Update re Arbitration Award

Kingspan Group PLC
05 November 2003

Update Re Arbitration Award in Favour of Kingspan Group PLC



5.11.03





Kingspan announced today that it has filed a motion in the Superior Court in
Washington, D.C. to confirm the $40 million binding arbitration award it
received on October 10, 2003.  Daniel Baker and the other sellers of Tate Global
have responded by filing a petition to vacate or modify the award in the U.S.
District Court in Harrisburg, PA.



Our US attorney has noted that under United States law, binding arbitration
awards are generally enforceable and the grounds for overturning or modifying
them in court are narrow and limited to points of law.   Ruling on this
challenge will likely be decided on papers and legal argument of counsel.



If this challenge runs its full course it will take some time to determine,
however interest continues to accrue on the $40 million award in an amount
exceeding $5,000 per day.





For Reference:              Tom Byrne
                            Murray Consultants Ltd
                            Tel. No.  01 6633316





This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.


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