Statement re Possible Offer

10 May 2007 15:55

Davy Corporate Finance Ltd10 May 2007 Statement on behalf of Doyle Group Limited ("Doyle Group") and One Fifty One Capital Limited ("One Fifty One Capital") The Consortium comprising One Fifty One Capital Limited and the Doyle GroupLimited wishes to state that progress continues to be made on the confirmatorydue diligence process, which commenced on 13 April 2007. A further announcementproviding an update on the process will be made next week. The Consortium remains fully committed to expediting the process towards apossible offer to acquire the share capital of Irish Continental Group PLC(ICG)at a price of not less than €20.75 per ICG Unit. Contacts: Murray Consultants Fleishman-HillardJim Milton James MorrisseyTel: +353-1-4980300 Tel: +353-618-8433 Ed MicheauTel: + 353-86-8037155 ENDS Background Information: On 4 April 2007, the Consortium announced that its members were in discussionsregarding a possible offer for the entire issued and to be issued share capitalof ICG at a price of not less than €20.00 per ICG Unit. As a consequence offurther market purchases by the Consortium the possible offer must be at a levelof not less than €20.75 per ICG Unit. The Independent Directors announced on 16 April 2007 that, after close ofbusiness on 13 April 2007, the Consortium entered into a formal process with ICGand commenced confirmatory due diligence which they said was expected will takeup to four weeks to complete. The directors of the Doyle Group and the directors of One Fifty One CapitalLimited accept responsibility for the information contained in thisannouncement. To the best of the knowledge and belief of both parties (who havetaken all reasonable care to ensure such is the case) the information containedin this announcement is in accordance with the facts and does not omit anythinglikely to affect the import of such information. Any person who is the holder of 1 per cent. or more of any class of shares inthe Company may be required to make disclosures pursuant to Rule 8.3 of theTakeover Rules of the Irish Takeover Panel. This information is provided by RNS The company news service from the London Stock Exchange