Intermediate Capital Group plc : Trading Statement

Intermediate Capital Group plc: Pre-Close Trading Statement for the twelve months to 31 March 2012

Embargoed until 7.00am on Thursday 29 March 2012

ICG plc today provides an update on trading for the twelve months ending 31 March 2012. The Group will report its full year results on 22 May 2012.

Fund Management Company

Our funds continued to deliver a strong performance over the period.  We have also further expanded our distribution team with two senior hires during the year, enhancing our geographic coverage. While institutional investors remain cautious to make new investments in volatile markets, the more benign economic outlook since the beginning of 2012 has resulted in a more favourable environment for fundraising. Against this backdrop, we are seeing increased interest in our range of products. We continue to make good progress toward our €2 billion target for ICG Europe Fund V.

Investment Company

The performance of our portfolio remains solid and we therefore expect provisions to be broadly in line with market expectations. The sale of CPA to Cinven, announced in January 2012, completed on 22 March and resulted in cash receipts of £113 million and capital gains of £43 million for the fourth quarter for ICG plc. As a result our undrawn debt facility will be approximately £825 million at 31 March 2012, leaving ample room for new investments, even after the repayment of circa £320 million in existing facilities in April 2012. Again, the more benign economic outlook since the beginning of 2012 has also resulted in greater market activity and our pipeline of new investments is building.

Remuneration Schemes

As approved by our shareholders in July 2010, 31 March 2012 will mark the end of the transition period during which the legacy Medium Term Incentive Scheme co-existed with the new remuneration schemes.  As agreed, the Medium Term Incentive Scheme (MTIS) will be terminated at the end of the current year, resulting in a one-off release of previously accrued costs to the income statement for the year to 31 March 2012. We estimate this release to be approximately £45 million. Today we will be hosting a follow-on seminar for analysts and investors on the accounting implications of the new remuneration schemes.

END

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

Media enquiries:
Neil Bennett/Tom Eckersley/Andrea Coleman, Maitland [phone]

This Pre-Close trading 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 Pre-Close trading Statement should not be relied on by any other party or for any other purpose.

This Pre-Close trading 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 €12 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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