Restructuring of Biotechnology Investments Ltd

3i Group PLC
28 January 2000

                                                                              
  3i Bioscience - Proposed Restructuring of Biotechnology Investments Limited  
                                   ('BIL')                                    


3i Group plc confirms that negotiations for the management contract of
Biotechnology Investments Limited ('BIL') have reached a conclusion subject to
the approval of BIL shareholders.  It has been proposed that BIL should be
reconstructed as 3i Bioscience Investment Trust plc, an investment trust
quoted on the London Stock Exchange and to be managed by 3i Group plc's
subsidiary 3i Asset Management Limited.  The majority of BIL's portfolio of
quoted and unquoted assets will be transferred to 3i Bioscience. The portfolio
to be transferred was valued at in excess of US$300 million on 25 January
2000. 



For further information, please contact:  
Liz Hewitt, Director of Corporate Affairs, 3i Tel: [phone] www.3i.com   
Andrew Millington , Shandwick Tel: [phone]