3i Quoted Private Equity Limited
04 April 2008




3i Quoted Private Equity Limited
Press Release
4 April 2008


3i Quoted Private Equity investment in Phibro rises to US$97.2 million

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN. Neither this announcement nor
any copy of it may be taken, transmitted or distributed, directly or indirectly,
in or into the United States of America, Canada, Australia, the Republic of
South Africa or Japan. Any failure to comply with this restriction may
constitute a violation of United States, Canadian, Australian, South African or
Japanese securities laws.


3i Quoted Private Equity Limited ("3i QPEL"), an LSE-listed investment company
which applies private equity value creation techniques to quoted businesses, has
acquired an aggregate 29.87% shareholding in Phibro Animal Health Corporation 
("PAHC"), a leading global animal health and nutrition business, for an 
aggregate consideration of US$97.2 million.


As announced on 13 March, 3i QPEL initially invested US$52.65 million for 11.7
million common shares equal to a 19.5% shareholding in the company. It has since
subscribed for 8.91 million additional common shares in a placing by PAHC for a
consideration of US$44.55 million, taking its aggregate holding to 20.61 million
common shares.


PAHC, whose shares are traded on AIM, is a leading diversified global
manufacturer and marketer of a broad range of animal health and nutrition
products, specifically medicated feed additives ("MFAs") and nutritional feed
additives ("NFAs"), which it sells globally to the poultry, swine and cattle
markets. MFAs are used preventively and therapeutically in animal feed to
produce healthy animals, while NFAs are used to fortify and enhance the
nutrition of animal feeds. In addition, PAHC manufactures and markets
performance products for use in the ethanol, wood treatment and personal care
industries.


Alan MacKay, Lead Partner of Healthcare, 3i Investments plc (the investment
adviser to 3i QPEL), and a non-executive director of PAHC, commented on the
transaction: "Phibro is very well-placed to capitalise on a number of trends in
the sector. It forms a strong platform to diversify its animal health product
offering as well as to further consolidate the fragmented animal health and
nutrition market. Phibro has excellent prospects to grow organically in new and
existing markets."



PAHC, with its head office in New Jersey, USA, has operations in 17 countries
with sales in over 50 countries worldwide. The company's adjusted EBITDA reached
US$47.4 million on US$453 million in revenues in the year ended 30 June 2007.


Regulation S


The securities discussed in this communication have not been registered under
the U.S. Securities Act of 1933, as amended ("Securities Act"), and may not be
offered or sold in the United States or to U.S. Persons (as defined in
Regulation S promulgated under the Securities Act) absent registration or an
applicable exemption from the registration requirements of the Securities Act.


Forward-Looking Statements



This communication contains forward-looking statements, including statements
regarding expectations and beliefs regarding the future results or performance
of PAHC. Because these statements apply to future events, they are subject to
risks and uncertainties. When used in this communication, the words "anticipate
", "believe", "estimate", "expect", "expectation", "project" and "intend" and
similar expressions are intended to identify such forward-looking statements.
Actual results could differ materially from those projected in the
forward-looking statements. Additionally, you should not consider past results
to be an indication of future performance. There is no intent to update any of
the forward-looking statements after the date of this communication to conform
the statements to actual results, to changes in expectations or otherwise,
except as may be required by law.



                                     -Ends-



For further information, please contact:

David Tyler, Chairman, 3i Quoted Private Equity Limited    +44 (0) 1534 711 445

Alan MacKay, Partner, 3i Investments plc                   +44 (0) 207 975 3361

Jennifer Letki, PR Manager  Jennifer.Letki@3i.com          +44 (0) 207 975 3190


NOTES TO EDITORS



About 3i Quoted Private Limited

3i Quoted Private Equity Limited ("3i QPEL") is a Jersey-incorporated, public
closed-end investment company whose shares are listed on the Official List and
admitted to trading on the London Stock Exchange's main market for listed
securities. Its strategy is to invest in quoted companies where it can introduce
private-equity techniques and methodologies.



3i QPEL is advised in its investment decisions by 3i Investments plc (a
wholly-owned subsidiary of 3i Group plc), which has more than 25 years'
experience in the healthcare sector. 3i QPEL raised around £400 million at its
initial public offer last year. For more information, please visit
www.3iqpe.com.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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