AGM Statement

Intermediate Capital Group PLC
27 May 2003


                         AGM Statement & Board Changes

Tuesday 27th May, 2003

At Intermediate Capital Group PLC's AGM today, its Chairman, John Manser, made
the following statement:


1.  Regarding trading in our new financial year, we are now
seeing an increasing flow of mezzanine investment opportunities following a slow
down in lending activity at the time of the Iraq war in the Spring.  We are
therefore confident of our ability to continue to grow our loan book in the
current year.



2.  We are today appointing Andrew Phillips to the Board.
Andrew, who was part of the original team of ICG at the time of its foundation
in 1989, has spent many years developing ICG's UK, French and Scandinavian
mezzanine businesses.  In the last few years he has been responsible for
successfully building ICG's non-mezzanine fund management business which is an
area of considerable opportunity for ICG.  He will continue in this role as well
as bringing to the Board his many years of experience of the European mezzanine
market.  Prior to joining ICG Andrew worked for three years at Chemical bank.



3.  Andrew Jackson, a Managing Director of the company, and one
of the four founders of ICG, will be retiring from the Board at the end of July.
His contribution to ICG since its formation in 1989 has been immense and he
will be much missed by us all.



Enquiries


John Manser, Chairman           Intermediate Capital Group   020 7628 9898

Tom Bartlam, Managing Director  Intermediate Capital Group   020 7628 9898

Tricia Parish/Kate Newton       Brunswick                    020 7404 5959


In accordance with Chapter 16.4 of the Listing Rules, no further details are
required to be disclosed under paragraph 6.F2 (b) to (g).


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