TRANSACTION SUMMARY

On 19 December 2014, RIT Capital Partners plc announced that it had acquired London-based specialist fund manager GVO Investment Management Limited (“GVOIM”) from Hansa Aktiengesellschaft (Hansa).

GVOIM invests in UK equities by applying private equity techniques, and is a leader in constructive corporate engagement. GVOIM currently manages the GVO UK Focus Fund, an Irish listed open-ended investment company, and Strategic Equity Capital plc, a London-listed investment trust. As part of the transaction, RIT will acquire Hansa's holding in Strategic Equity Capital plc.

RIT CAPITAL PARTNERS

RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of over £2 billion. It is chaired by Lord Rothschild, whose family interests retain a significant holding.

GVOIM

GVOIM has an award-winning investment team with a proven track record, and assets under management of approximately £350 million. GVOIM will continue to operate as a separate legal entity with the same management team, structure and investment process, and will benefit from RIT's support in achieving its growth ambitions. There will be no changes to the existing fund manager teams, who will retain complete investment autonomy.

ROLE

SHP acted as financial adviser to RIT Capital Partners.