European management changes

12 Sep 2002

3i, Europe's leading venture capital firm, today announced that Mr Chris Rowlands will be joining as a member of the Executive Committee with responsibility for the UK network outside of London, as well as 3i's business in Germany, Switzerland, Austria and the Nordic region.

Mr Rowlands will also be responsible for Growth Capital - one of 3i's main product areas - across Europe.

Mr Rowlands previously worked at 3i before joining Arthur Andersen in 1996. There he developed its successful European Corporate Finance business and rose to be one of the three members of the Andersen UK Leadership Team.

In another change of responsibilities, Mr Paul Waller will take on responsibility for 3i's network in Holland, France, Italy and Spain, in addition to his current responsibilities for unquoted fund management.

Commenting on the management changes, Mr Brian Larcombe, Chief Executive said:

"3i's network offers an unrivalled combination of geographic, product and sector reach. The real competitive advantage lies in the benefits we can deliver from managing it as a single, integrated network. I am confident that we have the right structure in place and Chris Rowlands will play an important role in helping ensure that we harness our resources and scale to deliver these benefits."

The management changes are linked to the retirements from the board of 3i Group on 31 December 2002, after more than thirty years service, of Richard Summers and Peter Williams.

Dr Summers (57) and Mr Williams (56) are both Executive Directors of 3i. Since1996 Richard Summers has led the growth of 3i's business in continental Europe, and from 1995 Peter Williams has been responsible for the UK investment business.

Mr Larcombe said:

"Richard and Peter have both had long and distinguished careers with 3i. They have made an enormous contribution to developing 3i into its position today as Europe's leading venture capital company. They will leave with our greatest respect and thanks."

The company also announced the appointment of Mme Christine Morin-Postel as a Non-Executive Director of 3i Group with effect from 12 September 2002. Mme Morin-Postel is the Executive Vice-President in charge of Group Human Resources at Suez. Commenting on the appointment of Mme Morin-Postel, 3i Chairman Sarah Hogg said:

"We are delighted to welcome Christine Morin-Postel on to our board. She has a distinguished business career in finance and industry and 3i will benefit greatly from her experience and knowledge. As our business continues to grow internationally, so there is a greater premium on the perspective which I know Christine will be able to provide."