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Intermediate Capital Group plc and Intermediate Capital Managers Limited are authorised and regulated in the United Kingdom by the Financial Services Authority
ICG plcFY11 Results1 June 2011
Intermediate Capital Group plc 2
Highlights
� Operational Highlights
� Third party AUM up 9% to €9bn
� Strong performance across the investment portfolio
� 13 exits for 1.8x and an 18% IRR
� £1bn total of investments, £311m on behalf of ICG balance sheet
� Financial Highlights
� FMC profits of £36m, up 15% adjusted for £6.9m release
� IC profits of £154m*, up 126%, due to lower provisions and higher capital gains
� Profit-before tax of £190m*, up 79%
� Proposed final dividend of 12p (18p for the full year)
* Excluding negative impact of fair value movements of derivatives of £4m
Intermediate Capital Group plc
Market Update
Intermediate Capital Group plc 4
Record High Yield issuance
European High Yield Bond Issuance by Quarter
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,0001
99
6
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
€m
Source: S&P
Intermediate Capital Group plc 5
Limited issuance of LBO senior debt
€0
€20
€40
€60
€80
€100
€120
€140
€160
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Q1
€bn
Source: S&P
Intermediate Capital Group plc 6
European loan market rally continues
S&P Leverage Loan Index
60
65
70
75
80
85
90
95
100
105
Jan-
03M
ay-0
3Sep
-03
Jan-
04M
ay-0
4Sep
-04
Jan-
05M
ay-0
5Sep
-05
Jan-
06M
ay-0
6Sep
-06
Jan-
07M
ay-0
7Sep
-07
Jan-
08M
ay-0
8Sep
-08
Jan-
09M
ay-0
9Sep
-09
Jan-
10M
ay-1
0Sep
-10
Jan-
11
B BBSource: S&P
Mar
-11
Intermediate Capital Group plc 7
No new CLOs raised
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2003 2004 2005 2006 2007 2008 2009 2010 2011
$bn
US Europe
Source: BAML
ICG
Eos
Intermediate Capital Group plc 8
US dealing with issues: Europe significantly lagging
Changes in Loan Maturity Profile since January 2009
5.7 7
-33
-53
-90
-70
17
69
51
-2.2-9.2 -6.5
-0.1
-13.2
-100
-80
-60
-40
-20
0
20
40
60
80
2011 2012 2013 2014 2015 2016 2017
€b
n
Europe US
Source: JPMorgan
Intermediate Capital Group plc 9
LBO volume at 2001-2004 levels
0
20
40
60
80
100
120
140
160
180
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1
€b
n
Source: S&P
Intermediate Capital Group plc 10
7.3x
8.2x7.7x
7.3x 7.1x 7.0x 6.8x
7.6x
8.3x8.8x
9.7x 9.7x
8.9x9.2x
8.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Q1
Debt/EBITDA Equity/EBITDA Other/EBITDA
High prices - Lower credit risk
Source: S&P
Multiple of EBITDA
Intermediate Capital Group plc 11
Significant Private Equity dry powder remains
Source: Preqin
0
20
40
60
80
100
120
140
160
180
200
2005 2006 2007 2008 2009 2010 Q1 2011
Dry powder Funds raised
€bn
Intermediate Capital Group plc 12
ICG creates unique investment opportunities
-
200
400
600
800
1,000
1,200
1,400
2010 2011
€m
Source: ICG/S&P
* Investment Company and Mezzanine Funds
Q1
Q1
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
€m
European Mezzanine market ICG Investments*
Intermediate Capital Group plc
New Investments
Intermediate Capital Group plc 14
Unique investment opportunities
� ICG* has invested c. £1bn in FY2011, with a target return of 1.9x
£52mICG led-
£35m
£155m
£225m
£80m
over £300m
£110m
Investment Size
PE
PE
ICG led
PE
ICG led
PE
Sourcing
-
-
√
√
√
√
Proprietary SourcedInvestment
EOS
* Investment Company and Mezzanine Funds
Intermediate Capital Group plc 15
Deal flow
2008 2009 2010
102
� New deal opportunities presented to Investment Committee
23
98
Intermediate Capital Group plc
Exits
Intermediate Capital Group plc 17Intermediate Capital Group plc 17Intermediate Capital Group plc 17
Strong exits
1.5x16%TBC2007
Vintage
Year
Companies IRR Cash
Multiple
2004 Picard, Eurofarad, TeamSystem 17% 1.9x
2005 Geoservices 29% 2.0x
2006Medica, Visma, Loyalty Partners, Pasteur Cerba, Sebia, Gerflor
19% 1.8x
2008 BI, Labco** 16% 1.4x
Blended Returns 18% 1.8x
* Excludes £1m capital gains on Resource Europe CLO equity ** Partial exit
� 13 investments exited, £388m of repayments, £82m of PIK and £132m* of capital gains
Intermediate Capital Group plc
Portfolio Update
Intermediate Capital Group plc 19
Investment portfolioPerformance vs. prior year
Percentage of assets performing at or above prior year
0%
10%
20%
30%
40%
50%
60%
70%
80%
Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Intermediate Capital Group plc 20
Top twenty assets
↑ItalySoftware solutions
↑GermanyHome delivery of frozen foods
Private clinic manager France →
Electronic publisher of company information Belgium ↑
Textile rental and cleaning France ↑
Airport operator UK ↑
Inspection, certification and technological services Spain ↑
Waste management solutions provider UK ↓
Elderly care homes Sweden ↑
Speciality chemicals for the construction industry France ↑
Credit Bureau Australia →
Patent & legal services UK ↑
Share registry and fund administration services Australia ↑
Supplier of fire protection systems and services Germany →
PVC Flooring France ↑
Drug development and manufacturer France ↑
Provider of services and technical solutions for utilities Germany ↑
Diversified fund of senior loans Europe n/a
Auto Equipment France →
Tour operator Spain ↓
Business CountryVs Last
Year
Intermediate Capital Group plc 21
Top ten equity assets
Patent & legal services UK ↑
PVC Flooring France ↑
Fixed satellite services USA ↑
Home delivery of frozen foods Germany ↑
Livestock identification systems France ↑
Insurance and roadside assistance UK →
Software solutions Italy ↑
Inspection, certification and technological services Spain ↑
Food manufacturing France ↓
Share registry and fund administration services Australia ↑
Business CountryVs Last
Year
Intermediate Capital Group plc 22
Trend in provisions for portfolio companies
0
50
100
150
200
250
H1 08 H2 08 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11
£m
Gross provisions Write-backs
Intermediate Capital Group plc 23Intermediate Capital Group plc
AUM and Fund Performance
Intermediate Capital Group plc 24
Third party funds under management
0
1
2
3
4
5
6
7
8
9
10
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY08 FY09 FY10 FY11
€b
n
CFM Funds Mezz Funds
Intermediate Capital Group plc 25
Top quartile Private Equity performance
Net Money MultipleSource: ICG/Venture Economics/ThompsonOne as of 31 December 2010
1998 Fund2nd
Quartile
2000 FundTop
Quartile
2003 FundTop
Quartile
2006 FundTop
Quartile
IMP 2008 FundTop
Quartile
RF 2008 FundTop
Quartile
1.3x
1.7x1.6x
1.2x1.3x
1.4x
0.70x
0.90x
1.10x
1.30x
1.50x
1.70x
1.90x
1998 2000 2003 2006 2008 2008
Net
Mon
ey M
ultip
le
ICG Top Quartile PE
Intermediate Capital Group plc 26
Credit Fund Management performance Leveraged loans
ICG Senior Secured Loan Performance* vs.
Credit Suisse Western European Loan Index
* Composite of all discretionary market value funds managed by ICG
ICG Loan Default Ratevs.
S&P Speculative Grade* Default Rate
Source: ICG, S&P, last update as at December 2010Source: ICG per 31 March 2011
65%
70%
75%
80%
85%
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
Nov-05
Mar-06
Jul-06
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
ICG Marketvalue Loan Composite CS Western European Loan Index
0%
2%
4%
6%
8%
10%
12%
14%
16%
2003 2004 2005 2006 2007 2008 2009 2010 LTM31/03/11
ICG Loans default rate S&P Loan default rate
Intermediate Capital Group plc 27
Credit Fund Management performance High Yield
0%
1%
2%
3%
4%
5%
6%
7%
8%
2003 2004 2005 2006 2007 2008 2009 2010 LTM31/03/11
S&P HY default rate ICG Bonds default rate
ICG High Yield Composite* vs.
Merrill Lynch High Yield Index (HEAG)
ICG High Yield Default Ratevs.
S&P High Yield Default Rate
Source: ICG, S&PSource: ICG per 31 March 2011
75%
85%
95%
105%
115%
125%
135%
145%
155%
165%
175%
185%
195%
205%
Nov-0
0
Mar-01
Jul-01
Nov-0
1
Mar-02
Jul-02
Nov-0
2
Mar-03
Jul-03
Nov-0
3
Mar-04
Jul-04
Nov-0
4
Mar-05
Jul-05
Nov-0
5
Mar-06
Jul-06
Nov-0
6
Mar-07
Jul-07
Nov-0
7
Mar-08
Jul-08
Nov-0
8
Mar-09
Jul-09
Nov-0
9
Mar-10
Jul-10
Nov-1
0
Mar-11
ML High Yield Index ICG High Yield Composite
* Represents high yield assets managed across all relevant funds
Intermediate Capital Group plc 28
Fund management priorities
� Sales team
� Grow core business
� ICG Europe V
� ICG High Yield Bond Fund and European Loan Fund
� Develop new opportunities
� Longbow
Intermediate Capital Group plc
Financial Overview
Intermediate Capital Group plc 30
Segmental reporting
(105.9)67.7154.2IC Profit*
(66.7)
8.3
24.8
(273.1)
(57.5)
10.0
189.9
30.9
(55.3)
6.0
80.2
105.8186.3Profit before tax
0.1
77.1
(161.8)
(60.7)
3.4
209.7
38.0
(40.3)
1.9
76.4
(3.8)
101.3
(70.9)
(67.0)
11.0
179.8
35.9
(50.0)
4.1
81.8
FVM derivatives
Admin expenses
Impairments
Net capital gains
Div & other income
Net Interest Income
Admin expenses
Other income
FM Profit
Fee incomeFund
Management
Company
Investment
Company
Group
March 2011 March 2010 March 2009£m
* Excluding FMV Derivatives
Intermediate Capital Group plc 31
9,036
8,249
266
16
390
1288
170
7000
8000
9000
10000
Mar-10 NewMezzanine
RealisationsMezzanine
New CFM RealisationsCFM
FX Mar-11
€b
m
Third party AUM
� Third party AUM up due to CFM inflow (Eos Loan Fund 1)
Intermediate Capital Group plc 32
Third party fee income
0
10
20
30
40
50
60
FY 08 FY 09 FY 10 FY 11
£m
Mezzanine Funds CFM Funds
Intermediate Capital Group plc 33
Mezzanine and Growth Capital FundsThird party fee income
FY11 FY10
Mgmt
Fee
Carried
Interest
Mgmt
Fee
Carried
Interest
Investing Europe 4.5 0.0 13.7 0.0
Investing Asia 5.4 0.0 5.7 0.0
Realisation
Europe19.4 1.3 10.2 2.7
Realisation Asia 1.8 0.0 2.3 0.0
Total 31.1 1.3 31.9 2.7
� ICG European Fund 06 now in realisation phase
Mezzanine and minority equity fee income
in £m
Intermediate Capital Group plc 34
Credit fundsFee income
-3.8Junior fees relating to prior
periods
6.712.8Junior fees relating to the
year
Management & senior fees 6.7 7.3
Other performance fees 0.4 -
Total 23.7 14.0
CFM Fee Income
in £m
FY10FY11
Intermediate Capital Group plc 35
31.1
35.9
2.2
5.4 1.51.3
0
5
10
15
20
25
30
35
40
45
50
FY10* Fee income Other income IncentiveSchemes
Operating Costs FY 11
£m
Fund Management Company
� Profit before tax of £35.9m
Intermediate Capital Group plc 36
� Profit before tax and fair value adjustments at £154.2m
Investment Company
6.87.6
24.2
29.9
0.5
90.9
67.8
3.9
150.4
0
20
40
60
80
100
120
140
160
FY 10 NII Div & otherincome
Incentiveschemes
OperatingExpenses
Impairment Net CapitalGains
FVderivatives
FY 11
£m
Intermediate Capital Group plc 37
Net interest income analysis
0
50
100
150
200
250
300
FY 10 FY 11
£m
Interest Income Interest Expense
� NII at £180m, 14% lower driven by lower average investment portfolio (£2.6bn vs £2.8bn), last year’s provisions and the exits of large PIK assets (Marken, Medica, Sebia,Visma,TBC)
Intermediate Capital Group plc 38
Long terms provisions
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
FY 95 FY 96 FY 97 FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11
� Net provisions (as a % of opening book) back to historical levels
Average pre-crisis: 2.4%
Intermediate Capital Group plc 39
Operating costs (Excluding incentive schemes)
0
5
10
15
20
25
30
35
40
45
50
FY 08 FY 09 FY 10 FY 11 H2 10 H1 11 H2 11
£m
Salaries Administrative costs One off charge re 20 Old Broad St lease
� Operating costs impacted by one off impact of 20 Old Broad St lease
Intermediate Capital Group plc 40
P&L impact of FY10 awards
0
2
4
6
8
10
12
14
FY 10 FY11 FY12 FY13 FY14 FY15
£m
FY 10 Deferred share awards FY 10 Cash Bonus
9.6
� One year’s awards expensed over number of years
� Aggregate charge is 30% of cash profit
Intermediate Capital Group plc 41
Incentive schemes excluding MTIS on capital gains
FM Co Inv Co
FY10 Awards 9.6 5.9 3.7
FY11 Awards 10.9 8.7 2.2
Total 20.5 14.6 5.9
FY 11
SegmentalGroup
Old Schemes* 23.3 - 23.3
FY 11 FM Co Inv Co
£m
* MTIS on rolled interest and shares options
Intermediate Capital Group plc 42
Balance Sheet
31 March 2010
£m
729785Headroom at year end
Loans & Investments 2,575 2,718
Net current liabilities (76) (30)
2,499 2,678
Shareholders’ Funds 1,251 1,184
Borrowings 1,248 1,494
2,499 2,678
ROE 10.8% 7.2%
Gearing Ratio 100% 127%
Debt Facilities 2,033 2,223
Headroom at 30/04/11 506
31 March 2011
£m
Intermediate Capital Group plc 43
Debt maturity profile
SecuritisationPrivate Placements Revolver £450/295m Facility
0
100
200
300
400
500
600
700
H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 2015 2016 2017 2019 2024
£m
Intermediate Capital Group plc 44
Gearing vs. Equity and PIK as a % of portfolio
50%
100%
150%
200%
250%
300%
FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11
10%
20%
30%
40%
50%
Gearing (LHS) Equity and PIK as % of portfolio (RHS)
Intermediate Capital Group plc 45
Cash core income
* adjusted for FV movements of derivatives held for hedging and £5.7m negative impact of Old Broad Street lease ** Net of MTIS
0
20
40
60
80
100
120
FY 08 FY 09 FY 10 FY 11 H2 10 H1 11 H2 11
£m
Cash Core Income Calculation:
Pre tax profit* £195.3m
Less Capital Gains** £(101.3)m
Plus provisions £70.9m
Less Accrued PIK** £(126.9)m
Plus PIK realised** £68.2m
Cash Core Income £106.7m
Intermediate Capital Group plc 46
Financial outlook
� Stable fee income
� New funds will compensate for one-off catch up on junior fees in FY11
� Further realisations
� Capital Gains
� Realisation of PIK
� Reduction in NII as book contracts slightly and price of debt increases
� Additional new investments but remain unpredictable
� Provisions expected to trend down further on a year on year basis
Intermediate Capital Group plc
Conclusion
Intermediate Capital Group plc
Appendix
Intermediate Capital Group plc 49
Refinancing problem lies ahead
€0
€10
€20
€30
€40
€50
€60
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Year
Amount (€bn)
European CLOs Total Funded Amount by End of Reinvestment Period European Maturing LBO Senior Debt
Source: JPMorgan Structured Finance Research, INTEX, S&P European Leveraged Loan Index (ELLI), 30 September 2010
European CLOs Funded Amount by End of Reinvestment Period vs. European Maturing LBO Senior Debt
Intermediate Capital Group plc 50
Top ten PIK assets
Airport operator UK ↑
Private clinic manager France →
Credit Bureau Australia →
Share registry and fund administration services Australia ↑
Security services Italy ↑
Electronic publisher of company information Belgium ↑
Cinema owner and operator Australia ↑
Catering Services UK ↑
Drug development and manufacturer France ↑
Elderly care homes Sweden ↑
Business CountryVs Last
Year
Intermediate Capital Group plc 51
Gains on investments
Realised gains 127.2 78.0
Unrealised gains 6.2 20.0
Total gains 133.4 98.0
MTIS (31.0) (21.7)
Net gains 102.4 73.6
FY 11 FY 10£m
Intermediate Capital Group plc 52
Impairments
Mezzanine and equity investment
Gross impairment 89.8 180.4
Recoveries (18.9) (18.5)
Net impairment 70.9 161.9
FY 11 FY 10£m
Intermediate Capital Group plc 53
Capital account
-300
-200
-100
0
100
200
300
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY10 FY11
£m
Provisions Provision write-backs Capital Gains
Intermediate Capital Group plc 54
New lending vs. repayments*
*6 months moving average
0
200
400
600
800
1000
1200
1400
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
New Lending Repayments
£m
Intermediate Capital Group plc 55
Fee income
Mezzanine Fund Management fee income 32.4 34.6
Credit Fund Management fee income 23.7 14.0
Third Party Funds fee income 56.1 48.6
Investment Company fee income 25.7 27.8
Total fee income 81.8 76.4
FY11 FY 10£m
Intermediate Capital Group plc 56
Mezzanine and Minority Equity FundsFee income
0
5
10
15
20
25
30
35
40
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY11
£m
Management fees Carried interest
Intermediate Capital Group plc 57
Credit Funds Fee income analysis
0
5
10
15
20
25
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY10 FY11
£m
Senior fees Junior fees Performance fees
Intermediate Capital Group plc 58
Pre-tax profits, earnings per share & dividends
Pre tax profit excluding FV £190.1m £105.7m
Pre tax profit £186.3m £105.8m
Net profit £128.1m £81.7m
EPS 32.6p 25.0p
DPS 18.0p 17.0p
FY 11 FY 10
Intermediate Capital Group plc 59
Capacity of mezzanine funds
0
200
400
600
800
1000
1200
1400
1600
1800
MF 2000 MF 2003 EF 2006 ICAP 2005 IMP 2008 RF 2008 ICAP 2008
€m
Initial Size Current Assets
Fully invested
Investing
Note: RF 2008 and EF2006 excludes Eos debt
Intermediate Capital Group plc 60
Mezzanine and Growth Capital Funds Fee structure
Funds in investment period
20 % of 20
over 8
1.25% on
invested92%Nov-2011€1.25bn€1.75bnEF06
25 % of 20
over 8
2.0% on
invested83%Apr-2008$0.3bn$0.3bnICAP 05
100%
100%
84%
% Invested
1.5% on
invested
1.5% on
invested
1.5% on
invested
Main fee
40 % of 20
over 8
28% of 20
over 8
20 % of 20
over 8
Carry
Sep-2003€0.31bn€0.39bnEF00
Sep-2006€0.67bn€1.42bnEF03
Feb-2010€0.13bn€0.13bnIMP08
End of investment
periodEquitySizeFund
Funds in realisation
75%
26%
% Invested
1.5% on invested
1.5% on committed equity
Main fee
Oct-2011€0.64bn€0.84bnRF08
April-2013$0.6bn$0.6bnICAP 08
End of investment
periodEquitySizeFund
Intermediate Capital Group plc 61
Segmental reporting
90.079.774.6IC Profit*
97.7
(7.5)
73.6
(64.7)
(28.7)
2.6
107.2
15.2
(20.5)
0.8
34.9
105.181.2Profit before tax
8.5
69.4
(53.1)
(33.0)
1.4
95.0
16.9
(23.3)
1.1
39.1
(12.3)
31.9
(17.8)
(34.0)
9.7
84.8
19.0
(26.7)
3.0
42.7
FVM derivatives
Admin expenses
Impairments
Net capital gains
Div & other income
Net Interest Income
Admin expenses
Other income
FM Profit
Fee incomeFund
Management
Company
Investment
Company
Group
H2 11 H1 11 H2 10£m
* Excluding FMV Derivatives
Intermediate Capital Group plc 62
Disclaimer
Important Notice
The materials being provided to you are intended only for informational purposes and convenient reference and may not be relied upon for any purpose.
This information is not intended to provide, and should not be relied upon, for accounting, legal, tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. Although information has been obtained from and is based upon sources that Intermediate Capital Group plc ("ICG plc") considers reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgement of the authors as of the date of the document and are subject to change without notice. ICG plc excludes all liability and therefore accepts no responsibility for any loss (whether direct or indirect) arising for any action taken or not taken by anyone using the information contained therein.
These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or investment interest and may not be relied upon in evaluating the merits of investing in these securities or investment interests. These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Neither ICG plc or any of its affiliates makes any representation or warranty, express or implied as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance.
These materials (including their contents) are confidential, being for use only by the persons to whom they are issued. Distribution of these materials to any person other than the person to whom this information was originally delivered and to such person’s advisors is unauthorised and any reproduction of these materials, in whole or in part, or the disclosure of any of their contents, without the prior consent of ICG plc or its affiliates is prohibited.
This communication is limited to and directed to those persons invited to the presentation. It is therefore only directed at professional clients, as defined by the Financial Services Authority. Any other persons should not seek to rely upon the information contained herein. Collective investment schemes referred to herein are not regulated for the purposes of the UK’s Financial Services and Markets Act 2000 and are not available to members of the general public.
ICG plc is authorised and regulated in the United Kingdom by the Financial Services Authority. Intermediate Capital Managers Limited is a wholly-owned subsidiary of ICG plc and is also authorised and regulated in the United Kingdom by the Financial Services Authority.