Trading Statement

Embargoed until 7.00am on Thursday 6 October 2011
TRADING UPDATE


Intermediate Capital Group plc (ICG) releases a trading update for the six
months to 30 September 2011.  The Half Year Results statement will be published
on 22 November 2011 at 7.00am

Highlights

  * €1.1bn first closing of ICG Europe Fund V, including €500m co-investment
    commitment from the Investment Company (IC)
  * £242m final close on Longbow UK Real Estate Debt Investments II, including
    £50m commitment from ICG
  * IC portfolio performing well
  * Strong balance sheet with headroom of c. £540m; £117m debt extension agreed


Commenting on the statement, Christophe Evain, CEO, said:

"The events of the summer have further highlighted the imbalance between supply
and demand for credit which will remain a feature of the European credit markets
for the foreseeable future.  This imbalance is placing considerable stress on
credit markets and therefore presents considerable opportunities for specialist
lenders to generate high returns by acquiring debt at attractive discounts in a
distressed market, providing recovery finance to existing buyouts and offering
reliable financing solutions for new transactions. The first close of our next
European mezzanine fund and the extension of debt maturities for our balance
sheet, despite the volatile conditions, highlight the trust of our business
partners in our ability to generate value in this environment."

Fund Management Company (FMC)

Mezzanine Funds
Our portfolio companies are performing well and our mezzanine funds continue to
show top quartile performance versus private equity funds. We are focused on
maintaining this strong track record by selectively exiting investments when
attractive opportunities arise and, given the economic outlook, actively
monitoring our existing portfolio.
We have successfully completed the First Closing of our latest European
mezzanine fund, 'ICG Europe Fund V'. The amount committed is €1.1billion,
including a €500 million co-investment commitment from ICG.  This constitutes a
significant step towards the targeted fund size of €2 billion. The fund has
received commitments from both long-term ICG supporters and a variety of new
investors. The investor base is diversified by both geography and type with
commitments coming from across Europe, North America, the Middle East and Asia,
including insurance companies, sovereign wealth funds, public and corporate
pension plans, funds of funds, family offices and banks. The fund has already
made its first investment having supported the buyout of Bureau van Dijk.
Investor support for the fund has been particularly strong as a result of
continuing liquidity constraints within the European market.

Credit Funds
Our senior loan portfolio has delivered a strong performance in the period, with
default rates remaining at historical lows.  Our CLOs therefore continue to
perform well.

Our loan fund and our high yield fund have further outperformed their broader
markets, which have been negatively impacted by the volatility across capital
markets since August.

We will continue to position our credit funds defensively given the economic
environment.




Longbow Real Estate Capital
Longbow has recently completed the final close of its debt fund, Longbow UK Real
Estate  Debt Investments II,  with £242 million  of commitments from  a range of
blue  chip institutional investors  and including a  £50 million commitment from
the  IC.  We  are  delighted  by  the  success of the fundraising in a difficult
environment. The team has already completed a number of mezzanine and high yield
senior  debt investments  and benefits  from a  significant pipeline  of further
opportunities.

In addition, Longbow has appointed David Hunter as Chairman. With over 25 years'
experience as a creative and high performing fund manager, David Hunter was the
Managing Director of Aberdeen Asset Management's property fund business until
2004, and is now a consultant with non-executive roles in the UK, Nordic region,
South Africa and India.  We believe that David's appointment as Chairman will
help realise Longbow's growth potential.



Investment Company (IC)
Portfolio
The performance of the IC's portfolio remains strong.  We will continue to
actively monitor the portfolio closely given the uncertainty of the economic
outlook but we have not seen any signs of deterioration to date.

The IC also benefited from further realisations.  Repayments over the period
included Aster, Au Bon Pain, Bureau van Dijk, Dometic, Tegel, Souriau, Veda and
V Ships.

New investments for the period included Bureau van Dijk, CNIG (our first
investment in China), HMG, Tegel.

Balance Sheet
The realisations during the period have generated substantial free cash flow. We
believe that the rate of realisations is likely to slow down in the second half
due to market volatility but we have a number of ongoing exit processes which
remain on track.

At 30 September 2011 our undrawn debt facilities stood at c. £460 million.
Adjusted for exit proceeds signed but not yet received, headroom would have been
c. £540 million.  We have recently agreed the extension of the maturity of £117
million debt facilities falling due in April 2012 and, as a result, debt
facilities maturing in April 2012 now amount to c. £320 million.

We continue to review alternative sources of financing to refresh and further
diversify the balance sheet funding to support long term growth.



                                      end



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


Media enquiries:
Charlotte Kirkham/Tim Draper, M:Communications                 +44 (0)
20 7920 2331


This   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 Interim Management
Statement should not be relied on by any other party or for any other purpose.

This  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 c. €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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