RHJ INTERNATIONAL

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 franchise in Private Wealth, a strong Asset Management and a promising value proposition in Financial Markets and Corporates A major step forward in RI-IJI's growth strategy to become a leading private and corporate banking group Scale in Private Banking Complementary skills in Asset Management German Corporate Banking Access Strong cultural fit Mid and back office synergies • Quality franchise with substantial scale across European core markets • Strengthens unique value proposition to our sophisticated client base ■ Differentiated product range from highly regarded portfolio management teams with strong investment performance track record ■ Well positioned in corporate, pensions, SWFI and sub advisory segments ■ A solid, clear and simple business model connecting international capital with the successful German 'Mittelstand" ■ "Mittelstand" one of the key drivers of the German (export-) economy • BHF and KB have compatible cultures focusing on client service excellence • 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 • Leveraging scale from outsourcing the back-office and support functions in Wealth Management RHJ INTERNATIONAL 1. Sovereign Wealth Fund (KBI only) Source: RHJUKleinwon Benson/BHF management 4 EFTA01116075 KBG's key performance indicators YE 2013 (excluding potential revenue and cost synergies) The combination of the two banks gives the Kleinwort Benson Group critical mass in capital, assets under management and revenues Figures are year ended 31 December 2013 for Kleinwort Benson and BHF-BANK (except preliminary NAV as at 28 Feb 2014) RHJ INTERNATIONAL Private Banking and Asset Management AuMs Lending volumes NAV2 (IFRS) Tier 1 ratio (Basel III) • Kleinwort Benson Operating Entities 81-11:4' BANK 777777 nn us• €12.5bn €38.5bn1 0 €0.5bn €2.9bn3 €280m €494m 0 C;) 19.8% 15.0W 0 0 714 1,072 €111.1m €199.1m8 •10einwort Benson Group 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 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 7.1 19.2 KB BHF Reve- nues 65.81 82.1 147.9 • Strong cultural fit with deep talent pool of highly dedicated (€m) and motivated employees 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 ... • ... 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 heritage for more than 200 years • Strengthens a unique value proposition to our sophisticated client base of (U)HNWIs Pro forma combined • Use of cross selling potential with other business divisions and/or client segments RHJ INTERNATIONAL 1. KB Wealth Management operations include family office (E1.4m), fiduciary (E19.8m) and other (€0.2m) Source: RH,WKleinwort BensoNBHF management 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 5.4 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 specialising in European equity, multi asset and fixed income — potential cross-selling opportunities • KBI has made successful inroads with global consul- 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 16.6 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 • Both companies will operate separately with no cost (€m) synergies, but potential upside on revenues RHJ INTERNATIONAL 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 7 EFTA01116078 Financial Markets and Corporates: Significant potential to leverage offering for sophisticated KB clients Fin. Markets & Corporates income' (€m) Corporates (C) ■KB Treasury IN Financial Markets (FM) excl. Treasury Treasury 90.7 2012 2013 Comments • BHF income down 6% to €85m per end of 2013 due to lower size of bond portfolio in 2013 in Financial Markets, and reduced loan portfolio for Corporates (due to overlap in client and credit basis with parent, negative impact of 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 personalized advice • Due to complementary nature of business attractive proposition for sophisticated KB clients RHJ INTERNATIONAL 1. Includes treasury income and result from treasury Source: RHJM3HF management 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 KBB/KBCIL (£m)1 102 2010 2011 2012 2013 290 267 228 2010 2011 2012 2013 • Management and key staff with extensive integration experience • 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 ensure successful integration • Further details to be provided at the Earnings Call on 15 May 2014 Additional scale benefits of €20+m in Wealth Management targeted for combined entity RHJ INTERNATIONAL 1. Excluding growth initiatives (2010: £0.5m, 2011: £2.8m, 2012: £3.3m, 2013: £8Am) Source: RHJUKleinwort Benson/BHF management 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 I I I 70 71 73 73 73 74 64 20 60 I I I I 44 15 - I I 42 40 - I I I I I I 10 - 20 - 19 12 20 , 24 281 , 153 153 156 I 5 - I 0 . t . . . . r Edmond de Rothschi c € 0 0 cT- E ea 8 2 2 2 2 '° W o o X (C 2 ta e a co co = s z g 4 a 2. 2 5 m 0 o m z 0 Low loan to deposit ratio creates capacity for profitable growth itc? E l= (0 lac C le% Im l w KB is one of the best capitalised private banks with a Tier 1 ratio well in excess of both internal and regulatory targets RI-If INTERNATIONAL Source: Company information 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: 5. As of October 31. 2013: 6. Based on pro-forma Basal III 10 . EFTA01116081 'Transaction structure of BHF acquisition' Total purchase price for 100% BHF: €340m (RHJi effective interest in BHF of 68.9%) RHJ International Co-Investors 65.8% 34.2% Purchase price:: E30.6m D BHF-BANK AG KB Group Ltd (Preliminary NAV: €730m2) Purchase price: €309.4m (Preliminary NAV: €494m) • Kleinwort Benson Bank Ltd • Kleinwort Benson Channel Islands Holdings Ltd • Kleinwort Benson Investors Dublin Ltd (Preliminary NAV: E280m) RI-lj INTERNATIONAL 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 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 RHJ INTERNATIONAL 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 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 91% stake €309.4m Kleinwort Benson €194.3m KB BHF Group €503.7m Transaction costs €10.0m KB / BHF Group (incl. trans. costs) €513.7m Investor Investment (pre transaction costs) Transaction costs Total investment KBG ownershi 1 RHJ International €331.3m investment (oA.v Kleinwort Benson valued at €194.3m and €137.0m in cash) €6.6m €337.9m 65.78% Windmere and Collins Trust €13.3m cash investment into KBG €0.3m €13.6m 2.65% €513.7m 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% . — RHJ INTERNATIONAL 1. Based on preliminary valuations of KBG and BHF, subject to post.closing adjustments 2. AQTON SE 100% owned by Mr Ouandt Source: RHJI/Kleinwort Benson 13 EFTA01116084 Recap: RHJI strategy to build European Financial Services proposition Focus on PWM, AM and Corp Banking Leverage international platform Client centricity A focused business model • Become a leading wealth management and corporate banking platform in Europe • Target sophisticated private and corporate clients and family offices • Experienced Asset Mgmt. with complementary capabilities, channels and focus • International platform to leverage each others products, distribution and expertise • Strong franchise based on ties to wealth creators in respective domestic markets • Client-centric service excellence with talented and motivated employees • Experienced and committed management team • A solid, clear and simple business model connecting international capital with our targeted (U)HNWI client segments • 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 integration Vigilant approach with experienced team to ensure successful integration Strategic fit Client fit Cultural fit Business fit Financial fit • Acquisition in line with Corporate Strategy to become a strong Anglo-German private and corporate banking group aligned with quality asset management capabilities • 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 continuity for clients and employees • Business models similar along key dimensions with opportunity to drive scale benefits in Wealth Management of €20m÷ • 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) Consolidated loss across the Group reduced by 21% to €66.4 million (2012: €84.4 million). (In EUR Financial Holding Services, Segment, Sub-Total Reclassifications2 Total 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 19.8%. Net loss on disposal of available for sale assets (3.0) 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). RHJ INTERNATIONAL 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 2. Includes reclassifications of exceptional and other non•recurrirg items 3. 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 1 3 Holding Company Costs Legacy Portfolio Financial Services • 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 costs at completion • 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 • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. • 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 income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. 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 O Holding Company Costs 40% reduction in Holding Company costs Breakdown of Holding Company costs in 2012 and 2013 €19.2m - I 9.1 10.1 51.0 42.9 CO* 30.6 30.6 0 2.5 .6 €1 5.9m 4 FY2012 -1 Restructuring expenses Deal-related costs London lease costs Variable compensation Depreciation / amortisation 6.9 9.0 6.4 FY2013 Fixed remuneration Other recurring cash fixed holding costs Kleinwort Benson Holdings RHJI Total holding company costs reduced by 40% to €30.6 million (2012: €51.0 million) Restructuring and deal-related expenses 81% lower at €3.1 million) — 2014 deal-related expenses will be higher due to BHF acquisition completion costs. Fixed cash fixed holding costs excluding London lease costs reduced by 17% to €15.9 million — Includes remuneration costs which were 23% lower at €6.9 million principally due to headcount reduction. Variable compensation also 36% lower at €5.2 million - lower individual awards reflect commitment to reduce costs and Company's financial performance. Delays in BHF transaction have had a knock-on effect on the corporate and legal simplification process. Short-term priority is to integrate BHF and drive efficiencies RHJ INTERNATIONAL I. Excluding London lease costs 19 EFTA01116090 RHJ International — Key Highlights Holding Company Costs Legacy Portfolio Financial Services 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 costs at completion • 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 • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. • 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 income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. 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 0 Legacy portfolio Spin-off of Ripplewood merchant banking business Spin-off transaction Ripplewood Fund • 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. • 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 equates to market value of €21.1 million • 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 1 3 Holding Company Costs Legacy Portfolio Financial Services 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 costs at completion • 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 • 21.8% stake in SigmaXYZ sold for total proceeds of €17.0 million. • 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 income and £6.4 million investment in growth initiatives. Underlying expenses reduced by 3%. 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 Profitability Investment performance and momentum Costs Balance Sheet • 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 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 last four years. • New bankers continuing to gain traction in the market, with a good pipeline in the Family Office and Corporate Advisory businesses • 3% reduction in operating expenses from £88.7 million to £86.4 million prior to investment in growth initiatives • 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 • 19% growth in the loan portfolio from £37 4 million to £446 million — loan to deposit ratio of 24% provides significant 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 KPIs (In GBP millions) Net interest income Net fee and commission income Fair value movements Other operating income Operating income Operating expenses Segment result Exceptional items — fair value movements Other non-recurring items' Operating profit (loss) before tax • Operating cost / income ratio Assets under Management (AuM) Equity (IFRS) Risk Weighted Assets (RWA) Tier 1 Capital • Tier 1 Ratio FTE FY 2012 18.5 70.3 0.7 2.8 92.3= (92.0) Er 0.3= 9.2 (8.1) 101% 210 849 191 23%= 750 FY 2013 13.2 67.6 0.1 0.2 81.1 (92.8) (11.7) (2.0) (13.7) 113% 5,895 196 922 183 20% 664 • 14% increase in AuM to £5.9 billion, driven by strong net flows and positive market movements • Segment loss of £11.7 million reflects challenging economic environment and investment in growth opportunities. • 3% reduction in underlying operating expenses prior to investment in growth initiatives • Balance sheet remains strong with a tier 1 capital ratio of 20% Operational changes being implemented across the business to drive sustained improvement in financial performance — positive impact will be boosted by scale benefits and revenue opportunities from BHF-BANK acquisition RHJ INTERNATIONAL I. Other non-recurring items 112O13 pr.-Ideally relate to the outsourcing of back office functions. 25 EFTA01116096 O Assets under Management (AuM) 14% growth in AuM driven by strong net inflows AuM by source (£m) 6,000 - 5,000 - 4,000 - 3,000 - 2,000 - 1.000 - 5,175 1,335 Dec 2012' IM - Advisory 5,895 1,547 Dec 2013 IM - Discretionary Deposits • 14% growth in AuM — more than half attributable to positive net flows across both deposits and investing assets • Net inflows of £399 million and £321 million of positive market movements Adverse impact of challenging low yield environment more than offset by positive net flows from new bankers as they gain traction in the market and a £260 million advisory mandate secured by the Family Office. 81% of gross outflows relate to retained clients who have had to access capital to supplement their income in the low yield environment — 10% growth in client 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) 92.3 3.5 I 18.5 FY 2012 81.1 0.3 13.2 67.6 FY 2013 Other income Net interest income • Net commission and tee income Net interest income 29% lower at £13.2 million: - Principally due to tightening of credit spreads — leading index of 3-year European CDS down from 105bps in 2012 to 40bps - Also reflects prudent balance sheet management and competitive pricing pressure in deposit market 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 improvement in transactional activity. RHJ INTERNATIONAL 27 EFTA01116098 0 Investment performance Award- winning investment performance Performance of KB's Sterling Balanced Index relative to the ARC PCI 135 130 125 120 115 110 105 100 95 KB Balanced —ARC PCI Balanced 8 O O O O •ff. •ff. 2 (4} (ti o -) -, 0 O 2 -, CO C M 2, 83) A •ff. •ff. 0 07 07 Cumulative return % (3 years) 07 min Awards won 25th Percentile 17.61 PO 14 Tr alS2 Winner of the Platinum Award for Best Cautious Wart Antis 1 201 Portfolio in the Large category at the inaugural 50th Percentile 15.04 Nana &nod 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 Robust investment processes and performance are at the core of our value proposition to our clients Our investment strategy is focused on achieving clients' objectives over the long term Our "balanced", "cautious" and "steady growth" strategies have all outperformed the peer group over the last three years Our balanced portfolios have delivered top quartile performance relative to the peer group Awards for investment performance and franchise strength in early 2013 RHJ INTERNATIONAL 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 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 O Costs Underlying expenses reduced by 3% prior to investment in growth initiatives Underlying costs and growth initiatives Costs in £M 100 90 80 70 60 50 40 30 20 10 0 92.0 92.8 6.4 31.5 FY2012 FY2013 I —1 Growth initiatives Operating costs Personnel costs Headline operating expenses broadly flat at £92.8 million • Efficiency savings have created capacity to invest in growth initiatives such as banker hires as well as systems and process improvements • Investments in growth initiatives have increased from £3.3 million in 2012 to £6.4 million in 2013 • Prior to this investment, underlying cost base reduced by 3% from £88.7 million to £86.4 million. • Savings generated by headcount reductions in the Offshore business and the outsourcing of back office functions RHJ INTERNATIONAL 29 EFTA01116100 0 Balance sheet I Strong balance sheet and capital position Balance Sheet Overview (£m) £m 2,102 375 68_0_ Dec 2012 2.102 12r 210 Assets Liabilities & Equity 5 Dec 2013 2.344 449 1,825 67_8_ 2,344 ■ 196 Assets Liabilities & Equity 5 Loans and advances to customers Investable assets Derivative financial assets Other assets Deposits IN Derivative financial liabilities L Provisions for liabilities Other liabilities Total equity • One of the best capitalised banks in Europe — Tier 1 ratio of 20% • No reliance on wholesale funding to cover our liquidity needs Loans and advances to customers increased by 19% despite repositioning of the portfolio onto a more profitable basis • Loan to deposit ratio of 24% - provides capacity to continue to grow the loan book profitably RHJ INTERNATIONAL 30 EFTA01116101 0 Balance sheet Kleinwort Benson remains one of the best capitalised banks Loan to deposit ratio (%) Tier 1 ratio (%) 1 120 100 80 60 40 20 0 Low loan to deposit ratio creates capacity for profitable growth 101 I 71 73 73 73 74 35 30 25 20 15 10 5 0 26 I 20 16 14 13 11 10 10 10 10 9 dl 21 • I z C LL 3 Credit Suisse Deutsche Bank 6 C N m m a cc m a O. m KB is one of the best capitalised private banks with a Tier 1 ratio well in excess of both internal and regulatory targets RHJ INTERNATIONAL Source: Company information 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 31, 2013:5. As of October 31. 2013 31 EFTA01116102 0 Balance sheet I A high quality Treasury book Treasury book composition as at 31 December 2013 £1,826m 39% Eligible liquid assets Other sovereign and supras El Investment grade corporate bonds r Investment grade bank bonds Certificates deposit IN Long-term cash Short-term cash Treasury book by credit ratings as at 31 December 2013 Aaa A2 Aa1 —r A3 Aa2 Baal Aa3 Baa2 K Al D Other We have a high quality treasury book • Weighting of cash and eligible liquid assets reduced from 57% to 40% in second half of year while adhering to prudent investment policy and risk appetite. • Weighting of Aaa—Aa3 rated assets has increased from 42% to 58% Market environment • Average credit spreads narrowed considerably in 2013 — Index of 3 year Euro CDS down from 105bps in 2012 to 40bps in 2013 1. According to Moody's RI-If INTERNATIONAL 32 Source: RHJI end KBIEUKBCH management: Bloomberg EFTA01116103 I Wealth Management — Outlook RHJ INTERNATIONAL 33 EFTA01116104 Wealth Management Outlook Short-term profitability Longer-term 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 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 • BHF combination transformational — efficiencies from economies of scale and revenue synergies expected 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 0 Profitability Investment performance • 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 • 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 • Longer term track record enhanced by solid investment performance in 2013 - double-digit gains delivered by almost all specialist equity strategies. • 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) Operating income Operating expenses Segment result Other non-recurring items Operating profit before tax Operating margin KPIs Assets under Management FTE FY 2012 12.5 (12.2) (0.1) 3% 47 FY 2013 15.6 (13.1) L 2.5 2.5 1. 16% 5,420 IL_ 50 • Segment profit of €2.5 million over eight times higher than 2012 profit of €0.3 million • Reflects strong growth in AuM, healthy margins and scalability of the business model • Operating margin strengthened from 3% in 2012 to 16% in 2013. RIM INTERNATIONAL 37 EFTA01116108 O Assets under Management (AuM) 49% growth in Client AuM since YE2012 AuM by source (€bn) 5 4 3 2 1 2.8 1A1 0.6 31 Dec 2011 3.7 0.7 1.6 31 Dec 2012 5.4• 1.2 pin • 3.1 31 Dec 2013 AuM by region (€bn) Multi-Asset Environmental MI Global Equity 31 Dec 2011 31 Dec 2012 31 Dec 2013 Ireland Asia UK Europe North America 'Includes E1.4bn assets under advisement • €5.4bn of Client AuM — a 49% increase since the end of 2012 and 92% higher than the end of 2011 76% of growth in 2013 due to higher net inflows — driven by wholesale distribution partners and institutional mandates. North American and European AuM now the two regions with highest AuM across the portfolio — accounting for 31% of total AuM each. Decline in Irish multi-asset AuM reflects industry-wide de-risking and wind-up of defined benefit pension schemes. Global equity and Environmental specialist equity strategies now account for 77% of total AuM — up from 50% at the end of 2011. RHJ INTERNATIONAL 38 EFTA01116109 0 Profitability Strong growth in specialist equity strategies AuM by source 21% 29% 31 Dec 2011 44% 31 Dec 2012 '2013 includes assets under advisement of f1 .4bn 57% 31 Dec 2013 Multi-Asset Environmental Global Equity • Strong inflows into Global Equity and Environmental Strategies • A number of significant new mandate wins, particularly in our Global Equity strategies • Outflows from Multi-Asset strategies reflect continued de-risking and wind-ups of defined benefit pension schemes in Irish market RHJ INTERNATIONAL 39 EFTA01116110 0 Investment performance Kleinwort Benson Investors — investment performance in 2013 Indexed performance across selected strategies 500 400 300 200 100 0 Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 300 250 - 200 - 100 150 - so KB Investors Emerging Markets Strategy' — KB Investors Emerging Mkts Strategy — MSCI Emerging Markets (C) Jan 14 KB Investors Developed Equity Strategy Jan 12 Jan 14 160 140 120 - 100 80 so 40 Jan 04 Jan 06 Jan 08 Jan 10 KB Investors Agribusiness Fund Jan 09 Jan 10 Jan 11 Jan 12 KB Investors Water Fund — KB Investors Developed Equity Strategy — MSCI World RI (6) MSCI World Value RI (C) — KB Investors Agribusiness Fund — Dax Global Agribusiness Index (6) — MSCI World RI (6) Jan 13 Jan 14 — KB Investors Water Fund (Gross) — MSCI World RI (6) Jan 02 Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 Jan 14 • KBI Emerging Markets Strategy: (1.0%) behind the benchmark in 2013, but maintains a strong track record since inception KBI Developed Equity strategy (The Flagship Global equity strategy) outperformed benchmark by 1.2% during 2013, maintaining its excellent track record. The strategy has outperformed its benchmark in 9 out of its 11 years history KB Investors Agribusiness Fund had a difficult year in 2013 versus the broad global equity benchmark. Against peer Agribusiness competitors however we maintained our strong long term track record • KB Investors Water Fund outperformed the global equity index by 4% and peers during 2013. In so doing maintained its outstanding long term record • Winner of the World Finance Investment Management Company of the year, Ireland — Award won for the second year running in 2013 RHJ INTERNATIONAL 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 40 EFTA01116111 °Costs Operating costs 7% higher — reflects performance-related pay and business development activity Operating cost breakdown (€m) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 12.2 0.8 3.5 7.9 13.1 0.9 3.6 FY2012 FY 2013' IT & Market Data costs El Personnel costs IM Other General costs • The business continues to focus on managing its operating costs • Increased personnel costs in 2013 principally due to performance-related pay • Slight uplift in Other General costs reflects increased business development activity as we grow the business RHJ INTERNATIONAL 41 EFTA01116112 i Kleinwort Benson Investors - Outlook RHJ INTERNATIONAL 42 EFTA01116113 KB Investors - Growth initiatives provide solid platform for future growth Mandate wins Distribution partnerships Portfolio mix • Institutional search activity buoyant — KBI being invited to participate in searches on the back of good longer term investment returns • A significant number of notable mandate wins including government mandates and sovereign wealth funds • Strong pipeline includes circa €1 bn of mandates that have been won but not yet funded • Continued sales growth through existing wholesale distribution partners across the two specialist equity ranges • New distributor relationships put in place in 2013 should accelerate momentum in 2014 • Rebalancing in product portfolio and geographic mix expected to continue • 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 Overview Business segments Strong performance Key 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 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 • Asset Management • Financial Markets Corporates Ranked No. 1 in Handelsblatt's Elite Report of 350 portfolio managers across German-speaking countries for 8 years running 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: • 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 Private Banking r r• Second largest independent provider of Private Banking services in Germany — Top 2 (EAB E20bn) • Quality leadership — Top 1 • Clear focus on entrepreneurial UHNW- clients • Top 10 player mutual funds • Top 10 institutional Asset Manager for non- captive assets under management (total AuM E16.6bn) li Innovative market player — Leading quantitative asset manager Asset Management L r • Comprehensive wholesale banking ill product offering — focusing on "Deutscher Mittelstand" • High-quality loan portfolio • Leading position in export financing — Top 5 Corporates Partner and Service Unit for Private Banking, Asset Management and Corporates • Specialist for German market 1 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 • Income in 2012 substantially driven by 1-12 ! 2013 142;2012 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 • Staff layoff in subsidiaries provisioned in Loan loss provisions 1.6 0.9 2013 Total expenses -224.1 -266.9 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 €m Total income Net interest income Net fee and commission income Trading result Investment income Other operating income Loan loss provisions Total expenses Profit /(Loss) before tax Private Asset Financial Other/ Profit before US/UK tax, BHF-BANK Banking Management Markets & Corporates Consolidation US/ UK tax & restructuring Switzerland / restructuring Group 82.1 31.8 85.2 20.8 219.9 -10.3 5.6 0.0 37.5 0.9 44.1 74.6 31.3 27.1 (4.0) 129.0 (0.6) (1.6) (2.2) 10.5 4.5 15.0 2.5 0.5 11.8 19.3 34.1 (10.3) (1.9) 3.5 1.6 (70.7) (18.1) (66.2) (69.1) (224.1) (4.3) 11.4 13.7 17.3 (44.8) (2.5) (14.6) 209.6 44.1 m ill 129.0 (2.2) 15.0■ 23.7 1.6 1 (228.4) (17.1) RHJ INTERNATIONAL 49 EFTA01116120 i BHF-BANK — Private Banking RHJ INTERNATIONAL 50 EFTA01116121 O Private Banking 1 BHF Private Banking - Increased asset base & net fee and commission income - further reduction of general administrative expenses Key figures €m 2012 2013 • • • • Net interest income 7.3 5.6 Net fee and commission income 72.8 74.6 Trading result (0.4) (0.6) Investment income 2.4 0.0 Other income 1.3 2.5 Operating income 83.3 82.1 General administrative expenses (71.9 (70.7) Provision for risk 0.6 0.0 Result before tax 12.0 11.4 Earning Asset Base 19,390 19,691 AuM 18,887 19,210 Loans 503 481 Increase in net fee and commission income due to growth of higher margin discretionary portfolio management Cost-reduction measures continue to take effect — general administrative expenses reduced by approx. 2% Successful restructuring of Swiss business unit leads to significantly improved result - further improvement expected Earning asset base growth and further shift from lower to higher margin AuM will lead to increased future income 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) 20,000 - 15,000 - 10,000 - 5,000 - 0 18,887 4,019 1,460 Dec 2012 13,408 19,210 10,264 4,318 1,391 Dec 2013 • Advisory & execution only Discretionary • Family Office Deposits - 13,501 • Growth in AuM despite massive uncertainty - growth clearly slowed by unstable shareholder structure • Further significant shift from lower margin advisory to higher margin discretionary portfolio management (+7.5%) • Resolved change of ownership structure presents opportunities - enables return to historical growth path • Numerous impartial market surveys once again confirm outstanding performance of portfolio management RHJ INTERNATIONAL 52 EFTA01116123 I BHF-BANK - Asset Management RHJ INTERNATIONAL 53 EFTA01116124 0 Asset Management BHF Asset Management — Significant increase of Result before tax Key figures Cm 2012 2013 Net interest income 0.1 0.0 Net fee and commission income 29.4 31.3 Trading result 0.0 0.0 Investment income 0.0 0.0 Other income 0.6 0.5 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 Increase of +6% in net fee and commission income driven by long-term asset gathering, especially on retail funds Continuing focus on administrative expense reductions pays off — further reduction of — 7% Focusing on higher margin products and additional distribution channels RHJ INTERNATIONAL 54 EFTA01116125 0 Asset Management BHF Asset Management — 5% growth in AuM AuM by source (€m) 18,000 • 16,557 16,000 15,710 • 14,000 5,025 41 =94 12,000 10,000 8,000 Izil•rer.fi 6297 6,000 • 4,000 2,000 4.841 5,236 Dec 2012 Dec 2013 Administration mandates Institutional funds NI Retail funds Increase of AuM to € 16.6bn despite ownership crisis and sales process Intensified cooperation with Private Banking on multi-asset wealth management solutions pays off, € 252m net flows in 2013 Completion of BHF Total return fund range offers a market leading and award winning line-up of sought after wealth management funds Resolved change of ownership offers further opportunities for growth, especially in the institutional business 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 previous year • Decrease in income compensated by successful cost-reduction measures • Growth of customer related business from cooperation with Private Banking, Asset Management and Corporates Cm 2012 2013 Net interest income 19.9 15.1 Net fee and commission income 11.6 10.8 Trading result 7.6 -1.6 Investment income 3.2 9.8 Other income 6.6 11.3 Operating income 48.9 45.3 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 O Corporates BHF Corporates - Slight decrease of income due to negative impact of external factors Key figures Cm Net interest income Net fee and commission income Trading result Investment income Other income Operating income General administrative expenses Provision for risk Result before tax 2012 2013 24.3 17.5 0.0 0.0 0.1 41.8 (28.5) (0.3) 13.1 22.4 16.3 0.0 0.7 0.5 39.9 (30.8) (1.6) 7.6 Reduction of credit volume due to overlap in client and credit basis with shareholder Slight decrease in net fee and commission income due to postponement of several Corporate Finance transactions into 2014 First months in 2014 show significant increase in business volumes with substantial pipeline ahead, generating positive impact on both — net interest income and net fee and commission income 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 7,298 1,388 5,545 7,298 Dec 2013 6,711 1,444 6,711 Loans and advances to customers Investable assets Derivative financial assets Other assets in Deposits Derivative financial liabilities I n Provisions for liabilities Other liabilities Total equity •16 r r a ra 129 7237 85 — r .204 Assets Liabilities Assets Liabilities & Equity & Equity • Further reduction in balance sheet to €6.7bn • Solid Tier 1 ratio of 17.8% under Basel II and 15.0% under Basel III in 2013 (pro-forma basis) 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 Short-term cash Treasury book by credit rating as at 31 Dec 2013 €2,911m AAA A- M AA+ BBB+ AA • NR AA- A+ A A high quality treasury book 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 1. LCR = Liquidity Coverage Ratio RHJ INTERNATIONAL 62 EFTA01116133 I BHF-BANK - Successes RHJ INTERNATIONAL 63 EFTA01116134 O BHF - Successes BHF-BANK - Successes Performance in 2014 • 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 • Good momentum in 2014 with significant net new asset growth in Private Banking • 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 Services' Holding Segment' Sub-Total Reclassilications2 Total Net interest income Net fee and commission income Other operating income 23.0 100.4 5.1 3.2 23.0 100.4 8.3 (0.5) (3.0) 18.4 22.5 97.4 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 Exceptional fair value movements3 Other non-recurring items° (4.3) 11.3 (14.5) (3 9) (4.3) 11.3 (18.4) 4.3 (11.3) 18.4 Operating profit (loss) before tax (6.9) (47.9) (54.8) 1.9 (52.9) Net finance income / (expense) Share of profit (loss) of equity accounted investees° (2.0) 1.2 Profit (loss) before Income tax (53.7) Income tax benefit (expense) (Loss) from discontinued operations4 0.4 (31.1) Profit (loss) for the period (84.4) RHJ INTERNATIONAL 1. Kleinwon Benson Holdings has been removed from the Financial Services segment and is now reflected I, the Holding Segment 2. Includes reclassifications of exceptional and other non-recurring items 3. 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. 4. Other non-recunin items relate to restructuring costs (83.2m). asset impaiments (E9.5m) and integration and sales related costs (El .8m). 66 EFTA01116137 RHJI Portfolio as at December 31, 2013 — Pro forma for BHF acquisition Evolution of Book Valuer (In EUR millions) Ownership Jan 1, 2013 Increases/ (Decreases) Dec 31, 2013 BHF acquisition Ownership Dec 31, 2013 (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 Trust 100% 2.7% AQTON SE2 Fosun 12.4% I 68.9% L 19.2% 65.7% Kleinwort Benson Group Limited 90/0 KBBICI 100% KBI 91 0/0 BHF-BANK Other financial services businesses 27.8% Quinn Bank Legacy Industrial Portfolio 1.6% 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 68 Source: RHJI EFTA01116139