Mezzanine Fund 2000

Intermediate Capital Group PLC
3 July 2000


INTERMEDIATE CAPITAL GROUP PLC
FIRST CLOSING OF ICG MEZZANINE FUND 2000

Intermediate Capital Group PLC is delighted to announce the first closing of
its ICG Mezzanine Fund 2000 at 374 million euros (including permitted
borrowings). It expects a second closing in about a month, which is anticipated
to be over 450 million euros.

The ICG Mezzanine Fund 2000 will invest alongside ICG itself in the UK and
Continental European mezzanine opportunities. The demand for mezzanine finance
continues to grow particularly for larger buyout transactions.

Tom Attwood, Managing Director commented:

'We are particularly pleased with the investors' response to the fund, which
has exceeded our expectations. We are extremely encouraged that half of the
demand has come from Continental European institutions and half from new fund
management clients for ICG.'

Enquiries:

Tom Attwood                    ICG                    020 7628 9898
Gill Ackers / Simon Sporborg   Brunswick              020 7404 5959

Notes to Editors

Intermediate Capital Group
ICG was founded in 1989 and was successfully floated in 1994. Its business is
to arrange and provide intermediate, or mezzanine, capital for companies in the
UK and Continental Western Europe. ICG lends from both its own resources and
from third party funds under its management.  Mezzanine finance ranks in terms
of risk and reward between bank debt and equity capital.  In return for
providing finance, ICG seeks a strong cash yield and an additional return
related to the success of the investee company, usually in the form of a capital
gain.

Mezzanine finance has been principally used to finance management buyouts but
is increasingly used as expansion and acquisition capital. ICG also has a high
yield debt fund management business.

ICG now has a market capitalisation of £408 million.