AGM Statement

3i Group PLC
07 July 2004

7 July 2004





3i GROUP PLC

ANNUAL GENERAL MEETING - 7 JULY 2004







At the Annual General Meeting of 3i Group plc at 11:00 this morning, Baroness
Hogg, Chairman of 3i, will comment:



'3i achieved a strong overall performance in the year to 31 March 2004.



I would like to thank Brian Larcombe for his great contribution to 3i - not just
last year but over 30 years, five of them as Finance Director and seven of them
as Chief Executive.



I am also delighted to welcome Philip Yea to 3i who starts as Chief Executive
today. Philip brings a wealth of relevant experience to lead the business going
forward.'



Brian Larcombe, retiring Chief Executive, will comment that:



'Realisations have continued to be strong since the year end although new
investment has started slowly. We have a good pipeline of new investment
opportunities and I would expect investment levels to strengthen through the
year. 3i is in great shape and well positioned to grow value for our
shareholders.'



3i also announced that it will be disposing of its quoted fund management
activities as these are no longer a core part of 3i's strategy. In the year to
31 March 2004 3i's quoted fund management business, including its pension fund,
generated £3.5 million of fee income for 3i. Discussions are taking place with
the boards of the Trusts and substantial asset management groups as to the
future ownership. 3i's unquoted fund management activity remains a core part of
the group.



Philip Yea, who is also attending the meeting today, comments:



'I am very much looking forward to building on 3i's success. It's a great
business in an exciting sector.'





Ends



For information please contact:



Patrick Dunne - Group Communications Director - 020 7975 3283

Philip Gawith - The Maitland Consultancy - 020 7379 5151





Notes to Editors



3i is a world leader in private equity and venture capital.  We focus on
buy-outs, growth capital and venture capital and invest across Europe, in the
United States and in Asia Pacific. Our competitive advantage comes from our
international network and the strength and breadth of our relationships in
business.  It underpins the value that we deliver to our portfolio and to our
shareholders.



3i's buy-out business concentrates on the mid and smaller buy-out markets in
Europe and Asia Pacific.  In the year to 31 March 2004 3i invested £492m. Our
growth capital business invests in high growth companies expanding organically
or through acquisition.  In the year to 31 March 2004, 3i invested £313m. 3i's
venture capital business invested £174m in the year to 31 March 2004 in early
stage technology companies.



In the year to 31 March 2004 3i had £330 million of quoted funds under
management and £270m in respect of the 3i Group pension plan, which together
generated £3.5 million in fee income for 3i. The quoted trusts are 3i
Bioscience, 3i European Technology Trust and 3i Smaller Quoted Companies.



Philip Yea will receive a base salary of £600,000 and will be eligible for
discretionary bonuses and long term incentives as outlined in the 2004
Remuneration Report of 3i's Annual Accounts. Mr Yea will join the 3i Group
Pension Plan on the standard terms for new employees. In light of Mr Yea's age
and the fact that the Inland Revenue pension cap will apply to his membership of
the 3i Group Pension Plan, Mr Yea will receive additional payments of £200,000
per annum (subject to tax and employee national insurance contributions) to
enable him to make additional pension provision.




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