit (the 'Revised Scheme Document' and the 'Revised Aella Scheme') was
posted to ICG shareholders.  The Revised Scheme Document included notices to
reconvene two court meetings and an extraordinary general meeting to approve the
Revised Aella Scheme.  The reconvened meetings will take place at The Clarion
Hotel Dublin IFSC, International Financial Services Centre, Dublin 1 on 26
September 2007 with the first reconvened meeting commencing at 2.30pm.
Notwithstanding today's announcements by Moonduster, the meetings to consider
the Revised Aella Scheme will still take place as set out in the notices in the
Revised Scheme Document and as summarised above. The Independent Directors
continue to recommend the Revised Aella Scheme.



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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