Interim Management Statement

Embargoed until 7.00am on Tuesday 19 July 2011
Interim Management Statement
for the three months to 30 JUNE 2011




Intermediate Capital Group plc (ICG) releases its Interim Management Statement
for the three months to 30 June 2011
Commenting on the quarter, Christophe Evain, CEO, said: "We are continuing to
crystallise the value of our portfolio and maintain the strong track record of
our investment funds. We are seeing a healthy pipeline of exits and new
investments, however, transactions are taking longer to complete in the current
volatile environment."




Fund Management Company
Assets under management remained flat over the period.

Mezzanine Funds
Our mezzanine investments continue to perform well. Following a string of
successful realisations in the year to March 2011, our Mezzanine Fund 2003
exited its investment in Souriau in the quarter to June 2011. Our European Fund
2006, now closed to new investment, has also started to realise assets, with one
of its largest assets having just been acquired by another private equity
sponsor. A number of exits are currently in process. We are in advanced
discussions with a number of existing and new investors regarding the first
closing of the successor European fund, ICG Europe Fund V. The fund's target
size is €2 billion including a €500 million commitment from our Investment
Company.

Our  Asia Pacific Fund 2008 completed a new  investment in Tegel - New Zealand's
leading  integrated poultry producer.  This transaction also  represents an exit
for  the Asia Pacific  Fund 2005 which retained  a minority equity interest from
the  original 2006 buyout (the  mezzanine was repaid  in 2007 and partial equity
realisation occurred in 2008).

Credit Funds
Our  loan portfolio is also performing well;  our loan funds have experienced no
defaults during the quarter and continue to deliver a strong performance.

Our  European  High  Yield  Bond  fund  has  continued to outperform the market,
returning  1.37% between  March  2011 and  June  2011, compared to 1.04% for the
market.


Investment Company
Repayments and capital gains
The  Investment Company (IC)'s  portfolio performance remains  strong and the IC
also  benefited from the two exits mentioned above where it had co-invested with
our  European and Asia Pacific funds. In addition, the IC partially realised its
investment  in Au Bon  Pain, which refinanced  its existing debt  and repaid our
mezzanine investment. We remain invested in the equity.

Total  repayments agreed since the year  end amounted to £151 million, including
£21 million of rolled up interest.

Capital  gains since the year end amounted to £8 million, as a result of the low
equity  component in  the assets  realised over  the period.  However, we expect
capital  gains to be higher in  the second quarter as a  number of assets with a
higher equity component are being exited.

New Investments
Since  year end new investments for the  IC totalled £33 million. In addition to
the  £7 million co-investment in Tegel  alongside our Asia Pacific Fund 2008 and
follow-on investments of £5 million, the IC also invested in its tenth US asset.
 The  IC invested £21 million of mezzanine and equity alongside AEA Investors to
support  the acquisition  of Cogent  Healthcare byHospitalists  Management Group
(HMG). AEA  originally  acquired  HMG  in  2010. HMG  and Cogent Healthcare have
merged  to form  the largest  private hospitalist  company in the United States,
with nearly 1,000 affiliated hospitalists practising in more than 100 healthcare
facilities nationwide.

On  16 July 2011 ICG committed to a significant  investment in the new buyout of
an existing portfolio company.

Balance Sheet
The repayments agreed since year end will contribute to strong free cash flow in
the first half of the current financial year.

At  30 June 2011 our undrawn debt facilities stood at £404 million (prior to the
cash  receipt of  the proceeds  of the  above mentioned  realisations due in the
second  quarter).  We  continue  to  review  alternative sources of financing to
refresh  and further  diversify the  balance sheet  funding. In  addition to the
Fitch  public rating of BBB- with  stable outlook, announced in January 2011, we
obtained  a BBB-/A-3 Issuer Credit Rating with  a stable outlook from Standard &
Poor's in June 2011.







Analyst / Investor enquiries:
Christophe Evain, CEO, ICG                [phone]
Philip Keller, CFO, ICG                 [phone]
Jean-Christophe Rey, Investor Relations, ICG                [phone]


Media enquiries:
Mark Lunn, Corporate Communications, ICG                [phone]
Charlotte Kirkham/Tim Draper, M:Communications                 +44 (0)
20 7920 2331


This Interim Management Statement has been prepared solely to provide additional
information  to  shareholders  and  meets  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  be  offered  or  sold in the United States absent
registration  under the US  Securities Act of  1933, as amended, or an exemption
therefrom.  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.






About ICG
Founded in 1989, ICG is a specialist investment firm and asset manager providing
mezzanine  finance, leveraged credit and minority equity, managing €11.8 billion
of  assets in  proprietary capital  and third  party funds.  ICG has a large and
experienced  investment team  operating from  its head  office in  London with a
strong  local  network  of  offices  in  Paris,  Madrid,  Stockholm,  Frankfurt,
Amsterdam,  Hong Kong, Sydney  and New  York. Its  stock (ticker symbol: ICP) is
listed   on   the   London  Stock  Exchange.  Further  information  is available
at:www.icgplc.com.






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Source: Intermediate Capital Group PLC via Thomson Reuters ONE

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