3i Group plc: Half-year results for the six months to 30 September 2008

Resilient performance in the face of challenging markets

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For the six months to 30 September 2008 2007
Business activity
Investment £668m £1,234m
Realisation proceeds £597m £1,044m

Returns
Realised profits on disposal of investments £190m £337m
Gross portfolio return on opening portfolio value (1.3)% 14.3%
Net portfolio return £(128)m £453m
Total return £(182)m £512m
Total return on opening shareholders’ funds (4.5)% 12.0%
Interim dividend per ordinary share 6.3p 6.1p

Portfolio and assets under management
Own balance sheet £5,934m £5,130m
External funds £4,019m £3.053m
£9,953m £8,183m

Net asset value per share (diluted) £10.19 £10.07


Commentary
• Highly selective approach to new investment
• Broadly balanced investment and realisations during the period
• 32% growth in external funds since September 2007

3i’s Chief Executive, Philip Yea, commented:
"The credit and stock markets have deteriorated since late September and the outlook for the global economy continues to weaken. Despite a resilient first six months of the year, we would expect a more challenging second half as the squeeze in credit markets persists, the economic slowdown affects portfolio earnings and M&A markets remain subdued.

In such an environment our focus is on managing the portfolio, maintaining liquidity, remaining highly selective with investment and controlling costs. 3i's sector expertise, active partnership approach and close engagement with the strategy of the portfolio companies all provide additional strength in these economic conditions."