CURRENT TRADING AND IFRS

Intermediate Capital Group PLC
19 July 2005








Tuesday 19th July 2005

                               CURRENT TRADING AND IFRS

Intermediate Capital Group PLC, Europe's leading independent provider of
mezzanine finance, is updating the market on current trading and its initial
view on the impact of IFRS.

Current Trading:

Core income for the six months to 31 July 2005, as prepared under UK GAAP, will
be in line with expectations. However, increased exit opportunities mean that
capital gains have been particularly strong in the first half of the year.

IFRS:

The adoption of IFRS does not affect the underlying operation or cash flows of
the group. However, had IAS32 and IAS 39 been in force for the year ended 31
January 2005, the earlier recognition of (i) net interest income, using the
Effective Interest Rate, and (ii) capital gains, as a result of the inclusion of
part of the warrant portfolio at current value, would have led to increased
earnings for the year. This will also be reflected in the higher level of
shareholders funds at 1 February 2005. A full audited transitional statement
will be made in early September, with the interim results, prepared under IFRS,
being announced during the second week of October.

Enquiries:

Tom Attwood, Managing Director, Intermediate Capital Group PLC [phone]
Gill Ackers/Helen Barnes, Brunswick Group LLP                  [phone]



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