On 8 May 2009, the Board of Directors of 3i announces an underwritten Rights Issue to raise approximately £700 million (net of expenses).

Highlights

• 9 for 7 underwritten Rights Issue to raise approximately £700 million (net of expenses) through the issue of 542,060,391 New Ordinary Shares at 135 pence per New Ordinary Share, at a discount to the theoretical ex-rights price of 39.8% when calculated by reference to the closing price of 339 pence per Ordinary Share on 7 May 2009 (being the last business day before the announcement of the terms of the Rights Issue)
• The Board believes that the proposed Rights Issue will enable it to:
• build on the actions it has taken, and will continue to take, to reduce 3i's net debt and strengthen its balance sheet
• continue to pace the realisation of its existing portfolio investments in order to gain the benefit of their full potential
• take advantage of new investment opportunities
• With pro forma net debt of £1.1 billion as at 31 March 2009, after taking account of the Rights Issue and the other action the Board has taken, 3i's balance sheet will be considerably stronger than prior to the Rights Issue
• This strengthened capital structure which will further support 3i's investment grade credit rating should not only facilitate 3i's access to debt capital markets but should also help to strengthen its market position
• The Board therefore believes that 3i's access to financing, flexibility over the timing of realisations and new investments, competitive position, and overall ability to fulfil its potential will all benefit as a result of the proposed Rights Issue, which in its view is in the best interests of its shareholders

Rights issue timetable

26 May 2009 - Close of business

Record Time for entitlement under the Rights Issue to Qualifying Shareholders

28 May 2009 - 08:00am

Admission of the New Ordinary Shares, nil paid, to the Official List

28 May 2009 - 08:00am

Existing Ordinary Shares marked 'ex' by the London Stock Exchange

11 June 2009 - 11:00am

Latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters

12 June 2009 - 08:00am

Dealings in New Ordinary Shares, fully paid, commence on the London Stock Exchange