Re Directorate

Intermediate Capital Group PLC
23 May 2001


Board Appointment

Intermediate Capital Group PLC announces that, following its Annual General
Meeting, John Manser was appointed Chairman on the retirement of Murray
Stuart who had been Chairman since 1993.

ICG also announces the appointment of James Nelson to the Board as a Non-
Executive Director. James Nelson is a partner of Graphite Capital, which,
through a management buy-out, recently acquired Foreign & Colonial's
private equity business. At Foreign & Colonial he was responsible for the
development of its unquoted activities, which included the management of
Foreign & Colonial Enterprise Trust since its launch in 1981.  He is a Past
Chairman of the British Venture Capital Association.

Enquiries:                                             Tel:

Tom Bartlam, Intermediate Capital Group PLC            [phone]
John Manser, Intermediate Capital Group PLC            [phone]
James Nelson, Graphite Capital                         [phone]
Gill Ackers, Brunswick Group Limited                   [phone]