Expert Corporate Governance Service (ECGS)
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proxy report 28/06/2018

Item 2: Approve the remuneration report The structure is not weighted more heavily towards long-term performance. Alignment with performance has not been definitively demonstrated given that 40% of the bonus is
determined at the discretion of the remuneration committee. Incentive pay was excessive during the year. The maximum incentive pay exceeds ECGS guidelines.

Items 12 and 13: Appoint the auditors and authorise the board to determine the auditors' remuneration The auditor's tenure exceeds our tenure limit of 10 years. Ernst & Young LLP has been the Group's statutory external auditor since before the Group was listed on the London Stock Exchange in 1994. The three year aggregate non-audit fees exceed ECGS guidelines. Both of these points may undermine the independence of the auditors.

3i Group PLC

3i Group is an investment company with two complementary businesses: Private Equity, which invests in companies with an Enterprise Value of Euro100.0million to Euro500.0 at acquisition in its primary investment markets of northern Europe and North America; as well as Infrastructure, which invests in economic infrastructure and greenfield projects in developed economies, principally in Europe. Co.'s private equity business is focused on three sectors: consumer, industrial and business and technology services. Co. invests primarily in northern Europe and North America.


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