Interim Management Statement

Irish  Continental  Group  plc   (ICG)  issues  its  second   Interim
Management Statement for  2008 which  covers the period  from 1  July
2008.

It should  be noted  that ICG's  business is  significantly  weighted
towards the second half of the year (particularly the third  quarter)
where normally a higher proportion of the Group's operating profit is
generated than in the first six months.

TRADING, YEAR TO DATE
Group revenue for the nine months  to 30th September 2008 was  ¤265.5
million (2007: ¤269.2  million), while operating  profit (before  non
trading charges) for the nine months was ¤37.5 million compared  with
¤44.6 million in the same period  in 2007.  This result was  achieved
despite Group fuel costs being 60% higher at ¤40 million (versus  ¤25
million in the same period in 2007).

In the year to date (to 31 October 2008), passengers carried are down
5.5% at 1,318,000, while car numbers are down 6.4% at 335,000.   RoRo
freight volumes  in the  same period  are down  6.6% on  last  year's
record performance at 207,000  units.  Container freight volumes  are
1.8% higher  than  the previous  year  at 450,000  teu,  while  units
handled at our port terminals are ahead by a similar percentage.

Fuel prices have eased considerably from the historically high levels
seen in mid  year. The current  price for  heavy fuel oil  is in  the
region of ¤225 - ¤250 per tonne, compared with an average in the nine
months to 30 September 2008 of ¤384 per tonne (and an average of ¤243
per tonne in the corresponding period  in 2007). This is providing  a
counterbalance to the weaker demand environment.

FINANCE
Net debt at  30 September 2008,  was ¤55.5 million,  down from  ¤70.3
million at 30 June 2008.  This is the lowest level of net debt  since
1994 and leaves the Group in a very strong financial position.

Material Events
On 22 October 2008,  the Board received  an approach from  Moonduster
Limited in which it was stated  that Moonduster would seek to  engage
with the other major shareholders with a view to potentially bringing
forward an offer for the Company.

Shareholders are reminded that  the approach from Moonduster  remains
extremely preliminary in nature.  In addition, there continues to  be
no guarantee that  any discussions between  Moonduster and the  other
major shareholders of  the Company will  result in an  offer for  the
Company.  Moreover,  no  details  have been  provided  to  the  Board
regarding the offer price  at which an offer  for the Company may  be
proposed, nor  has  the  Board  received  any  information  regarding
arrangements for the financing of such an offer or of the  conditions
to which the financing and making  of such an offer may be  subject.
Consequently, there continues to be  no certainty that an offer  will
ultimately be forthcoming.

In light of the above, the Board announced on 23 October 2008 that it
had decided  to  defer  a  decision on  whether  to  proceed  with  a
redemption of redeemable shares for a  period of six weeks from  that
date.
Further announcements regarding both the Moonduster approach and  any
redemption of redeemable shares will be made when appropriate.

Outlook
The  overall  economic  environment  remains  challenging.   We  have
adjusted the  frequency of  our  fast ferry  service from  Dublin  to
Holyhead from two round trips a day to one round trip during the  off
season.  This will lead to fuel and other operational cost savings to
counteract the weaker passenger demand.   We have also taken  further
steps to reduce sales, distribution and other overhead costs.

In our Container and Terminal  division we have recognised the  need,
under current market conditions, to optimise capacity and to  exploit
the economies  of  scale offered  by  larger vessels.    All  of  our
vessels are time chartered and  charter rates are easing in  response
to market conditions.

These measures, combined with a lower level of fuel costs, will  help
to  offset  the  effects  of  reduced  demand  in  the  marketplace.
Furthermore, our strong balance sheet and low cost base ensures  that
we can continue to compete in this demanding environment.


17th November 2008

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