Pre-close period briefing

29 Mar 2012

3i Group plc ("3i"), an international investor focused on private equity, infrastructure and debt management, will be holding discussions with analysts and investors for the financial year end 31 March 2012. This statement sets out the information that will be covered in those discussions. 3i expects to announce its results for the 12 months ending 31 March 2012 on 17 May 2012.

Commenting on the statement, 3i's Chief Executive, Michael Queen, said:

"In January we stated that the operating environment was challenging. Since then market sentiment has improved. We expect a more positive economic outlook to result in a stronger overall performance from our private equity portfolio, although the effect of this is unlikely to have an impact upon our results for the financial year just ending. Our Infrastructure and Debt Management businesses continue to perform well."

The main topics that will be discussed with analysts and investors are set out below.

1. Investments and realisations

3i invested a total of £623 million in the 11 months to 29 February 2012, compared with £581 million in the equivalent period last year. Of this investment, £374 million was new investment, £89 million was further investment in the portfolio and the balance was capitalised interest.

Investment by business line was as follows:

Investment in the two months from 31 December 2011 to 29 February 2012 includes the Infrastructure investment in Vattenfall of £28 million and a further investment in GVK of £8 million, the Indian power generation company.

Investment in the 11 months to 29 February 2012 does not include approximately £100 million of investment in Geka, the German cosmetics packaging business and Blue, the Brazilian cable TV and broadband provider. Realisation proceeds received by 3i totalled £764 million in the 11 months ended 29 February 2012 (2011: £491 million).

Realisation proceeds by business line were as follows:

Realisations for the 11 month period to 29 February 2012 have been achieved at aggregate uplifts over 31 March 2011 carrying values of 3%. This lower uplift reflects the fact that £461 million of the proceeds related to investments valued on an imminent sales basis at 31 March 2011.

2. Returns

As usual, an important element in the determination of 3i's results for the full year to 31 March 2012 will be the detailed valuation exercise carried out on its investment portfolio as at that date.

3. Cashflow and balance sheet

The Group had cash, cash deposits and undrawn committed facilities of £1,682 million as at 29 February 2012 (31 December 2011: £1,753 million) and gross debt had reduced to £1,642 million (31 December 2011: £1,659 million).

Net cash investment in the two month period was £35 million and net debt increased by £58 million to £453 million (31 December 2011: £395 million).

4. Financial reporting

To enhance transparency and provide guidance on the underlying valuation of the investment portfolio, the Board has decided to publish an estimated unaudited NAV on a quarterly basis, beginning with the period ending 30 June 2012. Additionally, 3i will no longer publish preclose announcements twice yearly for the periods ending 30 September and 31 March.

5. Chief Executive

The Company has also made a separate announcement today to inform the market that, after almost 25 years at 3i and three as Chief Executive, Michael Queen has announced his intention to leave the Company when a successor is appointed. The Board has commenced a process to identify and appoint a successor as Chief Executive and will make further announcements as appropriate.

For information please contact:

3i Group plc

Patrick Dunne
Group Communications Director
020 7975 3566

Kathryn van der Kroft
PR Director
020 7975 3021

This statement aims to give an indication of certain key elements of the Company's performance for the 11 months to 29 February 2012. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. In particular, an important element in the determination of 3i's results for the 12 months to 31 March 2012 is the detailed valuation exercise carried out on its investment portfolio as at that date. The final results for the 12 months to 31 March 2012 may differ accordingly. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within 3i's portfolio.

This pre-close briefing is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the Company and management, as well as financial statements.