EFTA01116071

RHJ INTERNATIONAL ------- Corporate Presentation For the year ended 31 December 2013 RHJ INTERNATIONAL EFTA01116071 Disclaimer This presentation contains certain forward-looking statements concerning RHJ International's ("the Company") operations, economic performance and financial condition. Such forward-looking statements are based on management's current expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company has no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. RHJ INTERNATIONAL EFTA01116072 Contents BHF transaction 2013 Key Highlights Holding Company Costs Legacy Portfolio Financial Services BHF BANK overview RHJ INTERNATIONAL 2 EFTA01116073 BHF transaction RHJ INTERNATIONAL 3 EFTA01116074 Strategic Rationale: A highly complementary combination to drive profitable growth in core markets Acquisition of BI-IF with high quality, complementary • Quality franchise with substantial scale across European core markets franchise in Private Scale in Private Wealth, a strong Asset Banking • Strengthens unique value proposition to our sophisticated client base Management and a promising value proposition in Financial Complementary ■ Differentiated product range from highly regarded portfolio management Markets and Corporates skills in Asset teams with strong investment performance track record Management ■ Well positioned in corporate, pensions, SWFI and sub advisory segments A major step forward in RI-IJI's growth strategy to become a leading German ■ A solid, clear and simple business model connecting international capital with private and corporate Corporate the successful German 'Mittelstand" banking group Banking Access ■ "Mittelstand" one of the key drivers of the German (export-) economy • BHF and KB have compatible cultures focusing on client service excellence Strong cultural fit • Client-centric approach to preserve and grow the wealth of our clients with best-in-class solutions • Critical mass to expand core businesses and grow client base profitably Mid and back office synergies • Leveraging scale from outsourcing the back-office and support functions in Wealth Management 1. Sovereign Wealth Fund (KBI only) Source: RHJUKleinwon Benson/BHF management RHJ INTERNATIONAL 4 EFTA01116075 KBG's key performance indicators YE 2013 (excluding potential revenue and cost synergies) • Kleinwort Benson 81-11:4' BANK •10einwort Benson Operating Entities nn us• 777777 Group The combination of the Private two banks gives the Banking and Kleinwort Benson Asset €12.5bn €38.5bn1 Group critical mass in Management capital, assets under AuMs management and revenues Lending volumes €0.5bn €2.9bn3 Figures are year ended 31 December 2013 for Kleinwort Benson and NAV2 €280m €494m 0 BHF-BANK (except (IFRS) preliminary NAV as at 28 Feb 2014) Tier 1 ratio (Basel III) 19.8% 0 15.0W C;) 714 0 1,072 0 €111.1m €199.1m8 1. Assets under Management in BHF ixiude institutional client deposits within the Corporates business (€2.7bn) 2. IFRS net asset value comprises 100% of BHF's preliminary net asset value of E494m and 100% of KBG's preliminary net asset value pre-capital .crease of E280 million 3. Incl. E0.5bn for Private Banking and E2Abn for Corporates 4. Preliminary RHJ INTERNATIONAL valuation. subject to cbsing purchase price adjustments S. Figures for Kleinwort Benson Group relate to the Wealth Management operations only 6. Combined figures for Tier I capital. 5 RWAs and Tier 1 ratio represent a simple pro forma aggregation and are not intended to reflect a true consolidated figure 7. Pro-forma Basel Ill 8. Excl. E20.8m income in segment Other/ Consolidation Note: fx rater to E is 1.178 for for year to 31. Dec 2013 and 1.19947 for BtS as at 31. Dec 2013 EFTA01116076 Private Banking: High quality Wealth Mgmt franchise Creating significant scale in our core Private Banking business PWM AuM at 31.12.2013 (€bn) Comments 26.3 • Pro forma AuM of combined entity 3.5 times higher at €26bn overall • Pro forma revenues up 125% to €147.9m per end of 2013 • BHF one of the largest independent private banking franchise in Germany and ... 19.2 • ... ranked No. 1 Private Bank for 8 times in succession (Elite Report 2014) • Strong brands in our core European markets • Private banking and wealth management has been our 7.1 heritage for more than 200 years • Strengthens a unique value proposition to our sophisticated client base of (U)HNWIs KB BHF Pro forma combined • Use of cross selling potential with other business Reve- divisions and/or client segments nues 65.81 82.1 147.9 • Strong cultural fit with deep talent pool of highly dedicated (€m) and motivated employees 1. KB Wealth Management operations include family office (E1.4m), fiduciary (E19.8m) and other (€0.2m) Source: RH,WKleinwort BensoNBHF management RHJ INTERNATIONAL Note: fx rate £ to E is 1.178 for for year to 31. Dec 2013 and 1.19947 for BIS as at 31. Dec 2013 6 EFTA01116077 Asset Management: Complementary capabilities, channels and focus Asset Mgmt. per 31.12.2013 (€bn) Comments 22.0 • Pro forma AuM up -300% to €22bn and pro forma revenues up -200% to €47.4m per end of 2013 • Stable experienced teams with separate and distinctive investment processes • KBI focusing on global equity strategies and FT 16.6 specialising in European equity, multi asset and fixed income — potential cross-selling opportunities • KBI has made successful inroads with global consul- 5.4 tancy firms and both businesses have products with top ratings from Lipper/Morningstar/ FWW FundStars • Existing distribution for both firms can be leveraged further — KBI's channel focus in US, Asia and UK and KBI FT Group Pro forma FT's strength in continental Europe combined • Ongoing opportunity for both firms to collaborate with Reve- wealth management in BHF/KB nues 15.6 31.8 47.4 (€m) • Both companies will operate separately with no cost synergies, but potential upside on revenues Source: RHJWIeinwort BensoniBHF management Note: to rate to E is 1.178 for MI for year to 3t. Dec 2913 and 1.19947 for B/S as at 3t. Dec 2913 RHJ INTERNATIONAL 7 EFTA01116078 Financial Markets and Corporates: Significant potential to leverage offering for sophisticated KB clients Fin. Markets & Corporates income' (€m) Comments Corporates (C) • BHF income down 6% to €85m per end of 2013 due to ■KB Treasury IN Financial Markets (FM) excl. Treasury lower size of bond portfolio in 2013 in Financial Markets, Treasury and reduced loan portfolio for Corporates (due to overlap in client and credit basis with parent, negative impact of 90.7 loan loss provisions and higher allocation of IT/ service centre costs). Hence result before tax down 25% to €17.3m in 2013 • Strong track record in commodity finance for commodity producers • Financial Markets offers expertise in German equity markets, interest rate related investments and currency related investments • Strong position in customer advisory (sales and execution and financial markets research) • Long-standing customer relationships through 2012 2013 personalized advice • Due to complementary nature of business attractive proposition for sophisticated KB clients 1. Includes treasury income and result from treasury Source: RHJM3HF management RHJ INTERNATIONAL Note: lx rate £ to E is 1.178 for I= for year to 31. Dec 2013 and 1.19947 for B/S as at 31. Dec 2013 8 EFTA01116079 Leveraging scale from outsourcing the back-office and support functions in Wealth Management Cost reductions achieved Comments • Management and key staff with extensive integration experience KBB/KBCIL (£m)1 102 • Successful acquisition integration track record: KB Close integration • Both entities with proven track record in reducing costs: KBB/KBCIL, BHF Germany and Switzerland • Vigilant approach with experienced team to 2010 2011 2012 2013 ensure successful integration • Further details to be provided at the Earnings Call on 15 May 2014 290 267 228 Additional scale benefits of €20+m in Wealth Management targeted for combined entity 2010 2011 2012 2013 1. Excluding growth initiatives (2010: £0.5m, 2011: £2.8m, 2012: £3.3m, 2013: £8Am) Source: RHJUKleinwort Benson/BHF management RHJ INTERNATIONAL EFTA01116080 Strong balance sheet of both KB and BHF Loan to deposit ratio (%) Tier 1 ratio' (%) 120 35 I 101 30 - 100 I I I I 25 - 80 70 71 73 73 73 74 I I I 64 20 60 I I I I 44 153 153 156 I 15 - I I I I I I I I 42 40 - , 10 - 281 19 20 , 24 20 - 5 - 12 I . t . . . . r 0 e a co cco . € 0 itc? Edmond de Rothschi E ea 8 2 2 2 2= s z'° E l= (0 lac o X (C 0 cT- o 2 at C le% Im l w g 4 a W 2. 2 5 m 0 o z 0 m KB is one of the best capitalised private banks Low loan to deposit ratio creates capacity for with a Tier 1 ratio well in excess of both internal profitable growth and regulatory targets Source: Company information RI-If INTERNATIONAL Note: All figures as of December 31, 2013, unless otherwise stated 1. Figures as reported under Basel III fully-loaded: 2. As of June 30.2013; 3. As of December 31. 2012: 4. As of March 3 t • 2013: 10 5. As of October 31. 2013: 6. Based on pro-forma Basal III EFTA01116081 'Transaction structure of BHF acquisition' RHJ International Co-Investors Total purchase price 65.8% 34.2% for 100% BHF: €340m (RHJi effective interest in BHF of 68.9%) KB Group Ltd (Preliminary NAV: Purchase D price:: E30.6m €730m2) Purchase price: €309.4m • Kleinwort Benson Bank Ltd BHF-BANK AG • Kleinwort Benson Channel Islands Holdings Ltd (Preliminary NAV: €494m) • Kleinwort Benson Investors Dublin Ltd (Preliminary NAV: E280m) 1. Based on preliminary valuations of KBG and BHF, subject to post•closing adjustments 2. NAV comprises 100% of existing KBG NAV (E280m) and 91% of RI-lj INTERNATIONAL BHF NAV (€494m) Source: RHAGeinwort Benson management 11 EFTA01116082 BHF acquisition — an attractively priced transaction' Breakdown of transaction valuation parameters Comments ■ Acquisition of BHF (100%) for €340M (in € millions) BHF KBG Total represents an attractive multiple of 0.69x to €494M net asset value ("NAV") NAV2 494 280 774 ■ And is 0.74x its tangible net asset value ("TNAV") of €459M Intangibles 35 39 74 ■ Pro forma purchase price of the BHF reduced to €340M from -€354M in Oct TNAV3 459 241 700 2013 due to non-operating adjustments to BHF's NAV Purchase price (PP) 340 194 534 ■ RHJI's 100% stake in KBG was valued at €194M and is in line with the equivalent multiple of 0.69x NAV that PP/NAV 0.69 0.69 0.69 was used to value BHF PP/TNAV 0.74 0.80 0.76 1. Based on preliminary valuations of KBG and BHF, subject to postolosing adjustments 2. Net asset value, based on a 100% of BHF 3. Tangible net asset RHJ INTERNATIONAL value Source: RHJUKleinworl Benson 12 EFTA01116083 91% of BHF-BANK acquired through Kleinwort Benson Group (KBG)1 Breakdown of KBG valuation and ownership Uses (valuation in €m) BHF-BANK Kleinwort Transaction KB BHF Group KB / BHF Group Benson costs (incl. trans. costs) 91% stake €309.4m €194.3m €503.7m €10.0m €513.7m Transaction Total KBG Investor Investment (pre transaction costs) costs investment ownershi 1 RHJ €331.3m investment (oA.v Kleinwort Benson €6.6m €337.9m 65.78% International valued at €194.3m and €137.0m in cash) Windmere and €513.7m €13.3m cash investment into KBG €0.3m €13.6m 2.65% Collins Trust 3 Fosun €96.6m cash investment into KBG €1.9m €98.5m 19.18% AQTON SE, €62.4m cash investment into KBG €1.2m €63.7m 12.40% Total €503.7m €10.0m €513.7m 100.0% .— 1. Based on preliminary valuations of KBG and BHF, subject to post.closing adjustments 2. AQTON SE 100% owned by Mr Ouandt RHJ INTERNATIONAL Source: RHJI/Kleinwort Benson 13 EFTA01116084 Recap: RHJI strategy to build European Financial Services proposition Focus on PWM, • Become a leading wealth management and corporate banking platform in Europe AM and Corp • Target sophisticated private and corporate clients and family offices Banking • Experienced Asset Mgmt. with complementary capabilities, channels and focus Leverage • International platform to leverage each others products, distribution and expertise international platform • Strong franchise based on ties to wealth creators in respective domestic markets Client • Client-centric service excellence with talented and motivated employees centricity • Experienced and committed management team • A solid, clear and simple business model connecting international capital with our A focused targeted (U)HNWI client segments business model • Solid platform built around strong, well established brands with a clear heritage Source: RHJINeinwor1 Benson/BHF management RIM INTERNATIONAL 14 EFTA01116085 Conclusion: a very strong proposition Management and organisation focused on executing the • Acquisition in line with Corporate Strategy to become a strong integration Strategic fit Anglo-German private and corporate banking group aligned with quality asset management capabilities Vigilant approach with experienced team to ensure successful integration Client fit • Client-centric approach to preserve and grow the wealth of our clients with best-in-class solutions • BHF and KB have compatible cultures focusing on stability and Cultural fit continuity for clients and employees • Business models similar along key dimensions with opportunity Business fit to drive scale benefits in Wealth Management of €20m÷ Financial fit • Strong balance sheet proactively managed with low-risk business profile, providing additional capacity for growth Source: RHAMeinwort Benson/BHF management RIM INTERNATIONAL 15 EFTA01116086 I Results for the year to 31 December 2013 RHJ INTERNATIONAL 16 EFTA01116087 Results summary - Segment overview in 2013 RHJI Segments for the year to 31 December 2013 (€m) (In EUR Consolidated loss across the Group reduced by Financial Holding 21% to €66.4 million (2012: €84.4 million). Sub-Total Reclassifications2 Total Services, Segment, Net interest income 15.7 15.7 0.2 15.9 Losses related to non-core and discontinued operations reduced from €41.0 million to Net fee and commission income 95.8 95.8 95.8 €26.3 million. Other operating income 0.9 1.9 2.8 2.8 Core operating segment loss across the Operating income 112.4 1.9 114.3 0.2 114.5 Financial Services and Holding segments 8% lower at €40.1 million (2012: €43.4 million). Operating expenses (123.8) (30.6) (154.4) (2.3) (156.7) Core operating segment result (11.4) (28.7) (40.1) (2.1) (42.2) 14% growth in AuM to £5.9 billion (€7.1 billion). Within our Wealth Management operations. Other non-recurring items3 (2.3) (2.3) 2.3 Segment loss of £11.7 million (€13.8 million). Operating profit (loss) before tax (13.7) (28.7) (42.4) 0.2 (42.2) Balance sheet strong with a tier 1 capital ratio of Net loss on disposal of available for sale assets (3.0) 19.8%. Net finance income (6.0) • 49% growth in AuM at Kleinwort Benson Share of profit (loss) of equity accounted investees 0.5 Investors to €5.4 billion. Segment profit of Profit (loss) before income tax (50.7) €2.5 million over eight times higher than 2012. Income tax benefit (expense) (0.3) (Loss) from discontinued operations (15.4) Holding Company costs across RHJI and Profit (loss) for the period (66.4) Kleinwort Benson Holdings reduced by 40% to €30.6 million (2012: €51.0 million). I. Kleinwort Benson Holdings has been removed from the Financial Services segment and is now reflected the Holding Segment. Nor year figures have been restated RHJ INTERNATIONAL 2. 3. Includes reclassifications of exceptional and other non•recurrirg items Non-recurring items prilcipally relate to restructuring provisions connected with the outsourcing of Back Office functions in the Wealth Management business 17 EFTA01116088 RHJ International - Key Highlights • 40% reduction in total Holding Company costs to €30.6 million (2012: €51.0 million) • Transformation costs (deal-related and restructuring) down 81% to €3.1 million — 2014 will be higher due to BHF Holding costs at completion 1 Company • Cash fixed holding costs' reduced by 17% to €15.9 million Costs We remain focused on the simplification of the corporate structure to achieve the targeted run rate of cash fixed holding costs excluding London lease costs • 39% stake in Shaklee sold via a share buyback transaction for gross consideration of €39.8 million Legacy • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. Portfolio • Merchant banking business conducted by Ripplewood successfully spun-off. RHJI retains 19% stake in KBA. Final capped payment of $5 million (€3.6 million) with a firm commitment not to fund future expenses. Kleinwort Benson Wealth Management • 14% increase in AuM to £5.9 billion (€7.1 billion) — over half of growth due to positive net inflows. • 19% growth in loan portfolio to £446 million — low loan to deposit ratio provides capacity for future profitable growth • Balance sheet remains strong — tier 1 ratio of 19.8% amongst highest across European peer set 3 • Segment loss of £11.7 million (€13.8 million) reflects impact of challenging economic environment on operating Financial income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. Services Kleinwort Benson Investors ("KBI") • 49% growth in AuM to €5.4billion — 76% of growth due to strong net inflows of €1.4 billion • Marked shift in geographic distribution of client base — North American and European client each now account for 31% of AuM • Segment profit of €2.5 million over eight times higher than 2012 — Reflects highly scalable business model, with operating margin strengthened from 3% to 16% RHJ INTERNATIONAL I. Excluding London lease costs 18 EFTA01116089 Holding Company Costs O 40% reduction in Holding Company costs Breakdown of Holding Company costs in 2012 and 2013 51.0 Total holding company costs reduced by 40% to €30.6 million (2012: €51.0 million) CO* Restructuring and deal-related expenses 81% lower at €3.1 million) — 2014 deal-related expenses will be higher 30.6 30.6 due to BHF acquisition completion costs. 0.6 2.5 Fixed cash fixed holding costs excluding London lease 6.4 costs reduced by 17% to €15.9 million — Includes 42.9 remuneration costs which were 23% lower at €6.9 million principally due to headcount reduction. 9.1 6.9 Variable compensation also 36% lower at €5.2 million - €19.2m - I lower individual awards reflect commitment to reduce costs €15.9m 4 and Company's financial performance. 10.1 9.0 Delays in BHF transaction have had a knock-on effect on the corporate and legal simplification process. FY2012 FY2013 Short-term priority is to integrate BHF and drive -1Restructuring expenses Fixed remuneration efficiencies Deal-related costs Other recurring cash fixed holding costs London lease costs Kleinwort Benson Holdings Variable compensation RHJI Depreciation / amortisation RHJ INTERNATIONAL I. Excluding London lease costs 19 EFTA01116090 RHJ International — Key Highlights 40% reduction in total Holding Company costs to €30.6 million (2012: €51.0 million) • Transformation costs (deal-related and restructuring) down 81% to €3.1 million — 2014 will be higher due to BHF Holding costs at completion Company Costs • Cash fixed holding costs' reduced by 17% to €15.9 million We remain focused on the simplification of the corporate structure to achieve the targeted run rate of cash fixed holding costs excluding London lease costs • 39% stake in Shaklee sold via a share buyback transaction for gross consideration of €39.8 million Legacy • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. Portfolio • Merchant banking business conducted by Ripplewood successfully spun-off. RHJI retains 19% stake in KBA. Final capped payment of $5 million (€3.6 million) with a firm commitment not to fund future expenses. Kleinwort Benson Wealth Management • 14% increase in AuM to £5.9 billion (€7.1 billion) — over half of growth due to positive net inflows. • 19% growth in loan portfolio to £446 million — low loan to deposit ratio provides capacity for future profitable growth • Balance sheet remains strong — tier 1 ratio of 19.8% amongst highest across European peer set • Segment loss of £11.7 million (€13.8 million) reflects impact of challenging economic environment on operating Financial income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. Services Kleinwort Benson Investors ("KBI") • 49% growth in AuM to €5.4billion — 76% of growth due to strong net inflows of €1.4 billion • Marked shift in geographic distribution of client base — North American and European client each now account for 31% of AuM • Segment profit of €2.5 million over eight times higher than 2012 — Reflects highly scalable business model, with operating margin strengthened from 3% to 16% RHJ INTERNATIONAL I. Excluding London lease costs 20 EFTA01116091 Legacy portfolio 0 Spin-off of Ripplewood merchant banking business • Merchant banking activities conducted by Ripplewood spun-off into a separate legal entity in December 2013 • RHJI holds a 19% minority stake in the new entity - This will continue to operate under the name "Kleinwort Benson Advisors, LLC." ("KBA") • RHJI retains access to future investment products and services through its 19% equity stake in KBA, • RHJI has made a capped and final cash payment of US$5.0 million (€3.6 million) as consideration for its 19% equity stake and as a contribution to the costs of winding down Ripplewood Holdings LLC. Spin-off transaction • Wind down process includes realisation of the Ripplewood Fund's remaining portfolio assets — this process is virtually complete following realisation of interest in GoGo Inc, one of the fund's last remaining investments • Merchant banking business reclassified as discontinued - €13.8 million loss in 2013 reflects impact of uncertain economic environment on ability of the business to execute its strategy and develop exceptional investment opportunities, coupled with the €3.6 million contribution to the wind-down expenses of the Ripplewood Fund. • RHJI will not fund any future expenses associated with the merchant banking business • All obligations associated with RHJI's 13% stake in the General Partner of the Ripplewood Fund fully satisfied by the distribution-in-kind of GoGo shares in December 2013. • Under this distribution RHJI received 665,474 GoGo shares — share price of US$31.06 at date of distribution Ripplewood equates to market value of €21.1 million Fund • GoGo shares had a year-end market value of €12.0 million. • Going forward no restrictions on RHJI's ability to sell these shares at an appropriate time to maximise proceeds RHJ INTERNATIONAL 21 EFTA01116092 RHJ International — Key Highlights 40% reduction in total Holding Company costs to €30.6 million (2012: €51.0 million) • Transformation costs (deal-related and restructuring) down 81% to €3.1 million — 2014 will be higher due to BHF Holding costs at completion 1 Company Costs • Cash fixed holding costs' reduced by 17% to €15.9 million We remain focused on the simplification of the corporate structure to achieve the targeted run rate of cash fixed holding costs excluding London lease costs • 39% stake in Shaklee sold via a share buyback transaction for gross consideration of €39.8 million Legacy • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. Portfolio • Merchant banking business conducted by Ripplewood successfully spun-off. RHJI retains 19% stake in KBA. Final capped payment of $5 million (€3.6 million) with a firm commitment not to fund future expenses. Kleinwort Benson Wealth Management • 14% increase in AuM to £5.9 billion (€7.1 billion) — over half of growth due to positive net inflows. • 19% growth in loan portfolio to £446 million — low loan to deposit ratio provides capacity for future profitable growth • Balance sheet remains strong — tier 1 ratio of 19.8% amongst highest across European peer set 3 • Segment loss of £11.7 million (€13.8 million) reflects impact of challenging economic environment on operating Financial income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. Services Kleinwort Benson Investors ("KBI") • 49% growth in AuM to €5.4billion — 76% of growth due to strong net inflows of €1.4 billion • Marked shift in geographic distribution of client base — North American and European client each now account for 31% of AuM Segment profit of €2.5 million over eight times higher than 2012 — Reflects highly scalable business model, with operating margin strengthened from 3% to 16% RHJ I NTERNATIONAL 1. Excluding London lease costs 22 EFTA01116093 I Kleinwort Benson Wealth Management RHJ INTERNATIONAL 23 EFTA01116094 Kleinwort Benson Wealth Management — FY 2013 highlights • AuM 14% higher at £5.9 billion — Over half of the growth due to positive net inflows, with strong gross inflows from our senior banker hires and a £260 million advisory mandate secured by the Family Office • Year-on-year growth reflects £399million of net inflows and £321 million of positive market movements • 81% of outflows relate to retained clients, with growth of 10% in client numbers in our core HNW / UHNW segments • 12% reduction in operating income — significant tightening of credit spreads across the markets leading to a 29% reduction in net interest income to £13.2 million (2012: £18.5 million) • 4% reduction in net fee and commission income to £67.6 million (2012: £70.3 million) — principally reflects the sale Profitability of pension wrapper business in 2012, with a slight improvement in transactional activity • Segment result also reflects £6.4 million of investment in growth initiatives, with underlying expenses 3% lower than 2012 • Good investment performance — "balanced" and "steady growth" categories have outperformed the peer group over Investment last four years. performance • New bankers continuing to gain traction in the market, with a good pipeline in the Family Office and Corporate and momentum Advisory businesses • 3% reduction in operating expenses from £88.7 million to £86.4 million prior to investment in growth initiatives Costs • Key savings arising from headcount reductions in the Offshore business and outsourcing of Back Office functions • Investment of £6.4 million (2012: £3.3 million) in banker hires as well as systems and process improvements • Modest re-balancing of the asset allocation within our treasury portfolio has led to a slight increase in net interest income in the second half of the year Balance • 19% growth in the loan portfolio from £37 4 million to £446 million — loan to deposit ratio of 24% provides significant Sheet capacity to continue to grow the loan book profitably • Robust capital position with Tier 1 ratio of 20%, being one of the strongest across the European banking peer set RHJ INTERNATIONAL 24 EFTA01116095 A mixed year - strong operating momentum and AuM growth not yet reflected in profitability Key figures and KPIs • 14% increase in AuM to £5.9 billion, (In GBP millions) FY 2012 FY 2013 driven by strong net flows and positive market movements Net interest income 18.5 13.2 Net fee and commission income 70.3 67.6 Fair value movements 0.7 0.1 • Segment loss of £11.7 million reflects Other operating income 2.8 0.2 challenging economic environment and investment in growth opportunities. Operating income 92.3= 81.1 Operating expenses (92.0) (92.8) Segment result Er 0.3= (11.7) • 3% reduction in underlying operating Exceptional items — fair value movements 9.2 expenses prior to investment in growth Other non-recurring items' (8.1) (2.0) initiatives Operating profit (loss) before tax • (13.7) • Balance sheet remains strong with a Operating cost / income ratio 101% 113% tier 1 capital ratio of 20% Assets under Management (AuM) Equity (IFRS) • 210 5,895 196 Operational changes being implemented KPIs Risk Weighted Assets (RWA) 849 922 across the business to drive sustained Tier 1 Capital 191 183 improvement in financial performance — Tier 1 Ratio 23%= 20% positive impact will be boosted by scale FTE 750 664 benefits and revenue opportunities from BHF-BANK acquisition I. Other non-recurring items 112O13 pr.-Ideally relate to the outsourcing of back office functions. RHJ INTERNATIONAL 25 EFTA01116096 O Assets under Management (AuM) 14% growth in AuM driven by strong net inflows AuM by source (£m) • 14% growth in AuM — more than half 6,000 - 5,895 attributable to positive net flows across 5,175 both deposits and investing assets 5,000 - • Net inflows of £399 million and £321 million of positive market movements 4,000 - Adverse impact of challenging low yield 3,000 - environment more than offset by positive net flows from new bankers as they gain 2,000 - traction in the market and a £260 million advisory mandate secured by the Family Office. 1.000 - 1,335 1,547 81% of gross outflows relate to retained clients who have had to access capital to Dec 2012' Dec 2013 supplement their income in the low yield environment — 10% growth in client IM - Advisory IM - Discretionary Deposits numbers in core HNW / UHNW segments I. Cash on investment portfolio accounts reclassified from Deposits to Advisory/ Discretionary assets to provide like for We comparison with Dec 2013. £3m immaterial impact to total AuM RHJ INTERNATIONAL 26 EFTA01116097 Profitability Operating income- 12% lower at £81.1 million Principally reflects significant contraction of credit spreads Operating income by driver (£m) Net interest income 29% lower at 92.3 £13.2 million: 3.5 81.1 - Principally due to tightening of credit I 18.5 0.3 spreads — leading index of 3-year 13.2 European CDS down from 105bps in 2012 to 40bps - Also reflects prudent balance sheet management and competitive pricing pressure in deposit market 67.6 Net fees and commission income 4% lower at £67.6million: - Principally reflects sale of small pension wrapper business in 2012 - Adjusting for this, revenues have remained resilient , with a slight FY 2012 FY 2013 improvement in transactional activity. Other income Net interest income • Net commission and tee income RHJ INTERNATIONAL 27 EFTA01116098 0 Investment performance Award- winning investment performance Performance of KB's Sterling Balanced Index relative to the ARC PCI 135 Robust investment processes and performance are at the core of our value 130 KB Balanced —ARC PCI Balanced proposition to our clients 125 120 Our investment strategy is focused on 115 achieving clients' objectives over the 110 long term 105 Our "balanced", "cautious" and "steady 100 growth" strategies have all outperformed 95 8 O O O O •ff. •ff. •ff. •ff. 0 07 07 07 the peer group over the last three years o 2 -) -, (4} 0 O 2 (ti -, CO C M 2, 83) A Our balanced portfolios have delivered Cumulative return % (3 years) min Awards won top quartile performance relative to the peer group 25th Percentile 17.61 PO 14 Tr alS2 Winner of the Platinum Award for Best Cautious Awards for investment performance and Wart Antis 2011 Nana &nod Portfolio in the Large category at the inaugural franchise strength in early 2013 50th Percentile 15.04 Portfolio Adviser Wealth Manager Awards. 75th Percentile 12.64 P\ Winner of the Image and Reputation Award (HNW) category at the 2013 UK PAM awards. KB GBP Balanced PCI 17.58 Source: ARC, as at 31 December 2013. Based on O4 2014 PCI report produced by ARC. All figures above quoted in GBP. ARC Private Client Indices ("co are based on historical information and past performance is not indicative of future performance. The Private Client Indices (PCI) as compiled by Asset Risk Consultants provide an light into the actual returns being generated no RHJ INTERNATIONAL by investment managers for a sample of their UK discretionary private client portfolios. The PCI performance series is based on real performance numbers provided by participatig investment ` c managers. PCI provides a reflection of the returns that a private client could expect for a given risk appetite and if they had been iwested li the strategies for the time periods shown. The PCI shows a composite of the performance of many portfolios and as such actual performance of individual portfolios will have varied over the time period's shown EFTA01116099 Costs O Underlying expenses reduced by 3% prior to investment in growth initiatives Underlying costs and growth initiatives Headline operating expenses broadly Costs in £M flat at £92.8 million 100 • Efficiency savings have created 92.0 92.8 90 6.4 capacity to invest in growth initiatives such as banker hires as well as 80 systems and process improvements 70 31.5 • Investments in growth initiatives have 60 I —1 Growth initiatives increased from £3.3 million in 2012 to Operating costs £6.4 million in 2013 50 Personnel costs • Prior to this investment, underlying 40 cost base reduced by 3% from £88.7 30 million to £86.4 million. 20 • Savings generated by headcount reductions in the Offshore business 10 and the outsourcing of back office 0 functions FY2012 FY2013 RHJ INTERNATIONAL 29 EFTA01116100 0 Balance sheet I Strong balance sheet and capital position Balance Sheet Overview (£m) • One of the best capitalised banks in £m Europe — Tier 1 ratio of 20% Dec 2012 Dec 2013 2.344 2,344 ■ 2,102 2.102 Loans and advances to customers • No reliance on wholesale funding to 449 Investable assets cover our liquidity needs 375 Derivative financial assets Other assets Deposits Loans and advances to customers IN Derivative financial liabilities increased by 19% despite L Provisions for liabilities repositioning of the portfolio onto a 1,825 Other liabilities more profitable basis Total equity • Loan to deposit ratio of 24% - provides 12r 5 5 210 capacity to continue to grow the loan 68_0_ 67_8_ 196 book profitably Assets Liabilities Assets Liabilities & Equity & Equity RHJ INTERNATIONAL 30 EFTA01116101 Balance sheet 0 Kleinwort Benson remains one of the best capitalised banks Loan to deposit ratio (%) Tier 1 ratio (%) 1 120 35 100 101 30 26 I I 80 7173737374 25 20 2016 60 40 15 14131110101010 9 10 20 5 0 0 z Cm N Deutsche Bank Credit Suisse 6 m a C 3 LL cc m O. ma dl Low 21 • I KB is one of the best capitalised private loan to deposit ratio creates capacity for banks with a Tier 1 ratio well in excess of profitable growth both internal and regulatory targets RHJ INTERNATIONAL Note: Source: Company information All figures as of December 31,2013, 2.As 30.2013: 3.As 31,2012: unless otherwise stated 1. Figures as reported under Basel III fully-loaded: of June As 31.2013 31 4.As 31,2013:5. of December of March of October EFTA01116102 0 Balance sheet I A high quality Treasury book Treasury book composition as at 31 December 2013 £1,826m Eligible liquid assets We have a high quality treasury book Other sovereign and supras El Investment grade corporate bonds • Weighting of cash and eligible liquid assets r Investment grade bank bonds reduced from 57% to 40% in second half of Certificates deposit year while adhering to prudent investment IN Long-term cash policy and risk appetite. Short-term cash • Weighting of Aaa—Aa3 rated assets has 39% increased from 42% to 58% Treasury book by credit ratings as at 31 December 2013 Market environment • Average credit spreads narrowed considerably in 2013 — Index of 3 year Euro Aaa A2 CDS down from 105bps in 2012 to 40bps in Aa1 —r A3 2013 Aa2 Baal Aa3 Baa2 ❑ Al D Other 1. According to Moody's RI-If INTERNATIONAL Source: RHJI end KBIEUKBCH management: Bloomberg 32 EFTA01116103 I Wealth Management — Outlook RHJ INTERNATIONAL 33 EFTA01116104 Wealth Management Outlook • Financial performance expected to remain challenging in the short-term • Positive profit impact of operational changes being implemented across the business offset by the adverse Short-term profitability effects of the low interest rate and tight credit spread market environment Encouraged by the new business being generated by recent banker hires — expect this to increase as they gain traction in the market • We will continue to drive efficiency savings across the business Longer-term • BHF combination transformational — efficiencies from economies of scale and revenue synergies expected outlook to lead to a cost structure more in line with industry average • We are well-positioned to capture the significant long-term growth that is expected in UK Wealth RHJ INTERNATIONAL 34 EFTA01116105 I KB Investors RHJ INTERNATIONAL 35 EFTA01116106 KB Investors - 2013 highlights • 49% increase in AuM to €5.4 billion — driven by net flows, which accounted for 76% of the growth • Wholesale distribution gathering momentum in the year with new partners starting to deliver volume • Good wins from quality institutional names as consultant coverage continues to grow • Year-end pipeline of over €1.0 billion — includes €630 million European mandate that funded in January • 25% increase in operating income to €15.6 million principally driven by AuM growth • Scalable business model leading to sharp uplift in profits and profitability Profitability • Segment profit of €2.5m - Over eight times higher than €0.3m generated in 2012 • Operating margin strengthened from 3% to 16% in 2013 - further margin strengthening expected in 2014 0 • Longer term track record enhanced by solid investment performance in 2013 - double-digit gains Investment delivered by almost all specialist equity strategies. performance • Winner of the World Finance Investment Management Company of the year (Ireland) - for second consecutive year • 7% increase in operating costs to €13.1 million • Largely driven by performance-related pay • Other increases due to staff hires and other new business development activity as we grow the business • Conservative balance sheet with a significant buffer over minimum regulatory capital and working capital requirements RHJ INTERNATIONAL 36 EFTA01116107 Kleinwort Benson Investors - Significant increase in profitability, reflecting AuM growth and scalability of the business Key IIII figures and KPIs (in EUR millions) FY 2012 FY 2013 • Segment profit of €2.5 million over eight times higher than 2012 Operating income 12.5 15.6 profit of €0.3 million Operating expenses (12.2) (13.1) Segment result L 2.5 • Reflects strong growth in AuM, Other non-recurring items (0.1) healthy margins and scalability of the Operating profit before 2.5 1. business model tax • Operating margin strengthened from 3% in 2012 to 16% in 2013. Operating margin 3% 16% KPIs Assets under Management 5,420 FTE 47 IL_ 50 RIM INTERNATIONAL 37 EFTA01116108 Assets under Management (AuM) O 49% growth in Client AuM since YE2012 AuM by source (€bn) 5.4• • €5.4bn of Client AuM — a 49% increase 5 1.2 since the end of 2012 and 92% higher pin • 4 3.7 than the end of 2011 3 2.8 Multi-Asset 76% of growth in 2013 due to higher net 2 1A1 0.7 Environmental inflows — driven by wholesale 3.1 distribution partners and institutional 1 0.6 1.6 MI Global Equity mandates. 31 Dec 2011 31 Dec 2012 31 Dec 2013 North American and European AuM now the two regions with highest AuM across the portfolio — accounting for 31% of total AuM by region (€bn) AuM each. Decline in Irish multi-asset AuM reflects Ireland industry-wide de-risking and wind-up of Asia defined benefit pension schemes. UK Global equity and Environmental Europe specialist equity strategies now account North America for 77% of total AuM — up from 50% at the end of 2011. 31 Dec 2011 31 Dec 2012 31 Dec 2013 'Includes E1.4bn assets under advisement RHJ INTERNATIONAL 38 EFTA01116109 Profitability 0 Strong growth in specialist equity strategies AuM by source • Strong inflows into Global Equity and Environmental Strategies • A number of significant new mandate wins, particularly in our Global Equity strategies Multi-Asset • Outflows from Multi-Asset strategies 21% Environmental reflect continued de-risking and wind-ups of defined benefit pension schemes in Global Equity Irish market 57% 44% 29% 31 Dec 2011 31 Dec 2012 31 Dec 2013 '2013 includes assets under advisement of f1.4bn RHJ INTERNATIONAL 39 EFTA01116110 Investment performance 0 Kleinwort Benson Investors — investment performance in 2013 Indexed performance across selected strategies KB Investors Emerging Markets Strategy' • KBI Emerging Markets Strategy: (1.0%) 500 400 — KB Investors Emerging Mkts Strategy behind the benchmark in 2013, but maintains 300 — MSCI Emerging Markets (C) a strong track record since inception 200 100 0 KBI Developed Equity strategy (The Flagship Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 Jan 14 Global equity strategy) outperformed benchmark by 1.2% during 2013, maintaining KB Investors Developed Equity Strategy its excellent track record. The strategy has 300 — KB Investors Developed Equity Strategy outperformed its benchmark in 9 out of its 11 250 - 200 - — MSCI World RI (6) years history 150 - MSCI World Value RI (C) 100 KB Investors Agribusiness Fund had a difficult so year in 2013 versus the broad global equity Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 Jan 14 benchmark. Against peer Agribusiness KB Investors Agribusiness Fund competitors however we maintained our 160 strong long term track record 140 — KB Investors Agribusiness Fund 120 - — Dax Global Agribusiness Index (6) 100 80 — MSCI World RI (6) • KB Investors Water Fund outperformed the so global equity index by 4% and peers during 40 2013. In so doing maintained its outstanding Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 long term record KB Investors Water Fund — KB Investors Water Fund (Gross) • Winner of the World Finance Investment — MSCI World RI (6) Management Company of the year, Ireland — Award won for the second year running in 2013 Jan 02 Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 Jan 14 I. The period return to July 2010 is a measurement of the security universe derived from the investment process, and returns from August 2010 are live strategy returns RHJ INTERNATIONAL 40 EFTA01116111 °Costs Operating costs 7% higher — reflects performance-related pay and business development activity Operating cost breakdown (€m) 14 • The business continues to focus on 13.1 13 managing its operating costs 12.2 0.9 12 0.8 11 3.6 10 3.5 9 • Increased personnel costs in 2013 8 principally due to performance-related 7 pay 6 5 4 7.9 3 • Slight uplift in Other General costs 2 reflects increased business development 1 activity as we grow the business 0 FY2012 FY 2013' IT & Market Data costs El Personnel costs IM Other General costs RHJ INTERNATIONAL 41 EFTA01116112 i Kleinwort Benson Investors - Outlook RHJ INTERNATIONAL 42 EFTA01116113 KB Investors - Growth initiatives provide solid platform for future growth • Institutional search activity buoyant — KBI being invited to participate in searches on the back of good longer term investment returns Mandate wins • A significant number of notable mandate wins including government mandates and sovereign wealth funds • Strong pipeline includes circa €1bn of mandates that have been won but not yet funded • Continued sales growth through existing wholesale distribution partners across the two specialist equity Distribution ranges partnerships • New distributor relationships put in place in 2013 should accelerate momentum in 2014 • Rebalancing in product portfolio and geographic mix expected to continue Portfolio mix • Specialist equity product managed for international investors expected to continue to drive profitability growth RHJ INTERNATIONAL 43 EFTA01116114 I BHF-BANK — Overview RHJ INTERNATIONAL 4., EFTA01116115 BHF-BANK - Key facts and figures • Modern, innovative bank with long-standing positions in trade finance, private and corporate banking and a strong heritage stretching back to 1854. • The largest German independent Private Banking franchise with a particular focus on the needs of entrepreneurs in Overview the German "Miltelstand" segment. • Headquartered in Frankfurt am Main, with 12 other branch offices across Germany and international offices in Abu Dhabi, Geneva, Luxembourg and Zurich Business organised across four key segments: • Private Banking Business • Asset Management segments • Financial Markets Corporates Ranked No. 1 in Handelsblatt's Elite Report of 350 portfolio managers across German-speaking countries for 8 years Strong running performance Consistently one of the top performers in the "firstfive" performance ranking across all risk categories and investment periods • €38.5 bn of Client AuM - €19.2 bn in Private Banking, €16.6 bn in Asset Management and €2.7 bn in Corporates • 2013 income before US/UK tax and restructuring of €220 million • Well-capitalised, comprehensively restructured balance sheet and low leverage: Key figures • Balance sheet reduced to €6.7bn from €12.7bn in 2010 • Tier 1 ratio of 17.8% (Basel II) and 15.0% under Basel III (pro forma basis) • Loan to deposit ratio of 28% 1,072 staff worldwide — a 30% reduction since 2010. RHJ INTERNATIONAL 45 EFTA01116116 BHF's key business segments - Meeting the needs of discerning entrepreneurs and their families Wealth Management Corporates 1 Private Banking r r• Second largest independent provider of r ill • Comprehensive wholesale banking Private Banking services in Germany — Top 2 product offering — focusing on "Deutscher (EAB E20bn) Mittelstand" • Quality leadership — Top 1 • High-quality loan portfolio • Clear focus on entrepreneurial UHNW- • Leading position in export financing — clients Top 5 • Top 10 player mutual funds • Top 10 institutional Asset Manager for non- Partner and Service Unit for Private captive assets under management (total AuM Banking, Asset Management and E16.6bn) Corporates li Innovative market player — Leading • Specialist for German market quantitative asset manager Asset Management L RHJ INTERNATIONAL 46 EFTA01116117 I BHF-BANK — Results for the year ended 31 December 2013 RHJ INTERNATIONAL 47 EFTA01116118 BHF-BANK - Results for the year to 31 December 2013 Key figures and KPIs 1-12 ! 2013 142;2012 • Income in 2012 substantially driven by Em m one single effect Total Income 219.9 275.8 Net interest income 44.1 52.2 Operating result before US/UK tax and Net fee and commission income 129.0 126.2 restructuring amounts to €(2.5) million Trading result -2.2 6.9 • Impact of US/UK tax agreements Investment income 15.0 5.6 already considered in 2013 Other operating income 34.1 84.9 Loan loss provisions 1.6 0.9 • Staff layoff in subsidiaries provisioned in Total expenses -224.1 -266.9 2013 Operating profit before US/UK tax & Restruct. -2.5 9.8 Increased net fee and commission US/UK Tax Switzerland / Restruct. -14.6 0.0 income due to increased AuM Profit before tax -17.1 9.8 • Successful cost saving program leads to decreasing expenses 1-12' 2013 1.12/2012 • Capital ratios continue to be very robust Cost / income ratio (bef. US/UK tax & Restruct.) (%) 101.9 96.8 Assets under Management (AuM) (Em) 38.451 37.354 Equity (IFRS) (Em) 469 500 KPIs Risk Weighted Assets (RWA) (Em) 2.628 2.837 Tier 1 Capital (Em) (Basel II) 469 480 Tier 1 Ratio (%) (Basel II) 17.8 17.0 FTE 1.072 1.129 RHJ INTERNATIONAL 48 EFTA01116119 BHF-BANK - Segmental analysis of operating profit before US/UK tax & Restructuring Year ended 31 December 2013 2013 Private Asset Financial Other/ Profit before US/UK tax, BHF-BANK €m Banking Management Markets & Consolidation US/ UK tax & Switzerland / Group Corporates restructuring restructuring Total income 82.1 31.8 85.2 20.8 219.9 -10.3 209.6 Net interest income 5.6 0.0 37.5 0.9 44.1 44.1 m ill Net fee and 74.6 31.3 27.1 (4.0) 129.0 129.0 commission income Trading result (0.6) (1.6) (2.2) (2.2) Investment income 10.5 4.5 15.0 15.0■ Other operating 2.5 0.5 11.8 19.3 34.1 (10.3) 23.7 income Loan loss provisions (1.9) 3.5 1.6 1.6 1 Total expenses (70.7) (18.1) (66.2) (69.1) (224.1) (4.3) (228.4) Profit /(Loss) before tax 11.4 13.7 17.3 (44.8) (2.5) (14.6) (17.1) RHJ INTERNATIONAL 49 EFTA01116120 i BHF-BANK — Private Banking RHJ INTERNATIONAL 50 EFTA01116121 Private Banking O 1 BHF Private Banking - Increased asset base & net fee and commission income - further reduction of general administrative expenses Key figures €m 2012 2013 • Increase in net fee and commission Net interest income 7.3 5.6 income due to growth of higher margin discretionary portfolio management Net fee and commission income 72.8 74.6 Trading result (0.4) (0.6) • Cost-reduction measures continue to Investment income 2.4 0.0 take effect — general administrative Other income 1.3 2.5 expenses reduced by approx. 2% Operating income 83.3 82.1 General administrative expenses (71.9 (70.7) • Successful restructuring of Swiss business unit leads to significantly Provision for risk 0.6 0.0 improved result - further improvement expected Result before tax 12.0 11.4 • Earning asset base growth and further Earning Asset Base 19,390 19,691 shift from lower to higher margin AuM AuM 18,887 19,210 will lead to increased future income Loans 503 481 RHJ INTERNATIONAL 51 EFTA01116122 O Private Banking BHF Private Banking - AuM growth despite massive uncertainty and shift to higher margin discretionary portfolio management AuM by source (€m) • Growth in AuM despite massive 20,000 - 19,210 uncertainty - growth clearly slowed by 18,887 unstable shareholder structure 15,000 - 10,264 • Further significant shift from lower margin advisory to higher margin 13,408 - 13,501 discretionary portfolio management 10,000 - (+7.5%) • Resolved change of ownership 5,000 - structure presents opportunities - 4,019 4,318 enables return to historical growth path 1,460 1,391 0 • Numerous impartial market surveys Dec 2012 Dec 2013 once again confirm outstanding performance of portfolio management • Advisory & execution only Discretionary • Family Office Deposits RHJ INTERNATIONAL 52 EFTA01116123 I BHF-BANK - Asset Management RHJ INTERNATIONAL 53 EFTA01116124 Asset Management 0 BHF Asset Management — Significant increase of Result before tax Key figures Increase of +6% in net fee and Cm 2012 2013 commission income driven by long-term Net interest income 0.1 0.0 asset gathering, especially on retail funds Net fee and commission income 29.4 31.3 Continuing focus on administrative Trading result 0.0 0.0 expense reductions pays off — further reduction of — 7% Investment income 0.0 0.0 Focusing on higher margin products and Other income 0.6 0.5 additional distribution channels Operating income 30.1 31.8 General administrative expenses (19.4) (18.1) Provision for risk 0.0 0.0 Result before tax 10.7 13.7 Assets under Management 15,710 16,557 RHJ INTERNATIONAL 54 EFTA01116125 0 Asset Management BHF Asset Management — 5% growth in AuM AuM by source (€m) • Increase of AuM to € 16.6bn despite 18,000 ownership crisis and sales process 16,557 16,000 15,710 • Intensified cooperation with Private Banking on multi-asset wealth 14,000 5,025 =94 41 management solutions pays off, 12,000 € 252m net flows in 2013 Completion of BHF Total return fund 10,000 range offers a market leading and 6297 8,000 Izil•rer.fi award winning line-up of sought after wealth management funds 6,000 • Resolved change of ownership offers 4,000 further opportunities for growth, 4.841 5,236 especially in the institutional business 2,000 Dec 2012 Dec 2013 Administration mandates Institutional funds NI Retail funds RHJ INTERNATIONAL 55 EFTA01116126 i BHF-BANK — Financial Markets RHJ INTERNATIONAL 56 EFTA01116127 0 Financial Markets BHF Financial Markets- Stable result before tax Key figures • Result before tax nearly in line with Cm 2012 2013 previous year Net interest income 19.9 15.1 Net fee and commission income 11.6 10.8 • Decrease in income compensated by Trading result successful cost-reduction measures 7.6 -1.6 Investment income 3.2 9.8 Other income 6.6 11.3 • Growth of customer related business from cooperation with Private Banking, Operating income 48.9 45.3 Asset Management and Corporates General administrative expenses (39.0) (35.4) Provision for risk 0.2 (0.3) Result before tax 10.1 9.7 RHJ INTERNATIONAL 57 EFTA01116128 i BHF-BANK - Corporates Segment RHJ INTERNATIONAL 58 EFTA01116129 Corporates O BHF Corporates - Slight decrease of income due to negative impact of external factors Key figures Reduction of credit volume due to Cm 2012 2013 overlap in client and credit basis with Net interest income 24.3 22.4 shareholder Net fee and commission income 17.5 16.3 Slight decrease in net fee and commission income due to Trading result 0.0 0.0 postponement of several Corporate Finance transactions into 2014 Investment income 0.0 0.7 First months in 2014 show significant Other income 0.1 0.5 increase in business volumes with Operating income 41.8 39.9 substantial pipeline ahead, generating positive impact on both — net interest General administrative expenses (28.5) (30.8) income and net fee and commission income Provision for risk (0.3) (1.6) Result before tax 13.1 7.6 RHJ INTERNATIONAL 59 EFTA01116130 i BHF-BANK — Group balance sheet RHJ INTERNATIONAL 60 EFTA01116131 BHF-BANK — Group balance sheet BHF-BANK - Clean balance sheet with strong capital ratios Balance Sheet Overview (€m) Dec 2012 Dec 2013 • Further reduction in balance sheet to €6.7bn 7,298 7,298 6,711 6,711 Loans and advances to customers • Solid Tier 1 ratio of 17.8% under 1,388 Investable assets Basel II and 15.0% under Basel III in 1,444 Derivative financial assets 2013 (pro-forma basis) Other assets in Deposits Derivative financial liabilities In Provisions for liabilities 5,545 Other liabilities Total equity •16 85 129 7237 —r r a r .204 ra Assets Liabilities Assets Liabilities & Equity & Equity RIM INTERNATIONAL 61 EFTA01116132 BHF-BANK — Grou balance sheet A high quality Treasury book Treasury book composition as at 31 Dec 2013 €3,403m Eligible liquid assets Investment grade bonds A high quality treasury book Short-term cash 100% cash or eligible liquid assets Thereof 95% High Quality Liquid Assets according to Basel III with a LCR1 of 140% per year end 2013 Treasury book by credit rating as at 31 Dec 2013 €2,911m AAA A- M AA+ BBB+ AA • NR AA- A+ A 1. LCR = Liquidity Coverage Ratio RHJ INTERNATIONAL 62 EFTA01116133 I BHF-BANK - Successes RHJ INTERNATIONAL 63 EFTA01116134 O BHF - Successes BHF-BANK - Successes • Balance sheet reduced to €6.7billion from €12.7 billion • Core capital ratio strengthened from 12.4% to 17.8% (Basel II), 15.0% Basel III and total capital 20.5% (pro forma basis) • FTE headcount reduced by 30% and cost reduced by 21% by year end 2013 • Investment outperformance against benchmarks across all 'total return", fixed income, equity / bonds and equity fund ranges over critical 5 year period • 69.3% return generated by BHF Flexible Allocation FT over 5 year period compared to 29.7% and 28.1% benchmark and peer group returns respectively • Winner of Elite Report Portfolio Manager of the Year award for the 81h year running • Winner of EuroTest Top Quality in Private Banking award in 2013 • First place in FirstFive ranking (December 2013) — ranked No. 1- 5 in 31 out of 32 categories, ranked No. 1 or 2 in 21 categories Performance • Good momentum in 2014 with significant net new asset growth in Private Banking in 2014 • Several attractive corporate mandates won to IPO their businesses or seek other growth opportunities RHJ INTERNATIONAL 64 EFTA01116135 i Appendix RIM INTERNATIONAL 65 EFTA01116136 Results summary - Segment overview in 2012 RHJI Segments end of for the year to 31 December 2012 (€m) (In EUR Financial Holding Sub-Total Reclassilications2 Total Services' Segment' Net interest income 23.0 23.0 (0.5) 22.5 Net fee and commission income 100.4 100.4 (3.0) 97.4 Other operating income 5.1 3.2 8.3 18.4 26.7 Operating Income 128.5 3.2 1311 14.9 146.6 Operating expenses (127.9) (47.2) (175.1) (24.4) (199.5) Core operating segment result 0.6 (44.0) (43.4) (9.5) (52.9) Investment in new business lines (4.3) (4.3) 4.3 Exceptional fair value movements3 11.3 11.3 (11.3) Other non-recurring items° (14.5) (18.4) 18.4 (3 9) Operating profit (loss) before tax (6.9) (47.9) (54.8) 1.9 (52.9) Net finance income / (expense) (2.0) Share of profit (loss) of equity accounted investees° 1.2 Profit (loss) before Income tax (53.7) Income tax benefit (expense) 0.4 (Loss) from discontinued operations4 (31.1) Profit (loss) for the period (84.4) 1. Kleinwon Benson Holdings has been removed from the Financial Services segment and is now reflected I, the Holding Segment RHJ INTERNATIONAL 2. 3. Includes reclassifications of exceptional and other non-recurring items The 811.3 million of exceptional fair value movements reflected in the table above relate to the reversal of fair value losses recognised in 2011. 66 4. Other non-recunin items relate to restructuring costs (83.2m). asset impaiments (E9.5m) and integration and sales related costs (El .8m). EFTA01116137 RHJI Portfolio as at December 31, 2013 — Pro forma for BHF acquisition Evolution of Book Valuer (In EUR millions) Jan 1, Increases/ Dec 31, BHF Dec 31, 2013 Ownership Ownership 2013 (Decreases) 2013 acquisition (Pro Forma) Investments in financial services Kleinwort Benson Group 100% 319.7 (25.7) 294.0 143.6 65.78% 437.6 BHF-BANK - - - - 30.6 9.0% 30.6 Quinni 27.8% 19.3 - 19.3 27.8% 19.3 339.0 (25.7) 313.3 174.2 487.5 Investments in legacy portfolio Ripplewood (General Partner interest) 13.0% 14.5 (14.5) - - GoGo 0.8% 12.0 12.0 - 0.8% 12.0 SigmaXYZ 21.8% 8.6 (8.6) - - Shaklee 1.6% 45.7 (44.1) 1.6 - 1.6% 1.6 68.8 (55.2) 13.6 - 13.6 Total investments 407.8 (80.9) 326.9 174.2 501.1 Cash and other liquid resources2 219.2 (9.9) 209.3 (143.6) 65.7 Loans 0.8 7.1 7.9 - 7.9 Total portfolio 627.8 (83.7) 544.1 30.6 574.7 Number of outstanding shares 85.5 85.5 5.5 91.0 Book value per share (In EUR) 7.3 (1.0) 6.4 (0.1) 6.3 1. On a non-consolidated basis RHJ INTERNATIONAL 2. Other liquid resources comprise deposits >3 months and investment securities 67 EFTA01116138 RHJI group structure post completion of BHF acquisition' Windmere and Collins AQTON SE2 Fosun Trust I 68.9% L 2.7% 12.4% 19.2% 65.7% Other financial Legacy Kleinwort Benson Group Limited services Industrial 90/0 businesses Portfolio 100% 100% 27.8% 1.6% 910/0 KBBICI KBI BHF-BANK Quinn Bank Shaklee 1. Co-investor's shareholding in KB Group Ltd. and RHJ International holding in BHF-Bank subject to post closing adjustments 2. AQTON SE 100% owned by RHJ INTERNATIONAL Mr Quandt Source: RHJI 68 EFTA01116139