Intermediate Capital Group plc

Fee-earning AUM up 6.5% in the quarter Highlights

Total AUM of $86.3bn; fee-earning AUM of $68.4bn; AUM not yet earning fees of $15.2bn Fee-earning AUM +6.5% in the quarter on a reported basis, +3.4% on a constant currency basis; 20.6%1 annualised growth over the last five years Fundraising of $3.6bn2 during the quarter, driven by two flagship strategies: Senior Debt Partners ($1.8bn) and Strategic Equity ($0.8bn). Scaling strategies raised a total of $0.9bn. Momentum continuing into final quarter of financial year Achieved fundraising ambition ahead of target; $41bn raised since 1 April 2021 Deployment of $2.9bn during the quarter, particularly strong activity within Senior Debt Partners ($1.9bn). Actionability of pipeline is increasing across a number of strategies Well capitalised and valuable balance sheet: investment portfolio of £3.1bn; total available liquidity of £1.1bn; net financial debt of £954m. ICG's credit rating upgraded to positive outlook by S&P during the period ICG joined the FTSE 100 index effective 18th December 2023 Shareholder seminar on 21 February at 2pm GMT: "Deep dive on scaling-out". Register here

Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis unless otherwise stated; see full year results
1 Constant currency basis; 2 Includes $0.2bn of leverage attributable to equity that was raised in previous periods

PERFORMANCE REVIEW

AUM Growth1 31 December 2023 Last three months Year-on-year Last five years (CAGR) Total AUM $86.3bn 3.4% 13.0% 20.6% Fee-earning AUM $68.4bn 3.4% 10.0% 20.6% 1 On a constant currency basis

Business activity $bn  Fundraising1 Deployment2 Realisations2,3 Q3 FY24 LTM Q3 FY24 LTM Q3 FY24 LTM Structured and Private Equity 1.1 4.0 0.5 1.2 0.3 1.6 Private Debt 1.9 4.1 1.9 4.4 0.3 1.3 Real Assets 0.4 1.0 0.5 2.0 0.1 0.7 Credit 0.2 1.2 — — — — Total 3.6 10.3 2.9 7.6 0.7 3.6 1 Includes $0.2bn of leverage attributable to equity that was raised in previous periods; 2 Direct investment funds; 3 Realisations of third-party fee-earning AUM

PERIOD IN REVIEW

AUM

Total AUM: $86.3bn, of which the balance investment portfolio accounted for 3.9% Dry powder: $24.5bn AUM not yet earning fees: $15.2bn Current fundraising: at 31 December 2023, funds that were actively fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies



Third-party AUM ($m) Structured and Private Equity Private Debt Real Assets Credit Total At 30 September 2023 28,796 24,230 7,973 16,768 77,767 Additions 1,330 2,153 371 175 4,029 Realisations (339) (121) (111) (743) (1,314) Net additions / (realisations) 991 2,032 260 (568) 2,715 FX and other 896 751 298 460 2,405 At 31 December 2023 30,683 27,013 8,531 16,660 82,887 Change $m 1,887 2,783 558 (108) 5,120 Change % 6.6% 11.5% 7.0% (0.6%) 6.6% Change % (constant exchange rate) 3.7% 8.0% 2.6% (3.1%) 3.5%

Fee-earning AUM ($m) Structured and Private Equity Private Debt Real Assets Credit Total At 30 September 2023 25,331 14,651 7,163 17,059 64,204 Funds raised: fees on committed capital 1,076 — 176 — 1,252 Deployment of funds: fees on invested capital 447 1,878 196 185 2,706 Total additions 1,523 1,878 372 185 3,958 Realisations (339) (298) (73) (832) (1,542) Net additions / (realisations) 1,184 1,580 299 (647) 2,416 FX and other 684 431 170 470 1,755 At 31 December 2023 27,199 16,662 7,632 16,882 68,375 Change $m 1,868 2,011 469 (177) 4,171 Change % 7.4% 13.7% 6.5% (1.0%) 6.5% Change % (constant exchange rate) 4.4% 10.2% 2.2% (3.5%) 3.4%

Balance sheet

At 31 December 2023 the balance sheet investment portfolio was valued at £3,079m. The increase was driven by a combination of net deployment within seed investments and positive net investment returns during the quarter, partially offset by the strengthening of GBP against USD

£m 30 September 2023 31 December 2023 Structured and Private Equity 1,766 1,802 Private Debt 170 168 Real Assets 333 381 Credit 377 312 Seed investments 375 416 Balance sheet investment portfolio 3,021 3,079

At 31 December 2023 the Group had total available liquidity of £1,053m (FY23: £1,100m), comprised of £503m cash (FY23: £550m) and a £550 committed liquidity facility

Other

Debt ratings: ICG's corporate debt was upgraded to positive outlook by S&P (from stable) during the period. At 31 December 2023 ICG was rated BBB (positive) by S&P and BBB (stable) by Fitch ESG ratings: ICG retained its Industry Leader ‘AAA’ ESG rating by MSCI and its membership of the Dow Jones Sustainability Europe Index

FOREIGN EXCHANGE RATES

Average rate Period end Q3 FY23 Q3 FY24 30 September 2023 31 December 2023 GBP:EUR 1.1496 1.1539 1.1541 1.1536 GBP:USD 1.1870 1.2503 1.2200 1.2731 EUR:USD 1.0329 1.0835 1.0571 1.1036

COMPANY TIMETABLE

Shareholder seminar: "Deep dive on scaling-out" 21 February 2024, 2pm GMT Full year results announcement 28 May 2024

ENQUIRIES

Shareholders and debtholders / analysts: Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG +44(0)20 3545 2020 Media: Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510

This results 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.

ABOUT ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years' history, operating across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com.