Management fee reduction

23 May 2019

INDIA CAPITAL GROWTH FUND LIMITED

(LEI: 213800TPOS9AM7INH846)

 (Closed-ended investment company incorporated with limited liability under the Laws of Guernsey with registered number 43916)

Management fee reduction

· ICGF reduces management fee from 1.5% to 1.25%

· Ongoing Charges Ratio ("OCR") expected to fall to 1.6%

· Tiered reduction in management fees for future asset growth

With effect from 1 July 2019, the Board of India Capital Growth Fund Limited announces that the annual management fee* will be charged at a rate of 1.25%, reduced from the current rate of 1.50%. Accordingly the annualised OCR is forecast to fall to around 1.6% based upon Total Assets of £130m.

As part of the desire to pass on the benefits of increased scale to shareholders where possible, further tiered reductions in the rate charged for the management fee will be considered when Total Assets grow significantly.

Elisabeth Scott, Chairman of India Capital Growth Fund, added:

"I am pleased to announce this management fee reduction as part of the Board's commitment to deliver value-for-money investment into India. This meaningful reduction in ongoing costs, marks India Capital Growth Fund as the competitive vehicle for investors wishing to benefit from exposure to the Indian mid and small cap opportunity."

David Cornell, Managing Director and Chief Investment Officer of Ocean Dial, said:

"The re-election of Narendra Modi reignites the investment case for India. We anticipate that reform based policy initiatives (such as the Banking & Insolvency Act and Goods & Services Tax) can gather momentum as the focus switches to creating productive employment & ensuring India continues on a more business and investment friendly journey."

Notes

\* The fee will continue to be calculated as a percentage of Total Assets, being the aggregate value of assets less the current liabilities of the Company, calculated on the last Business Day of each calendar month.

India Capital Growth limited, is a LSE Main Market listed investment company established to take advantage of long term investment opportunities in companies based in India.

ENDS

About India Capital Growth Fund:

India Capital Growth Fund Limited ("ICGF"), the LSE Main Market listed investment company registered and incorporated in Guernsey, was established to take advantage of long term investment opportunities in companies based in India. ICGF predominantly invests in listed mid and small cap companies, although investments may also be made in large cap Indian companies where the Investment Manager believes long-term capital appreciation will be achieved.

Company website: www.indiacapitalgrowth.com