Posting of Scheme Document

Irish Continental Group PLC
20 March 2007



                                  ANNOUNCEMENT
                                        
                                        
                                  20 March 2007
                                        
                                        
              Irish Continental Group plc ('ICG' or the 'Company')


Scheme document regarding the recommended acquisition of ICG by Aella plc posted
to shareholders

The Company announces that the document in relation to the recommended
acquisition for cash of the entire issued and to be issued share capital of ICG
by Aella plc for cash consideration of €18.50 per ICG Unit (the 'Scheme
Document') was posted to ICG shareholders today.

The Scheme Document sets out details of various aspects of the acquisition which
require the approval of ICG shareholders at two court meetings and an
extraordinary general meeting (the 'EGM') which will all take place at The
Berkeley Court Hotel, Lansdowne Road, Dublin 4 on 12 April 2007 with the first
court meeting commencing at 3.15 pm, the second court meeting commencing at 3.30
pm (or as soon thereafter as the first court meeting has concluded or being
adjourned), and the EGM commencing at 3.45 pm (or as soon thereafter as the
second court meeting has concluded or being adjourned). In relation to the court
meetings to be held on 12 April 2007, a High Court order convening these
meetings was issued on 16 March 2007.

The forms of proxy for the court meetings and the EGM relating to the
acquisition which accompany the Scheme Document sent to ICG shareholders should
be returned to Computershare Investor Services (Ireland) Limited no later than
48 hours prior to the commencement of each meeting. If the forms of proxy for
the court meetings are not lodged 48 hours prior to the commencement of the
meetings they may be handed to the chairman of the relevant court meeting before
the start of the relevant court meeting. The completion and return of a form of
proxy for any of the meetings will not prevent ICG shareholders from attending
and voting at the meetings in person if they wish to do so.


Enquiries

NCB Corporate Finance                     Telephone [phone]
Liam Booth
Jonathan Simmons
Shane Lawlor

Goodbody Corporate Finance                Telephone [phone]
Brian O'Kelly
Finbarr Griffin
David Kearney

The directors of Irish Continental Group plc and Aella 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.

Goodbody Corporate Finance, which is authorised in Ireland by the Financial
Regulator under the Investment Intermediaries Act 1995, is acting exclusively
for Aella plc and no one else in connection with the acquisition and will not be
responsible to anyone other than Aella plc for providing the protections
afforded to customers of Goodbody Corporate Finance or for providing advice in
relation to the acquisition, the contents of this announcement or any
transaction or arrangement referred to herein.




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