Statement re Agreement on Pension Deficit Funding

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

AGREEMENT ON PENSION DEFICIT FUNDING

ICG reports that it has been advised by the Trustee of the Irish Ferries Limited Pension Scheme ("the Scheme"), the Company's principal defined benefit pension scheme, that the Pensions Authority has now issued a direction enabling the implementation of the deficit Funding Proposal as previously outlined.

Under the terms of the Funding Proposal, liabilities of the Scheme will be reduced. The Company will make deficit payments to the Scheme of €1.5 million per annum for a projected period of 10 years to 2023 or until the deficit is eliminated if earlier, with additional payments of €0.5m per annum to an escrow account, the balance of which will also be payable to the Scheme in certain circumstances.

END

Dublin
16 October 2014

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Source: Irish Continental Group plc via Globenewswire

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