3i Group Plc · LSE:III
3i — Investor Day (June 2011)
99 slides from 3i's investor day presentation, Jun 23, 2011
Slide 1: Investor day
Investor day 23 June 2011 1
Slide 2: Introduction and model for returns
Introduction and model for returns Michael Queen 2
Slide 3: Agenda
Agenda 09:30 Introduction and model for returns Michael Queen 09:45 Update on Private Equity strategy Alan Giddins 10:00 Private Equity – case study (Hyva) Alan Giddins 10:15 Private Equity – case study (SMT) Alan Giddins 10:30 Private Equity – case study (Refresco) Guy Zarzavatdjian 10:45 Break 11:
Slide 4: Objectives for today
Objectives for today • Understand each business line in more detail • How does 3i generate returns? – business model – case studies • Examine the market dynamics • The future prospects for 3i 3i is an active investor that creates value through its business model and operating style 4
Slide 5: 3i today
3i today 3i Group AUM £12.7bn Private Equity Infrastructure Debt Management Buyouts Growth Capital Investing in buyouts Minority investing in Investing primarily in Management of funds with an enterprise high-growth businesses utilities, transportation which invest in senior value up to €1 billion i
Slide 6: AUM – by business
AUM – by business Private equity Current Future position 3i External funds 3i External funds Infrastructure Current Future position 3i External funds 3i External funds Debt Management Current Future position 3i External funds 3i External funds 6
Slide 7: Model for returns
Model for returns Private Equity Infrastructure Debt Management 20% 12% 10% Gross return objectives Fee income as a share of returns Reduced volatility Net return objectives 15% 15% 15% 7
Slide 8: Update on Private Equity strategy
Update on Private Equity strategy Alan Giddins 8
Slide 9: Investment strategy
Investment strategy Full potential investing Operational Realising Premium mid-market access + + expertise + full potential Breadth of choice Ability to benchmark Functional expertise Advantaged buyer Clarity of value plan Delivering the plan Access to industrial talent Active partnership Sector ins
Slide 10: How do we deliver this?
How do we deliver this? Focusing on our core deal criteria Leveraging our key value differentiators Being disciplined on price 10
Slide 11: Core deal criteria
Core deal criteria Deals with an EV of €100m - €500m • Sub-sectors structurally driven by growth themes • Operational improvement opportunity • Buy and Build platform • International business or with potential to expand internationally • Robust end market which will weather current uncertainties • K
Slide 12: Number of deals
Western European Private Equity mid-market: €25m-€1bn deal size Western Europe - mid-market PE - market size by calendar year 100.0 95.0 700 90.0 600 80.0 69.1 72.2 70.0 500 Number of deals 57.7 Deal value €bn 60.0 54.3 400 50.0 35.1 300 40.0 30.0 200 20.0 18.0 100 10.0 0.0 0 2004 2005 2006 2007 200
Slide 13: Number of deals – target market
Our target market: €100m - €500m Buyouts and European Growth Capital opportunities* 50 300 264 45 250 40 215 35 182 Number of deals 176 200 Deal value €bn 30 155 25 150 122 20 76 100 15 10 50 5 0 0 2004 2005 2006 2007 2008 2009 2010 Core target market deal value €m Core target market number of deal
Slide 14: Sector/geographic focus
Sector/geographic focus Germany France Nordic UK Benelux Italy Spain Business Services General Industrial TMT Healthcare Consumer 14
Slide 15: Leveraging our key differentiators
Leveraging our key differentiators Global network Sector expertise Active partnership Business Leaders Network Banking team Key elements of value add 15
Slide 16: Global network
Global network Stockholm Aberdeen Copenhagen Manchester Amsterdam London Frankfurt Paris Milan New York Beijing Delhi Shanghai* Madrid Mumbai Hong Kong Singapore São Paulo • Operations in 13 countries across Europe, Asia and the Americas • Local teams in each market • Unique ability to benchmark opp
Slide 17: Sector expertise
Sector expertise General Industrial Business Services Healthcare Point in the cycle White collar Services Automotive TIC Care Services Specialist components Testing, Inspection, Certification Delivery of Care Services Energy efficient Regulatory compliance Product MedTech Diagnostics Instruments Sur
Slide 18: Active partnership
Active partnership • Systematic approach to best-in-class capabilities – making companies the best that they can be – driving change and EBITDA improvement – focused on how a business delivers its core functions • Various governance techniques – SteerCo – PMOs (light and full blown) – Change offices
Slide 19: Business Leaders Network
Business Leaders Network Chairman: Michel Bleitrach NXD: Patrick L’Hostis Chairman: Pete Regan, NXD: Ad Verkuyten Chairman: Peter Linzbach, NXD: Anders Moberg Chairman: Peter Chambre Craig Stinson, Peter Grosch Chairman: Colin Holmes Key people differentiator 19
Slide 20: Banking team
Banking team • Proactive interaction across the portfolio taking advantage of improving debt markets – Labco (Jan 2010)/Refresco (May 2011): capitalising on high yield bond markets. Achieved extended maturities, flexible covenants, reduced overall cost and created additional capacity for acquisition
Slide 21: Disciplined on pricing – last eight deals
Disciplined on pricing – last eight deals Average entry multiple of 8.9x EBITDA Double digit earnings growth budgeted for 2011 On average 5% plus outperformance YTD 21
Slide 22: Conclusion
Conclusion International businesses Active partnership potential Robust markets Relationship with management Growth themes Buy and Build + Differential knowledge Knowledge and insight Focus Consistency Discipline 22
Slide 23: Private Equity case study – Hyva
Private Equity case study – Hyva Alan Giddins 23
Slide 24: Case study – Hyva
Case study – Hyva Return statistics: • €300m proceeds • MM: 10x • IRR: 41% 24
Slide 25: Starting point
Starting point Hydraulic solutions for commercial Products vehicles Hydraulic Hydraulic Other – Stable, cash generative European base cylinders cranes with attractive growth in BRIC economies – But: incomplete management team with founder/CEO retiring EV €118m buyout completed in 2004 Geographic spl
Slide 26: Accelerated performance during 3i ownership
Accelerated performance during 3i ownership “Pioneering” “Inter- “Globalisation” “Crisis” “Recovery” nationalisation” New economies Other markets % 9 .5 +1 8: 0 1-0 2009-2010 2010-2012 ‘ 20 GR • Continued strong • Strong growth in all CA growth in China markets except Greater Europe • India and Braz
Slide 27: Asia as key growth driver
Asia as key growth driver Accelerated expansion into China and India Making Asia the largest contributor to Hyva 4% 2% 3% 7% 10% 8% 5% Yangzhou, China, 2004 63% Second plant, 2008 Third plant, 2011 Pune, India, 2011 Jamshedpur, India, 2007/08 78% Mumbai, India, 2006 Bangalore, India, 2007/08 18% 200
Slide 28: Profitability enhancement
Profitability enhancement Revenue €m EBITDA €m Change management 600 80 - New CEO, CFO and COO 70 486 - New NXC 500 448 444 60 - Upgraded second line management 400 50 Organic and acquisitive growth 312 300 40 255 - 8 new factories in BRIC economies 195 30 - Acquisition of Amco Veba 200 171 146 20 -
Slide 29: Results
Results Topline: tripled EBITDA: quadrupled 10x MM on initial investment Successful €525m exit - Exit to consortium led by Unitas Capital - Delivering 10x return on our initial investment - Sales €486m - EBITDA of €65m 29
Slide 30: Private Equity case study - SMT
Private Equity case study - SMT Alan Giddins Charles Noall, CEO 30
Slide 31: Background to testing and inspection
Background to testing and inspection • Identified in 2006 as core sub-sector within Business Services – regulation – globalisation – trend to outsourcing – health and safety – sector fragmentation • Appointed Ad Verkuyten (ex-CEO, RTD) as a senior adviser in 2006 31
Slide 32: Transactions completed
Transactions completed • Inspecta May 2007 (€240m) • Inspicio February 2008 (£345m) £450m partial sale in February 2010 • Trescal September 2010 (€120m) • SMT December 2010 ($205m) 32
Slide 33: Why is SMT a 3i deal?
Why is SMT a 3i deal? 3i deal criteria SMT • Primary buyout • Targeted sub sector • Attractive end market verticals • Operational improvement potential • International business • Fragmented market place 33
Slide 34: Business overview
Business overview • Broad portfolio of destructive and non-destructive testing • Differentiated through its focus on providing technically advanced, value-added testing • Leading positions within highly accredited and attractive end markets • Benefits from high barriers to entry • Highly scalable, w
Slide 35: Operational footprint
Operational footprint Mid West – General Engineering/Automotive Europe – General engineering/oil & gas 1 Cleveland (Herron) 5 2 Milwaukee (Cellramic) 6 Des Moines (STCT) Benelux 3 New Berlin (Technimet) 7 Wausau (STCT) 1 Hengelo (Intermes BV) 4 St. Paul (STCT) Wixom (CRS) 1 2 Antwerp (Intermes NV) G
Slide 36: Service offering
Service offering Test Service offering Destructive testing Testing of industrial materials (eg metals, polymers) for properties including tensile strength, fatigue, hardness, chemical composition, material composition, density and corrosiveness Non-destructive testing Laboratory and on site testing
Slide 37: Industry accreditations
Accreditations and client approvals Aerospace and defence Oil & gas Power generation Automotive General engineering Industry accreditations Client approvals 37
Slide 38: Operational excellence
Operational excellence Excellence in quality and delivery • Investment in information systems (ERP, LIMS, StorkView) – manages order intake and workflows – processes test results and generates certificates – instant client feedback through StorkView portal • Investment in EMPOWER re-engineering work
Slide 39: Financial performance
Financial performance • Strong 2010 outturn – EBITDA 18% up on budget, reflecting market recovery in second half of the year Monthly average split in EBITDA and costs EBITDA • Re-forecast undertaken in Costs 11.5 February 2011, resulting in a 11.0 budget revised upward by 11% 10.5 to $24.0m EBITDA 1
Slide 40: Strategy: become the preferred global partner by 2014
Strategy: become the preferred global partner by 2014 • SMT’s premium brand recognised as highest quality testing and metallurgical expertise • Outstanding customer service and relationship management • Focus on four core industries – Aerospace and Defence, Oil and Gas, Power Generation and Transpor
Slide 41: Private Equity case study - Refresco
Private Equity case study - Refresco Guy Zarzavatdjian 41
Slide 42: Company snapshot
Company snapshot • Company description Strong financial performance (m) Sales €m EBITDA €m – Europe’s leading private label (“PL”) soft 1,400 140 drinks manufacturer and contract manufacturer for A-Brand Sales CAGR = 16% 1,200 120 – Products range from juices and waters to CAGR = 20% EBITDA CSDs and
Slide 43: 3i had successfully invested in Refresco generating a 2.9x MM
3i had successfully invested in Refresco generating a 2.9x MM Histogram Refresco founded MBO of Menken Market entrance in Co-operation; bottling Drinks and Refresco France; access to UK market entry; and purchasing of Acquisition of private de Sur Europa by PET production lines Market entrance in fo
Slide 44: Attractiveness to 3i
Attractiveness to 3i 3i understanding the business Scale and geographic footprint Strong underlying industry drivers Management Operational improvement opportunities 44
Slide 45: Achievements in the first twelve months
Achievements in the first twelve months Raised €120m financing Acquired SDI (Germany) and Spumador (Italy) Improved board performance Initiated operational improvement Refinanced business with €660m HYB Increased sales from €1.2bn to €1.7bn 45
Slide 46: 3i teamwork
3i teamwork • Maintained relationship with Refresco • Demonstrated 3i sector knowledge Origination • 3i’s Buy and Build track record • 3i reputation • GC/BO/Banking Execution • Team from Benelux, France, Spain • Speed of delivery • Two executives on the board Asset • 3i is driving the agenda managem
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Slide 48: Debt Management – the business and opportunity
Debt Management – the business and opportunity Jeremy Ghose 48
Slide 49: Our vision
Our vision Build a leading global debt management business with a reputation for integrity, professionalism and experience, delivering innovation and expertise and targeting an NPR of 15%. 49
Slide 50: 3i Group overview
3i Group overview 3i Group AUM £12.7bn* Private Equity Infrastructure Debt Management Growth capital Buyouts Minority investments Mid-market investor in Investing primarily in utilities, Management of funds in high growth businesses companies with an transportation and social which invest in senior
Slide 51: 3i DM business model
3i DM business model Invest in our people, knowledge and network Secure access to capital from multiple sources Create an innovative Core values and diverse range of financial products Brand Generate “best in class” returns Deliver excellence in execution 51
Slide 52: Our strategy
Our strategy Invest • Place value and trust in our people • Strive to deepen our knowledge • Broaden our networks Grow our business • Grow organically and by strategic acquisitions/partnerships • Targeted expansion into new regions • Provide innovative solutions to meet investor requirements 3iDM st
Slide 53: 3i DM background
3i DM background Mizuho Investment 3i Debt Warehouse Management • Established 2006 to manage • Established October 2007 Mizuho Corporate Banks’ to focus lending on sub-investment grade fund sub-investment grade space management activities in non 3i investments 3i Debt • Diversified product offering
Slide 54: Funds overview
Funds overview* 3i DM AUM €4.3bn Harvest CLO series Managed accounts P/E and Mezzanine Credit opportunities Harvest CLO I,II, III, Windmill CLO I and 3i Vintage I Ltd and Friday Credit Opportunities IV and V Debt Warehouse Street Mezzanine I LP Fund (“COF”)** AUM €3.2bn AUM €0.5bn AUM €0.5bn AUM €50
Slide 55: Fund performance overview
Fund performance overview • Demonstrated strong performance track record • Second amongst Top 10 European CLO managers* in terms of equity returned • Private Equity Fund of Funds’ current performance is 4.3x • 3i Debt Warehouse - 13.6% IRR, 1.4x MM * Based on total assets under management and averag
Slide 56: Cash returned to equity investors
Cash returned to equity investors 3i DM ranks second on equity returned to investors among the Top 10 European CLO Managers by AUM* Top 10 (AUM) returned equity 70% 60% 50% 40% 30% 20% 10% 0% G ra a o M on a le r d te oc sc ic an IC ly D nt bs as er ar ve Av ce hl 3i Ba am m C ig In Al ur H Pr bo ar
Slide 57: Market characteristics
Market characteristics • Market has reopened • US market new issuance • Recent European transactions include – balance sheet trades – refinancing of existing deals – bespoke credit opportunities funds 57
Slide 58: Market opportunities
Market opportunities • Attractive competitive environment as banks reduce balance sheet exposure • Wall of refinancings from €225bn of debt supporting 2006-07 European LBOs • Performing secondary loans available below par • More conservatively structured new vintage LBOs • Attractive returns availab
Slide 59: Key initiatives for 3i Debt Management
Key initiatives for 3i Debt Management Key initiatives • Consolidating universe of debt managers in both US and Europe Strategic • US presence - the largest non-investment grade loan market acquisition • Availability of capital to seed new fund vehicles provides key competitive advantage • Balance s
Slide 60: European and North American initiatives
European and North American initiatives Manager consolidation New fund launches Diversify product offering 60
Slide 61: Emerging economies
Emerging economies Opportunity Target regions 61
Slide 62: Infrastructure model and portfolio
Infrastructure model and portfolio Cressida Hogg 62
Slide 63: The infrastructure asset class – key characteristics
The infrastructure asset class – key characteristics • Strong market positions • Capital-intensive businesses • Some degree of inflation linkage • Low cyclical volatility • Predictable, income-oriented returns when operational • Potential for capital growth Strong market position; monopolies/regulat
Slide 64: Types of infrastructure assets
Types of infrastructure assets Social infrastructure/ “Core” infrastructure “Hybrid” PPP/PFI infrastructure Returns 8-12% 10-16% >15% • High inflation • Low volume/market/ • Higher risk correlation GDP risk characteristics • Mainly government- • Quasi monopolies/ – country risk backed revenue regula
Slide 65: Infrastructure at 3i – two investment vehicles
Infrastructure at 3i – two investment vehicles Investment activity conducted through two investment vehicles 3i Infrastructure plc 3i India Infrastructure Fund 35.3% direct holding $250m commitment 12% Total return objective, net 18% Return objective, net 5% Yield objective $1.2bn In commitments £99
Slide 66: Why being part of 3i makes a difference
Why being part of 3i makes a difference Brand Network Active partnership Business Leaders’ Network Advisers and Corporate relationships intermediaries A platform for successful future development 66
Slide 67: Portfolio assets – 3i India Infrastructure Fund
3i India Infrastructure Fund Portfolio assets • New-build power generation holding company • Fund value: $406m, invested September 2007 • Engineering and construction company • Fund value: $122m, invested November 2007 Adani Power Soma • Natural deep water port handling a mix of cargo Krishnapatnam
Slide 68: Investment approach – 3i India Infrastructure Fund
3i India Infrastructure Fund Investment approach 1 2 3 Rigorous approach to Best-in-class portfolio Realise assets when investment management objectives are met • Targeted focus on early • Most investments are • Limited life LP fund stage projects in the early-stage • Public markets provide power, r
Slide 69: Rigorous approach to investment – Krishnapatnam Port
3i India Infrastructure Fund Rigorous approach to investment 1 2 Rigorous approach to Best-in-class portfolio Krishnapatnam Port Company investment management • $161m investment in February 2009 in one of the largest and most profitable private sector ports in India • Natural deep water port, operat
Slide 70: Investing for long-term value creation – Adani Power
3i India Infrastructure Fund Investing for long-term value creation 2 3 Best-in-class portfolio Realise assets when Adani Power management objectives are met • $228m initial investment and $15m follow-up investment (2007/2009) in the leading Indian private power developer • Partnership with an ambit
Slide 71: Portfolio assets – 3i Infrastructure plc
3i Infrastructure plc Portfolio assets Value at Value at 31 March 31 March 17 assets 2011 (£m) 2010 (£m) invested AWG 196 194 Eversholt 161 - Oystercatcher 119 119 £822m Junior debt portfolio TDF 37 33 portfolio value NGW Arqiva 32 30 Thames Water 21 17 £175m Viridian (1) 3i India Infrastructure Fun
Slide 72: Performance against objectives
3i Infrastructure plc Performance against objectives Growth in shareholder returns (pence per share) Mar 2007 100.0 Mar 2008 110.6 Mar 2009 119.0 Mar 2010 128.8 Mar 2011 139.0 Diluted NAV per share (post dividend) Cumulative dividend per share (including final dividend) 9.9% 5% annualised return div
Slide 73: Investment approach – 3i Infrastructure plc
3i Infrastructure plc Investment approach 1 2 3 Rigorous approach to Best-in-class portfolio Investing for long-term investment management value creation • Proprietary knowledge • Active involvement with • Active involvement with and networks in target portfolio companies to portfolio companies to s
Slide 74: Consistent investment strategy – Eversholt
3i Infrastructure plc Consistent investment strategy 1 2 Rigorous approach to Best-in-class portfolio Eversholt investment management • £151m investment in one of the three leading rolling stock companies in the UK, owns c. 29% of the British rail fleet • Consistent with strategy of building a portf
Slide 75: Drive capital growth – Oystercatcher
3i Infrastructure plc Drive capital growth 3 Investing for long-term Oystercatcher value creation • Since 3iN first invested, the three terminals increased total capacity by 12% and throughput by 25% • Projects include: – Singapore – 160,000 m3 expansion project to accommodate demand from adjacent r
Slide 76: Summary
Summary • Differentiated product offering – two investing vehicles with distinct mandates – fee stream for 3i – blended return – aligned incentives • Establishing a strong track record – solid track record of asset returns in both vehicles – on track to achieving return objectives • Well integrated
Slide 77: 3i Asia and the Americas
3i Asia and the Americas Robert Stefanowski 77
Slide 78: Agenda
Agenda • Global markets need global players • How we access global markets • The opportunities • Progress to date • Quintiles case study • Questions 78
Slide 79: The global economy
The global economy Source: IMF & 3i 79
Slide 80: Rapid change creating opportunities
Rapid change creating opportunities 1990 USD trn 2000 USD trn 2010 USD trn 2020 USD trn 2030 USD trn 1 US 5.8 US 10.0 US 14.7 China 25.8 China 77.0 2 Japan 3.0 Japan 4.7 China 6.0 US 24.0 US 39.3 3 Germany 1.5 Germany 1.9 Japan 5.7 India 10.3 India 32.5 4 France 1.2 UK 1.5 Germany 3.3 Japan 6.1 Braz
Slide 81: Why be global?
Why be global? To raise To deploy To grow To maximise capital capital companies value in companies Opportunities Opportunities Opportunities Opportunities • Vast pools of capital • Faster growing • 3i sector expertise • More cross border economies • The right product transactions • Local teams and r
Slide 82: 3i has a presence in key markets
3i has a presence in key markets 2% 3i presence 2% No 3i 2%Turkey US India presence Turkey Brazil US Indonesi Mexico Brazil a India Population Growth 1% 1% Canada Indonesia Spain UK UK China Spain China Canada France 1% 1% France Netherlands South South Korea Italy Italy Netherlands Korea Belgium Po
Slide 83: How do we select a market?
How do we select a market? Attractive market? • 7.5% GDP growth • Stable government + • Resource rich The right product? + The right team? = • 20% overlap + • Great team The right strategy? • 3i best practices 83
Slide 84: 3i Brazil
3i Brazil Opportunity Competitive landscape • Four member team recruited from Standard Bank • Marcelo Di Lorenzo – 14 years’ Large experience with Merrill/Morgan Stanley • Managed $300m, in 11 investments $100 m over time • Excellent track record Mid size DLJ SA PARTNERS $50 m Challenges • Depreciat
Slide 85: How can we compete in the US?
How can we compete in the US? 1. We target international deals where we have unique reach and a relevant network • A clear and most valuable differentiator for 3i • Not many mid market PE firms have it US sector map 2. We are a committed mid-market investor Cons FS HC BS GI • Equity investments of $
Slide 86: 3i Americas
3i Americas Our approach Global connectivity is a differentiator • Make new investments UK • Due diligence Benelux – 7% of the existing portfolio Germany • US acquisition support – Gross proceeds >$1.0bn US • US board representation expected • Internationalise portfolio companies • Buy and Build Ger
Slide 87: 3i Asia
3i Asia • Make new investments – 7.5% of the existing portfolio • Match the product to the market – Growth Capital with local partners – India Infrastructure • Internationalise portfolio companies – Expansion of MWM into Asia – Mold Masters, Quintiles, John Hardy • Provide access to capital Beijing
Slide 88: 3i China – investment themes and target sectors
3i China – investment themes and target sectors Key themes and drivers Target sectors • Growing middle class and disposable income • Government efforts to boost consumption, particularly in rural areas Consumer and Retail • Defensive consumer staples • Infrastructure investment • Manufacturing upgra
Slide 89: An example - 3i China
An example - 3i China 3i’s strong history in China ….. • 10 year on the ground presence • 3i China has invested $266m in 11 deals • $346m cash returned, generating 2.4x and 36.5% IRR for realised portfolio …… Drives the ability to better compete 1. Blackstone Group Shanghai Government 2. TPG $100mm
Slide 90: Case study - Quintiles
Case study - Quintiles Americas 3i Healthcare Team Asia c.40% of revenue c.20% of revenue US Global Leading CRO in India Headquarters Expansion into China Central Lab in Brazil am Te 3i re H ea ca lth th ca al He re Te 3i am Europe c.40% of revenue 3i rep on Europe BOD Chairman in UK 90
Slide 91: Summary
Summary • 3i has a strong international brand and reputation • Being global does matter! It allows you to: – access capital – deploy capital – grow portfolio companies – realise maximum value on sale • Most importantly, 3i’s global network is already delivering across our business and portfolio 91
Slide 92: Closing remarks
Closing remarks Michael Queen 92
Slide 93: Priorities for Private Equity
Priorities for Private Equity Private Equity • Europe – fully invest Eurofund V and the Growth Fund – raise combined Growth and Buyout Fund • Asia – RMB denominated fund to invest competitively in China – Southern Asia fund to take advantage of opportunities in India and beyond – Emerging Titans • T
Slide 94: Priorities for Infrastructure
Priorities for Infrastructure Infrastructure • Europe – build on 3i Infrastructure’s consistently strong performance – raise additional capital for 3i Infrastructure – consider other expansion options in Europe • Asia – invest the Indian Infrastructure Fund and maximise value of investments – raise
Slide 95: Priorities for Debt Management
Priorities for Debt Management Debt Management • Europe – bolt-on acquisitions to complement current platform – raise new funds – develop fund of fund capabilities • Asia – acquisitions to expand geographic reach – raise new funds • The Americas – acquisitions to expand geographic reach – raise new
Slide 96: Priorities for 3i Group
Priorities for 3i Group Private Equity Infrastructure Debt Management 20% 12% 10% Gross return objectives Fee income as a share of returns Reduced volatility Net return objectives 15% 15% 15% 96
Slide 97: In summary
In summary The business is performing well and is positioned for growth Each business has a clear strategy for delivering value Committed to delivering the model for returns consistently 97
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Slide 99: Our international views on 3i
Our international views on 3i June 2011 99