Interim Management Statement

Intermediate Capital Group PLC
10 January 2008


Thursday, 10th January 2008


                          Interim Management Statement
                    for the three months to 31 December 2007

ICG REPORTS A RECORD INCREASE IN ITS LOAN AND INVESTMENT PORTFOLIO AND ANNOUNCES
A RIGHTS ISSUE TO RAISE NET PROCEEDS OF £175 MILLION TO FUND GROWTH

After the strong performance by ICG in the six months to 30 September 2007 we
are pleased to report record growth in our loan and investment book of 16.5%
during the three months to 31 December 2007. Better than expected loan book
growth will, in due course, result in further growth in core income.

The last quarter saw a significant change in the credit markets in which we
operate. The competitive landscape has moved further in our favour as CDOs and
Credit Hedge funds find themselves short of liquidity. We believe that we are
entering a phase in the debt cycle where long term investors with access to
permanent capital, such as ourselves, will see considerable opportunities to
invest at attractive terms. Indeed this has already proved to be the case in the
last quarter since the credit bubble burst.

Over the three month period we arranged or provided £566m in 10 new investments,
compared with £898m in 21 transactions in the six months to 30 September 2007.
Of this £566m, £319m was retained on our balance sheet and 40% were assets sold
by the banks looking to free up their balance sheets of underwriting positions
which they have been unable to syndicate following the turn in the credit
markets. As well as these opportunities in the secondary market our core mid
market segment is gradually reopening in Europe and North America and continues
to experience good growth in the Asia Pacific Region. Moreover mezzanine is
increasingly playing a central part in successful LBO financings.

At the same time, there was a marked slow down in repayments in the third
quarter with £82m coming back to our balance sheet compared to £458m in the six
months to 30 September 2007. Owing to the lower level of exits and repayments,
there were no capital gains in the third quarter.

These investment opportunities and the unusually low early repayments have
resulted in a strong increase in our loan and investment portfolio, which grew
16.5% to £2,069m over the three months to 31 December (from £1,776m at 30
September 2007). As a consequence of these market opportunities and the
significantly reduced level of exits we expect continued growth in our loan book
and are proposing a 2 for 9 rights issue to raise net proceeds of circa £175m.
Further details of the rights issue are available on our website.

We have also recently announced a BBB+ rating by Fitch Ratings which will widen
the range of potential sources of debt capital. The rights issue, along with
access to the investment grade bond market, will allow us to further take
advantage of the investment opportunities we are currently seeing.

Meanwhile our portfolio continues to perform well, however, we believe that
there is growing risk to the wider economy which could, in due course, result in
higher default rates. In these circumstances, maintaining our investment
discipline and sticking to the highest quality credits remains our priority.

Looking forward to the full year we expect the strong growth in our loan and
investment portfolio to continue driving further growth in core income. Key to
this growth is the significantly lower level of early repayments which will in
turn result in lower capital gains in the second half.

Enquiries:

Tom Attwood, Managing Director, 
Intermediate Capital Group PLC                                   [phone]

Philip Keller, Finance Director, 
Intermediate Capital Group PLC                                   [phone]

Jean-Christophe Rey, Investor Relations, 
Intermediate Capital Group PLC                                    [phone]

Helen Barnes/Teresa Bianchi, 
Brunswick Group Limited                                          [phone]

For more information, please log on to http://www.icgplc.com.

This interim management statement has been prepared solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. The interim management
statement should not be relied on by any other party or for any other purpose.

This interim management statement may contain forward-looking statements. These
statements have been made by the directors in good faith based on the
information available to them up to the time of their approval of this report
and should be treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying such forward-looking
information.

These written materials are not an offer of securities for sale in the United
States. Securities may not offered or sold in the United States absent
registration under the US Securities Act of 1933, as amended, or an exemption
there from. The issuer has not and does not intend to register any securities
under the US Securities Act of 1933, as amended, and does not intend to offer
any securities to the public in the United States. No money, securities or other
consideration from any person inside the United States is being solicited and,
if sent in response to the information contained in these written materials,
will not be accepted.

This interim management statement has been prepared solely to provide additional
information to shareholders as a body to meet the relevant requirements of the 
UK Listing Authority's Disclosure and Transparency Rules. The interim management
statement should not be relied on by any other party or for any other purpose. 

This interim management statement may contain forward-looking statements. These 
statements have been made by the directors in good faith based on the 
information available to them up to the time of their approval of this report 
and should be treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying such forward-looking 
information. 

These written materials are not an offer of securities for sale in the United 
States.  Securities may not offered or sold in the United States absent 
registration under the US Securities Act of 1933, as amended, or an exemption 
there from. The issuer has not and does not intend to register any securities 
under the US Securities Act of 1933, as amended, and does not intend to offer 
any securities to the public in the United States.  No money, securities or 
other consideration from any person inside the United States is being solicited
and, if sent in response to the information contained in these written 
materials, will not be accepted.


                             ICG's New Investments
                          3 months to 31 December 2007

In the 3 months ended 31 December 2007 ICG and funds managed by ICG invested in
the 10 following companies:

Europe

Alma is a French company that provides tax recovery and cost reduction services.
In December 2007 ICG invested €45m in the mezzanine facility arranged to assist
the buyout. ICG also invested €8m in the equity.

Applus+ is a Spanish inspection, certification and technological services
company. In November 2007 ICG arranged mezzanine facilities of €150m to assist
in the buyout. ICG also invested €30m in the equity.

Bureau Van Dijk is an electronic publisher of comprehensive company information
based in Belgium. In December 2007 ICG invested €166m in the mezzanine
facilities arranged to help restructure the secondary buyout financing.

Elis, a French company, is a leading textile rental and cleaning business. In
November 2007 ICG invested €150.6m in the mezzanine finance provided to support
the tertiary buyout.


Firth Rixson is a UK based company that manufactures components for aero
engines. In December 2007 ICG took a participation of £18.4m in the mezzanine
facility arranged to assist the secondary buyout. ICG also invested £2.8m in the
equity.

Interbest is a Netherlands company that provides roadside advertising. In
December 2007 ICG arranged and provided a €20m mezzanine facility to assist in
the buyout. ICG also invested €2m in the equity.

Swets, a Dutch company, is a leading global subscription services business. In
October 2007 ICG took a participation of €20m in the mezzanine facilities
provided to support the buyout. ICG also invested €5m in the equity.


Asia Pacific

Hoyts is a multiplex cinema and screen advertising company in Australia. In
December 2007 ICG arranged and provided an A$70m Mezzanine facility to assist in
the buyout. ICG also invested A$10m in the equity.


U.S.A.

ITT Switches is a leading global designer, manufacturer and distributor of
highly engineered electromechanical switches, interface control systems and dome
arrays with headquarters in the USA. In November 2007 ICG took a participation
of USD34.5m in the second lien facility provided to assist the buyout. ICG also
invested USD6m in the equity.


Growth Capital

Gaucho Grill is a chain of restaurants based in the UK. In December 2007 ICG
arranged and provided financing of £49m as a minority investment alongside
management in the buyout.


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