Offer Update

Irish Continental Group PLC
17 May 2007

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

                                   17 May 2007 
                                      
                            Offer Update Announcement
                                        

On 16 April 2007, the Independent Directors announced that the Consortium
(comprising Doyle Group Limited and One Fifty One plc) had entered into a formal
process with the Company and commenced its confirmatory due diligence which it
was expected would take up to four weeks to complete. Subsequently, on 10 May
2007, the Consortium provided an update regarding the status of its due
diligence.

The Consortium has confirmed to the Independent Directors that its confirmatory
due diligence process is now substantially complete. Discussions are continuing
between the Independent Directors and the Consortium to finalise the remaining
outstanding matters in order to progress the possible offer by the Consortium
into an announcement of a firm intention to make an offer at not less than
€20.75 per ICG Unit. The Independent Directors and the Consortium will continue
to seek to progress these matters as expeditiously as possible.

A further announcement will be made in due course.


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.



                      This information is provided by RNS
            The company news service from the London Stock Exchange