Disclosure Requirement

3i Group PLC
05 January 2004


Listing rule 21.20(l)(ii) -ten largest investments as at 31 December 2003


Listing Rule 21.20(l)(ii) requires 3i Group plc, as an investment trust, to
publish a list of at least its ten largest investments as at each quarter end.
3i Group plc's investment portfolio comprises over 2,000 investments most of
which are unquoted.  Unquoted investments are revalued twice a year as at 30
September and 31 March.  Directors' valuations of unquoted investments have not
been updated since the valuations as at 30 September 2003 save that they have
been adjusted for disposals, further investments and, where appropriate,
write-offs or provisions. Quoted investments have been revalued as at the
quarter end.


Based on directors' valuations of unquoted investments as at 30 September 2003
(adjusted as mentioned above) and on the valuations of quoted assets as at 31
December 2003 the ten largest investments of 3i Group plc as at 31 December 2003
were as listed below.


Company                           Nature of business                   Type of investment

Travelex Holdings Ltd             Foreign currency services            Equity shares

Westminster Health Care Holdings  Care homes operator                  Equity shares and loans
Ltd

Fonecta Group Oy                  Directory services                   Equity shares and loans

Malmberg Investments BV           Educational publisher                Equity shares and loans

Pets at Home Group Ltd            Retailer of pets and pet supplies    Equity shares and loans

ERM Holdings Ltd                  Environmental consultancy            Equity shares and loans

SR Technics Holdings AG           Repair and maintenance of aeroplane  Equity shares and loans
                                  engines and frames

Refresco Holdings BV              Fruit juice producer                 Equity and fixed income shares
                                                                       and loans

Tato Holdings Ltd                 Manufacture and sale of specialist   Equity shares
                                  chemicals

Aspen Insurance Holdings Ltd      Property / casualty insurance        Equity shares
                                  underwriters


Note: This announcement is made to comply with Listing Rule requirements.  The
list set out above is based on valuations as referred to above. Had the
Company's unquoted investments been revalued as at 31 December 2003 in
accordance with the Company's valuation methodology this list might or might not
be the same.  The investments listed are not necessarily representative of the
Company's investment portfolio or necessarily material in value in relation to
the portfolio as a whole.


                      This information is provided by RNS
            The company news service from the London Stock Exchange