EFTA02698745

A direct investment opportunity into Kleinwort Benson Group Investor presentation October 2011 Kleinwort Benson EFTA_R1_02C5D767 EFTA02698745 Disclaimer This presentation (the 'Presentation') is strictly confidential to the recipient and has been prepared by Kleinwort Benson Group Limited and its affiliates (the "Company"). By accepting to receive such Presentation, you agree to be bound by the following terms. This Presentation may not be reproduced. retransmitted or further distributed to the press or any other person or published, in whole or in part. for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. This Presentation does not constitute or form part of and should not be construed as. en offer to sell or issue or the solicitation of an offer to buy or acquire securities of Kleinwort Benson Group limited or of RHJ International SA in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied an in connection with, any contract or commitment or investment decision whatsoever. This Company has retained J.P. Morgan Limited ('J.P. Morgan') to act as its financial adviser in connection with the investment opportunity contained herein (the 'Opportunity"). This Presentation is being made available by J.P. Morgan on behalf of the Company for the sole purpose of providing information to assist the recipient in deciding whether they wish to proceed with a further analysis of the Opportunity. The information contained in this Presentation has not been independently verified. Neither the Company nor J.P. Morgan is under any obligation to update or keep current the information contained herein. Accordingly, no representation or warranty or undertaking, express a implied, is given by or on behalf of the Company. J.P. 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The Company has not registered and does not intend to register any portion of any offering under the applicable securities laws of any country. This Presentation is made to and is directed only at persons in the United Kingdom having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the 'Order"), and to those persons to whom it can otherwise lawfully be distributed (such persons being referred to as "relevant persons"). J.P. Morgan is acting for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Opportunity a any transaction or arrangement referred to in this Presentation. This Presentation includes forward-looking statements. These forward-looking statements include statements concerning plans, objectives, goals. strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," 'expect" 'anticipate." "intends," 'estimate,'"forecast." "project," "will,"' may," "should' and similar expressions identify forward-looking statements. Forward-looking statements include statements regarding: strategies, outlook and growth prospects: future plans and potential for future growth: liquidity. capital resources and capital expenditures: growth in demand fa products: economic outlook and industry trends; developments of markets: the impact of regulatory initiatives: and the strength of competitors. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based. in turn, upon further assumptions, including, without limitation, management's examination el historical operating trends, data contained in the Company's records and other data available Iran third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult a impossible to predict and are beyond its control, and the Company may not achieve a accomplish these expectations, beliefs or projections. Neither the Company, nor any of its members, directors, officers. agents. employees or advisers intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this Presentation. The information and opinions contained herein are provided as at the date of the Presentation and we subject to change without notice. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used. in connection with the promotion. marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. J.P. Morgan or JPMorgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities. syndicated loan arranging. financial advisory and other investment banking activities are performed by a combination of J.P. Morgan Securities Inc., J.P. Morgan Limited. J.P. Morgan Securities Ltd. and the appropriately licensed subsidiaries of JPMorgan Chase & Co. in Asia-Pacific, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, N.A. JPMorgan deal team members may be employees of any of the foregoing entities. Kleinwort Benson EFTA_R1_02059768 EFTA02698746 Investment summary Kleinwort Benson EFTA_R1_02059769 EFTA02698747 Investment opportunity and rationale RHJ International is offering the opportunity • Investors will gain direct exposure to an Anglo-German Private and Merchant to invest directly into its Banking Group on attractive terms A unique direct strategic financial • The banking franchise comprises the existing Kleinwort Benson Group investment services group: companies based in the UK, Channel Islands and Ireland opportunity Kleinwort Benson • and it will include the proposed exclusive acquisition of BHF-BANK in Germany Group from Deutsche Bank • Kleinwort Benson and BHF-BANK both have their roots in trade-finance, private and merchant banking Two banks with • Their strong franchises are based on their ties to the wealth creators in their exceptional heritage respective domestic markets and brands • Investors participate in the growing European and intemational market for wealth-management The investment gives access to a banking group domiciled Connecting • in one of the world's financial hubs: London international capital with Germany's • and in the world's second largest export nation, financing Germany's industrial Witte'stand' engine: the successful small and mid cap client segment known as the 'Mittelstand' Investors will own a stake in • a well capitalized and secure banking platform with a totally cleaned up balance Stable platform sheet and low leverage and management • domiciled in two of the most stable countries in Europe experience • run by a top team of bankers with particular operational experience in managing banking franchises, risk and strategic change Kleinwort Benson 3 EFTA_R1_02059770 EFTA02698748 Combined Kleinwort Benson Group post acquisition of BHF-BANK A unique business model with a focused offering of products and services to long- standing and new clients in targeted regions • Wealth structuring and fund • Germany, Switzerland, Wealth • Ultra and High Net Worth solutions Austria, Luxembourg, UK Management Individuals • Independent advice and Channel Islands • Institutions • International clients • Investment ideas Asset • Funds • Mutual funds • Germany, Luxembourg, UK, Management • Distributors • Institutional solutions Ireland, globally Entrepreneurs and German • Financing Merchant 'Mittelstand' • Corporate finance • Germany, UK and Banking • Corporate & government clients • Risk management and capital international raising solutions • Sovereign wealth funds • Investment ideas • Generate operational cost synergies and economies of scale after IT Operational excellence harmonisation and migration to a new system • Kleinwort Benson 4 EFTA_R1_02059771 EFTA02698749 Building blocks of Kleinwort Benson Group Kleinwort Benson Bank (incl. Kleinwort Benson Investors BHF-BANK' Channel Islands Holdings) Kleinwort Benson and BHF-BANK, combined Kleinwort Benson Bank is a UK based • Kleinwort Benson Investors, based in BHF-BANK is the largest German to form the Kleinwort private bank with services including Dublin, London and New York, has been independent Private Banking franchise with investment management, tax and banking. offenng investment management services its roots dating back to 1854 arid a Benson Group, will trust and fiduciary services: additionally, the for over 30 years and is a leading provider particular focus on the German Mittelstand create a leading wealth O company is a leading provider of fund of innovative niche investment strategies to a. BHF-BANK is organised Song its four management and administration services clients in the US. UK, Europe and Asia business lines: Private Banking, Asset merchant banking One of the first major banks to have • 3 cue areas of expertise: environmental Management, Corporates and Financial ca established in the Channel Islands nearly platform in Europe C equity. dividend-oriented equity and multi- Markets 50 years ago, where it is consistently asset strategies BHF-BANK currently manages EUR 40.6.bn ranked as one of the top ten providers of AuM' (EUR 22.0bn in PB, EUR 16.4bn in administration and custodian services AM and EUR 2.3bn in Corporates) Em 2008 2009 2010 fm 2008 2009 2010 Cm 2008 2009 2010 Operating income 125 95 80 Operating income 15.3 11.9 13.3 Operating income 314 325 245 Key financials Operating profit 33 7 (10) Operating profit 0.7 (1.1) (0.3) Operating profit 31 22 (31) AuM (Ebn) 6.3 5.8 5.5 AuM 3.2 3.8 3.7 AuM (en) 35.9 40.4 40.6 Total assets (Eon) 4.1 2.7 1.8 Total assets 21.3 20.2 21,2 I Total assets (On) 21.8 18.7 12.7 RWA (an) 1.1 0.8 0.7 RWA 6.4 6.2 6.4 RWA (an) 5.8 4.8 4.5 Tier 1 Capital 300 286 241 Tier 1 Capital 16.8 15.7 16.7 Tier 1 Capital' 574 594 577 FTE 686 630 587 FTE 92 64 59 I FTE 2,126 1.895 1,521 t Operational issues have already been • A focus on costs and the effect of efficiency programmes initiated in June 2010 have already addressed by management of BHF-BANK I begun to show results in the 2010 figures with first tangible signs of improvements C • In 201tytd, Kleinwort Benson has continued to see the effects of improving operating rb Envisaged transaction takes deleveraging efficiency and refocusing its business and should progressively lead to strengthening financial E and restructuring measures into consideration E performance • BHF-BANK veil' be significantly restructured O • Kleinwort Benson Investors (KB') has been focusing on expanding its distnbution capability in prior to closing of the transaction and certain Europe and Asia and investment performance in 201lytd is satisfactory business parts will not form part of the scope ' BHF figures are for BHF as it is before downsizing I de-risking / restructuring z Ind. deposits. excl. loans: Corporates Auld are exclusively deposits • Kleinwort Benson ' On an IFRS pro-forma basis 5 EFTA_R1_02059772 EFTA02698750 BHF-BANK: the German merchant and private bank for leading entrepreneurial families BHF-BANK is a fully independently run bank • Largest independent private banking franchise in Germany ranked No. 1 Private domiciled in Frankfurt Bank for 5 times in succession with branches in 13 Private Banking awards • Strong growth of AuM of UHNWI (+250% in past 5 years) and significant increase German cities in discretionary portfolio mandates (+165% in past 5 years) The bank's core franchise is with • BI-IF-BANK carries 'Merchant Banking' in its name and DNA and has developed a Focus on German long standing tradition with Germany's export industry since 1854 entrepreneurs, the German 'Mittelstand' 'Mitteistand' • BHF-BANK today has a unique niche expertise in structured commodity trade companies and their finance owner families The obvious • Germany's corporate, institutional and private clients want an altemative service BHF-BANK has provider to the large German universal banks Deutsche Bank and alternative discontinued all Commerzbank... proprietary trading and investment activities and is characterised by Future employer • ... as do German bankers and young talents looking to work in a dynamic "centre its clean balance sheet of choice of excellence" environment rst feedback • Media, financial industry representatives and BHF-BANK's workforce have reacted favourably to announced intention to integrate BHF-BANK into an Anglo- very positive German banking group • Kleinwort Benson 6 EFTA_R1_02059773 EFTA02698751 BHF-BANK: gateway to Germany's `Mittelstand' Germany's `Mittelstand' is the backbone of the German economy • Germany's 'Mittelstand' (SMEs) represent the backbone of the German economy: They contribute more than 40% of Germany's GDP BHF-BANK holds the • More than 400,000 medium-sized companies exist, employing 61% of all key to attractive Germany's employees in Germany business opportunities 'Mittelstand' • Over 1,000 "hidden champions" — highly specialized world market leaders with from export finance to impressive global market shares equity participations • Only around 5% of Germany's 'Mittelstand' is listed • # 2 export nation after China • Export volume of consistently above E800bn p.a. Germany: • >30% of export volume is outside EU/OECD Export champion • 80% of 'Mittelstandl-companies have export businesses, and demand related services • Importance of commodities in world trade • Outstanding client basis of entrepreneurial UHNW Is in Private Banking. Future growth in leveraging existing client network and use of cross selling potential BHF-BANK with other business divisions, especially with the focus on export finance strategy • Clear focus on trade-related business with risk-minimizing structures • Strict quality control and diversification regarding counterparty risks Source: www clesteris.do Kleinwort Benson 7 EFTA_R1_02059774 EFTA02698752 BHF-BANK will be acquired following a comprehensive restructuring as well as de-risking and downsizing of the business The necessary restructuring progress of BHF-BANK has HF-BANK at 2010 YE BHF-BANK at closing' already been started by the Total assets E12,741m Total assets €7,357m management team of Equity E601m Equity E554m BHF-BANK RWA E4,487m RWA €3,162m For RHJI and the co- Tier 1 capital €577m Tier 1 capital €511mm investors this results in the Tier 1 ratio 12.9% Tier 1 ratio 16.1% acquisition of a restructured balance sheet and a leaner FTE 1,521 FTE 1,164 cost base • Disposal/discontinuation of non-core businesses • Disposal/transfer of non-core investment portfolio (NCIP) including all PIIGS securities • Transfer/novation of proprietary derivatives portfolio • Transfer of exchange traded derivatives (ETD) business • Comprehensive restructuring initiated across businesses with particular focus on back office and central functions • Implementation of IT efficiencies with the change of the security provider to dwp bank and several outsourcing projects already kicked off a Kleinwort Benson BHF•BANK al closing: Assumes closing al yearend 2011 EFTA_R1_02059775 EFTA02698753 Pre-closing restructuring of BHF-BANK significantly reduces size and risks of the acquisition... RWA (€m) Tier 1 ratio The restructuring measures will lead to a reduction in RWAs of ca. C800m until 2011E, already taking into BHF-BANK 2010A 4,487 ;12.9942'. account the increase caused by the new Basel 2.5/CRD Ill Measures implemented H1 2011A -166 a rules BHF-BANK H1 2011A 4,022 The Tier 1 capital ratio of BHF-BANK is expected to Sale of NCIP 328.1 increase to 16.1% until closing (YE 2011) Sale of ETD book -293 RWA reduction of Corporates book -2001 Sale of CDS -781 Sale of BFIF owned properties -641 Other credit risk adjustments -781 Basel 2.5/CRDIII increase in market risk' 181 BHF-BANK 2011E 3,162 • Kleinwort Benson 1 Net o other changes in market risk 2. Tier capital of E577in (pro -forms FRS) 3. Tier !capital of €511m (pro-loans FRS) 9 EFTA_R1_02059776 EFTA02698754 ...while the ongoing downsizing of BHF-BANK's cost base will be rigorously continued... Impact of restructuring measures Total savings of P&L Impact Total EUR74m are expected 2010A 2011E 2012E 2013E 2014E 2015E (in EURm ) 2011E-2015E in the period 2012 to 2015, representing P&L Cost Items 275.2 265.3 234.3 239.1 237.1 232.3 114% of assumed Personnel expenses 157.8 150.2 123.6 124.7 125.1 128.5 restructuring costs Admin costs 117.4 115.1 104.8 108.5 106.0 97.9 Rental lease 5.9 5.9 5.9 5.9 Savings from restructuring YoY (9.9) (45.7) (5.0) (10.7) (12.9) (74.3) 1 Personnel cost savings (7.6) (33.7) (6.8) (6.1) (2.5) (49.0) thereofIT related (Huxley) (1.7) (3.0) (3.3) (7.5) (4.1) (19.5)3- Admin cost savings (2.3) (12.1) 1.8 (4.6) (10.4) (25.3) thereofIT related (Huxley) (2.1) 5.5 (4.1) (10.2) (10.9)3 I Additional yearly costs YoY 14.7 9.8 8.6 8.1 41.2 Rental lease 1 5.9 5.9 New senior hires 2 5.5 5.3 4.3 3.5 18.5 Inflation 1.7 1.9 2.2 2.3 8.1 Other personnel expenses (incl. salary increases) 1.6 2.6 2.2 2.4 8.7 i Non-recurring restructuring costs 65.0 I Cumulative IT related savings Total savings 2011E-2015E as of restructuring costs 114% per annum of E30.4m t) Sale & lease back of 8ockerrheaner Lends:mae with estimated tent of f 5.9m pa. 2) Dependent on business dew:Asgard 3) Toter 1T-related savings of f 30.4m between 2011E and 2015E • Kleinwort Benson Source: BHF Management to EFTA_R1_02059777 EFTA02698755 ...with a simplified IT architecture Overview of key parts of the project Expected savings per annum (steady state) IT restructuring yields significant steady-state fm savings potential 35 30.4 Change of V 30 Part of the outsourcing security 6.1 as well as internal 25 provider to optimization is under dwpbank 20 6.8 way and will yield 15 savings already in 2012 V 10 Internal IT Host and storage optimization 5 Project outsourcing will be (Quick Wins) Huxley 0 implemented by the end of 2012 -5 -10 Implementation of the V -15 core banking platform is J urcing Outsourcing host and decentralized Fixed Outsourcing Imple- Advanced a multi-year project with cost host and mentation cost significant additional storage IT to ATOS savings storage of core savings savings potential banking platform The total annualized savings of EUR30.4m 31.03.2012 30.06.2014n 2015 include EUR19.5m personnel savings which are allocated to all business segments I. Full cost impact aller phase tt (2015) - Measures are indicative and to be validated with bottom-up approach • Kleinwort Benson Source • Ell IF tfnlywrnont II EFTA_R1_02059778 EFTA02698756 Combined Kleinwort Benson Group's financial attractions Kleinwort Benson • Well capitalized with expected amount of Core Tier 1 capital of €728m Group will be well resulting in a Core Tier 1 ratio of around 16.6% for 2012E capitalized, have a • Capitalization based on IFRS and already fully conform with new Basel III liquid balance sheet requirements with no significant credit or market risk • No significant credit or market risk and very low leverage • Conservative loan book with no legacy loans • Very limited reliance on wholesale funding; the business model supports and finances banking activities with a solid and stable deposit base from the private and institutional franchise • Very conservative loan-to-deposit ratio of 33% (2011E) • Clear business focus on interest and commission based income sources with no proprietary trading activities reduces the business inherent risk • Target cost income ratio for 2015 of below 75% and a target RoE of 12 -15% • Kleinwort Benson 12 EFTA_R1_02059779 EFTA02698757 The Kleinwort Benson Group 2012: Key performance indicators 110rinwort Hanson 811Ft BANK 700skrost Baum Operating Entities nietil 181.11 Group The combination of the two banks gives the Private group critical mass in Banking €7.3bn €26.8bn €34.1bn capital, assets under AuMs management and revenues Asset Management €5.Obn €18.9bn €23.9bn AuMs Lending 0.7bn €3.2bn €3.9bn volumes Shareholders' 067m €565m €833m equity (IFRS) 20.2% 16.1% 16.6% 849.0 1,114.0 1,963.0 €160.3m €255.1m €415.4m • Kleinwort Benson 13 EFTA_R1_02059780 EFTA02698758 Financial overview of Kleinwort Benson Group' Key metrics (in €m) Significant step change FYE December 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E in performance over the plan period Revenues 492.7 463.1 369.8 380.7 415.4 464.6 527.7 578.0 Clear actions taken in Operating cost base2 (420.8) (431.6) (422.2) (418.7) (402.5) (416.5) (425.3) (426.0) 2010 and 2011 to address the cost base ofw Loan loss provisions 6.0 (18.9) (0.5) (0.6) (6.6) (6.6) (6.6) (6.6) AuM levels show a Operating profit before 71.9 31.5 (52.4) (38.0) 12.9 48.1 102.4 152.0 steady increase as a taxi result of growth -43.1 Profit after tax 209.4 -90.5 -177.0 5.6 36.0 79.5 117.8 initiatives initiated in 2011 CIR (operating) 86.6% 89.1% 114.0% 109.8% 95.3% 88.2% 79.3% 72.6% Group Tier 1 ratio' 12.5% 15.5% 15.1% 17.2% 16.6% 15.1% 16.3% 18.2% Group RWAs 7,118 5,784 5,462 4,320 4,378 4.919 5,094 5,273 Tier 1 capitals 887.6 894.1 827.5 741.4 727.6 745.0 831.5 962.2 Loans 4,999 4,380 4,204 3,743 3,939 4,052 4,194 4,358 AuM 46,687 51,202 51,086 54,163 60,204 66,387 73,221 77,833 FTEs 2,849 2,617 2,516 2,143 1,963 1,931 1,903 1,917 I. KleinwoR Benson Group includes wealth management and fiduciary. KB Investors and from 2012 onwards the impact of the BHP acquisftion 2. Includes loan loss provisions 3. Operating profit excludes restructuring expenses. Integration costs and other non-recurring items, post deduction oilcan loss provisions e Kleinwort Benson 415. Based on FRS 14 Source: Kleimvott Benson management accounts (unaucere); expected figures as calculated In The business model EFTA_R1_02059781 EFTA02698759 The combined balance sheet of Kleinwort Benson Group will be streamlined with limited wholesale funding Reduction of BHF-BANK balance sheet (€bn) The restructuring and derisking of 12 7 BHF-BANK prior to closing will result in a strongly reduced balance sheet Loans and 1.9 MI advances to customers 74 The combined balance sheet of Lending to market Kleinwort Benson Group will amount 1- 1 Other assets to €9.9bn as of YE 2011 10.5 54 Stable funding sources with a very 0 4, 0.3 conservative loan-to-deposit ratio of 33%as YE 2011E Total Assets Total Assets 2010A 2011E Kleinwort Benson Group combined balance sheet 2011E (€bn) 100% 80% Loans and advances to customers 60% O Lending to market Fl Funding from clients (deposits) 40% 0 Other assets ri Wholesale Funding El Other liabilities 20% 0.8 Total equity 0% Total Total Liabilities Assets & Equity • Kleinwort Benson 15 EFTA_R1_02059782 EFTA02698760 Low risk investment with an entry valuation at 0.90 multiple of NAV Unique investment opportunity with high upside potential NAV (in Cm) - YE 2012 Purchase price (in Cm) Kleinwort Benson 267 Kleinwort Benson 267 (Shareholders' equity) BHF-BANK 565 BHF-BANK 450 (Shareholders' equity) Deduction of goodwill (34)' Kleinwort Benson Kleinwort Benson Group (NAV) Group 4 0.90 P/NAV multiple Note: FigUIOS as of year-end 2012 I. Consists of €27m goodwillat EtHF.BANK level and Urn al Kleinwort Benson feral Source: Kleinwort Benson management • Kleinwort Benson 16 EFTA_R1_02059783 EFTA02698761 Expected investor returns IRR Sensitivity Analysis — Kleinwort Benson Group Attractive entry Valuation Date as of 01.01.2015 valuation of €717m will generate high returns Implied NAV multiple wkh NAV db 1913m Implied P/E multiple with NI da C118m on invested capital Calculation based on Net Income of Cakulation based on NAV of 98 108 118 128 138 863 888 913 938 963 Exit exists for investors 9.0x 0.96x 1.06x 1.16x 1.26x 1.36x 1.0x 7.3x 7.5x 7.7x 8.0x 8.2% into listed a a rzi- Ts. 9.5x 1.02x 1.12x 1.23x 1.33x 1.43x Z 1.1x 8.1x 8.3x 85x 8.8x 9.0x RHJ International stock p 5. 2 "„, 10.0x 1.07x 1.18x 1.29x 1.40x 1.51x 2 eg 1.2x 8.8x 9.0x 9.3x 9.6x 9.8x III Y 10.5x 1.13x 1.24x 1.36x 1.47x 1.59x > 1.3x 9.5x 9.8x 10.1x 103x 10.6x c:t 11.0x 1.18x 1.30x 1.42x 1.54x 1.66x 1.4x 10.3x 10.6x 10.8x 11.1x 11.4x IRR Calculatlon IRR Calculatlon Net Income Base ((ml NAV (Cm - IfR51 98 108 118 128 138 863 888 913 938 963 9.0x 7.1% 10.6% 13.9% 17.0% 20.0% 1.0x 6.4% 7.4% 8.4% 9.4% 10.3% oe. O 13.9% 9.5x 9.0% 12.6% 16.0% 19.2% 22.2% X 9.1 1.1x 9.8% 10.8% 11.9% 12.9% .2 «..6 10.0x 10.9% 14.5% 18.0% 21.2% 24.3% 3 p 4%1 1.2x 13.0% 14.1% 15.2% 16.2% 17.2% 5. 'ul LI! ≥ 10.5x 12.7% 16.4% 19.9% 23.2% 26.3% 1.3x 16.1% 17.2% 18.3% 19.3% 20.4% 0. 11.0x 14.5% 18.2% 21.8% 25.1% 28.3% 1.4x 19.0% 20.1% 21.2% 22.3% 23.4% Note Based on 1 year forward P/E (VE 2015) and VE 2014 NAV ' NAV post deduct)on of goodwill (434m) Kleinwort Benson 17 EFTA_R1_02059784 EFTA02698762 Investment conclusion Kleinwort Benson Group, the independent A unique direct • Investors will gain direct exposure to an Anglo-German Private and Merchant investment Banking Group merchant bank, is a platform for future opportunity • Opportunity to build a core European private banking mid market leader growth An attractive • The entry valuation for investors will be at 0.90 P/NAV (based on YE 2012E figures) entry point with • RoE target of 12 - 15% based on already initiated and planned strategic initiatives strong upside with a target cost income ratio of below 75% by 2015 A natural hedge • A principal exposure to Germany the world's second largest export nation, against Euro and exposure to the UK as the main European nation outside the Euro turbulence A well capitalized • A well capitalized and secure banking platform with stable financing sources and a loan-to-deposit ratio of 33% (as of year-end 2011E) and sound • A comprehensively restructured balance sheet and low leverage in an balance sheet uncertain financial and macroeconomic environment A focused • A solid, clear and simple business model business model and experienced • Team of top bankers with particular operational experience in managing banking franchises, risk and strategic change management Kleinwort Benson 18 EFTA_R1_02059785 EFTA02698763 Transaction structure As KB Group intends to Investor(s) be the acquirer of BHF- BANK, the Co- Investor(s) will appr.65% participate in the transaction via an investment into Kleinwort Benson KB Group Ltd 5.1% Group (Shareholders' equity €833m) The investment stake consists of roughly 2/3 BHF-BANK shareholders' equity and 113 Kleinwort 5.1% • Kleinwort Benson Bank Ltd Benson operating BHF-BANK AG • Kleinwort Benson Channel Islands entities shareholders' Holdings Ltd equity (Shareholders' equity €565m) • Kleinwort Benson Investors Dublin Ltd (Shareholders' equity €267m) Subs Subs Note: Figuresas of year.end 2012 The Kommanditgesellschaft is composed of a Komplentar (General Partner) in form of a German GmbH and a Kanmanditist (Limited Partner). KB Group Ltd holds 94.9% and e Kleinwort Benson 'wenn bank AG 5.1% of each. the Komplement* and the Kommanddist 19 EFTA_R1_02059786 EFTA02698764 Overview of due diligence materials to be made available RHJI will provide • Due Diligence reports, i.e. financial, legal and tax (prepared by PwC, Milbank and investors with detailed KMPG) information about all • SPA and core documents agreed on with Deutsche Bank businesses as part of For BHF-BANK • Selected documents that have been prepared by BHF for RHJI's due diligence the due diligence especially around cost cutting etc. process • Documents used as part of the BaFin approval process Due Diligence will • RHJI's internal approval committee presentation consist of access to a Virtual dataroom, For Kleinwort • 3 year historical financials management Benson Bank and presentations and a • 2010 audit report Kleinwort Benson Q&A process • 1H financials Investors Planned management presentations will focus For combined • Pro-forma balance sheet on the business plan group • Investor model • Management presentation • Term sheet For the co- investment • Corporate governance • Legal documentation • Kleinwort Benson 20 EFTA_R1_02059787 EFTA02698765 Agenda Appendix Kleinwort Benson EFTA_R1_02059788 EFTA02698766 Experienced Management Team (1 of 5) • Mr. Fischer has over 25 years of banking and financiN services industry experience and has held CEO and other Executive Board positions at various premier institutions • Mr. Fischer serves as CEO and member of the Board of Directors of RHJI and Kleinwort Benson Group • Prior to joining RHJI in 2007, Mr. Fischer was CEO of Winterthur Group from 2003 to 2006, an insurance subsidiary of Credit Suisse, and a member of the Executive Board of Credit Suisse Group from 2003 to March 2007 Mr. Fischer joined Credit Suisse Group from Allianz AG, where he had been a Member of the Executive Board and Head of the Corporate and Markets Division since 2001 Leonhard Fischer Previously, he had been with Dresdner Bank AG as a member of the Executive Board since 1998. where he was among others responsible for the Investment Chief Executive Banking division, and with JP Morgan in Frankfurt since 1987 Officer Mr. Fischer serves on the Boards of Glencore, Julius Bar and Axa Germany • Dr. Bockenfeld has over t5 years of financial services industry experience • Dr. Beckenfeld serves as the CFO of RHJI and is a Managing Director at Kleinwort Benson Group • Before joining RHJI, Dr. Backenfeld was a Member of the Executive Board of Winterthur Group and Head of Group Reinsurance Non-Life and Closed Portfolio Management Previously, Dr. B0ckenfeld held various positions at Winterthur Group, including Head of Transaction Management for Restructunng and Divestitures and Regional Dr. Martha CFO Asia Non-Life Eteckenfeld Chief Financial Office • Mr. Linz has over 25 years of banking and financial services industry experience • Mr. Linz is a Managing Director at RHJI. Before joining RHJI. he served as COO and Member of the Executive Board of Winterthur Group (2004 to 2006) • Prior to being appointed Chief Risk Officer and Member c4 the Executive Board of Dresdner Bank AG in 2001. he was CEO of Deutsche( Investment Trust (dit). the asset management division of Dresdner Bank • Mr. Linz began his professional career at Dresdner Bank AG in 1983. where he held various positions including Treasurer and Co-Head Global Markets t • Previously he built the Derivatives business of the bank Heinrich Linz • Mr. Linz served on various boards. significant assignments were with the International Swaps 8 Derivates Association. New York, the Deutsche Boerse/EUREX Managing Director Exchange Council and the Einlagensicherungsfonds des Bundesverbands deutscher Banken • Kleinwort Benson 22 EFTA_Ri _02059789 EFTA02698767 Experienced Management Team (2 of 5) • Dr. Schmid-K0hnherfer has over 9 years of financial services industry experience • Dr. Schmid-Kiihnhafer serves as RHJI's COO and General Counsel and is a Managing Director at Kleinwort Benson Group • Before joining RHJI he held various positions at Credit Suisse Group as a member of senior management, including Head Group Tasks 8 Prciects at Winterthur Group Dr. Rudiger Schmid Previously. Dr. Schmid-Kahn/Wet worked in the Capital Markets aid M&A practice groups of Shearman 8 Sterling LLP in New York and Dusseldorf Kiihnhofer COO 8 General Counsel • Mr. Roelandt is Managing Director ci RHJI and of Kleinwort Benson Group • Mr. Roelandt joined RHJI in 2005 and served as Chief Financial Officer Iran 2007 to 2010 • Prior to joining RHJI. Mr. Roelandt held various senior aid executive management positions in publicly listed companies Jean-Marc • Mr. Roelandt staled his career with Ernst &Young and was a certified public accountant, managing audits of manufacturing and financial services companies Roelandt Managing Director • Ms. Wetzel has over 11 years of financial services industry experience • Ms. Wetzel is a Managing Director at RHJI. Before joining RHJI, she worked for 8 years in the Investment Banking division of Goldman Sachs in Frankfurt. New York and London and was involved in dozens of high profile mutti-billion financings and MA transactions. • She serves on the Board of Kleinwort Benson Investors Dublin Ltd Anna-Lena Wetzel Managing Director • Kleinwort Benson 23 EFTA_R1_02059790 EFTA02698768 Experienced Management Team (3 of 5) 12=1=EIL__ g Fernando Barnuevo • Managing Director • • • • Mr. Barnuevo has over 25 years of financial services industry experience Mr. Barnuevo is a Managing Director at Kleinwort Benson Advisors From 1986 - 2005, Mr. Barnuevo was an executive at JP Morgan where he held various senior positions in the Capital Markets and Investment Banking divisions. including Financial Institutions Group Management Committee member. European Equities management team member and President of Leadership Morgan Chase Prior to joining Kleinwort Benson, Mr. Bamuevo worked with Nobel laureate economist Robert Merton, Peter Hancock and Roberto Mendoza at Integrated Finance Limited, a specialized boutique investment banking and asset management firm Mr. Barnuevo serves as Chairman of the U.S. Fund Board of Instituto de Empresa, Spain's leading business school. from which he also holds an International MBA S • Mr. Pfaff has over 25 years of experience in both corporate banking and investment banking • He spent most of his career with Dresdner Kleinwort Benson in different product areas and sales and distribution functions • Throughout his professional time and in particular as Head of Global Banking and Client Coverage for Germany he has built very close and long lasting relationships with both German large and mid caps and also institutional clients Michael Pfaff Managing Director • Kleinwort Benson 24 EFTA_R1_02059791 EFTA02698769 Experienced Management Team (4 of 5) Sally Tennant joined Kleinwort Benson as Chief Executive in January 2011. Her previous role was Chief Executive at Lombard Other in the UK where she held the position from 2007 • Before joining Lombard Oilier, Sally spent four years as Chief Executive of Schroders Private Banking. She spent nearly 10 years at Gartmore plc. most latterly as a Board Director and Head of its Institutional Division. before becoming a Founding Partner at Beaumont Capital Management. Sally's early career was spent at Morgan Grenfell Asset Management and at SG Warburg & Co. Sally Tennant • Sally holds a degree in Politics from the University of Durham and is Co-Chair of Tommy's The Baby Charity. a trustee of The STARS Foundation and a governor of CEO of Kfranwort Sherborne School for Girls Benson Bank Kleinwort Benson Investors Dublin • Mr Ha'Mcshaw has been working in the asset management industry for 25 years and has been with the current firm since 1992 • He was appointed as CEO in 20O4 having previously held the positions of Chief Operating Officer. Head of Business Development and Head of Portfolio Management Sean Hawkshaw • Between 1986 and 1992 Mr Hawkshaw was employed by Bank of Ireland Asset Management CEO of Kleinwort Benson Investors. Dublin • Kleinwort Benson 25 EFTA_R1_02059792 EFTA02698770 Experienced Management Team (5 of 5) Pl ii r% :• • Mr Robens is spokesman of the Board of Managing Directors of BHF-BANK • He has more than 15 years experience in the financial services industry • Mr Robens is responsible for the complete front office divisions (Private Banking. Asset Management. Corporates and Financial Markets) as well as the Corporate Office • Since 2008 he has been in charge for the Private Banking as a member of the bank's Board of Managing Directors and has been With the bank since 2005 Bjorn H. Robens • Prior to joining BHF-BANK. Mr Robens was a Partner at Roland Berger Strategy Consultants Spokesman Board o • Advising the Board of Managing Directors in his function as the core strategic advisor, he played an important part in BHF-BANK's successful repositioning and its Managing Directors o' transfer to Sal. Oppenheim Group BF-IF-BANK • Mr Behrends has been a Member of the Board of Managing Directors since August 2010 • He has been with BHF-BANK for more than 30 years and has had several management functions in Germany and abroad • Previously served as Head of Corporate Banking for more than 10 years • Responsible for Credit Risk, Operations I IT end Compliance. Process Management and Outsourcing Frank Behrends • Mr Behrends has lead the initiative to de-risking the loan portfolio of BHF-BANK Board Member of Managing Directors ofBHF-BANK • Mr Friedhofen joined BHF-BANK in 2010 as Member of the Board of Managing Directors • He previously served as Chief Financial Officer and Member of the Management Board of HypoVereinsbank until May 2010 • Prior to that. he was an audit partner with KPMG and N.C. advising several major banks in Germany and abroad • Responsible far Finance. Internal Audit, Legal Affairs. Human Resources Rolf Friedhofen • Mr Friedhofen has long standing expertise in banking and auditing for more than 25 years Board Member of Managing Directors of BHF-BANK • Kleinwort Benson 26 EFTA_R1_02059793 EFTA02698771