Investment Policy

3i Group PLC
31 October 2003

Policy on investing in other listed investment companies



For the purposes of Listing Rules 21.9(l) and 21.10, 3i Group plc hereby
confirms that its current investment policy is to invest no more than 15% of its
gross assets in other UK listed investment companies (including listed
investment trusts).



It should be noted that this announcement has been made for the purposes of
bringing the Company within the exception set out in the new Listing Rule 21.9
(l) which comes into force on 1 November 2003 and does not signify that any
change has been or will be made to the Company's activities.




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