Outline of funding policy

3i Group plc has accessed funding from banks and capital markets.

The Group operates a conservative balance sheet strategy and prudent approach to liquidity management.

The Group may raise debt or use other financing from time to time, to manage investment and realisation flows.

The Group aims to operate within a range of £500 million net cash to £1 billion net debt, with tolerance to operate outside of this range on a short-term basis and up to a gearing level of 15% dependent on investment and realisation flows.

The Group has no appetite for structural gearing which means that achievement of its returns objectives is not reliant on gearing.

All of the Group’s borrowings are repayable in one instalment on the respective maturity dates. None of the Group’s interest-bearing loans and borrowings are secured on the assets of the Group.

The Group manages liquidity conservatively; maintaining a RCF to provide additional committed liquidity and financial flexibility, and monitoring using a framework that assesses forecast cash flows and a broader range of factors.